Sogotrade Troubles

Discussion in 'Retail Brokers' started by Vincedee, Dec 31, 2008.

  1. Vincedee


    I will start this post in the Genesis area since it is they who have the controlling interest in Sogotrade. Long story short: An order was placed with ST for 2100 shares of a specific stock. Within seconds and while the order was still open, the order was cancelled and the website confirmed the cancellation. Approximately 4 hours later, I found that the order did not cancel in their sytem, and the stock was down over $600. After calling ST and waiting for some kind of explanation, the stock fell another $100. Finally, I was called by ST and told that there was nothing that they could do. I quickly sold and lost about $700. Since then, after repeated calls and reasoning, Sogotrade has refused to take any responsibility for the glitches in their computer system (there have been many since I opened the acct. including pulling up the balance on someone else's account under my acct. number) and has refused to take any action on my behalf on this matter. A complaint has been made to the SEC and a complaint will have to be made with FINRA. The point of this post is to alert any potential SOGOTRADE customers to the unresponsible manner in which they run their business. And also to alert any potential customers that if their glitch ridden computer sytems does fail and you incur financial losses due to this glitch in their system, SOGOTRADE will disavow any knowledge of such glitch and it will be you who will experience a financial loss with absolutely no responsibility on SOGOTRADE"S part. In other words, if you are considering opening up an account with SOGOTRADE, think long and hard, because it's easy enough losing money in the stock market without having to deal with a broker who has a glitch filled computer system. If any further details are needed, do not hesitate to contact me. Thanks.