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Thought I would forward this horror story to the group. Hope James Gainer
doesn't mind.
Harely
----- Forwarded Message Starts Here -----
From: james gainer
Date: Thu, 04 Sep 1997 09:54:35 -0700
To: RealTraders Discussion Group
Subject: ripped off at c.schwab
I have watched you group for some time and would value anybody's
opinion on the bandits at c.schwab they call brokers. On August 13,1997
I entered a market order for 20 contracts for a GE Sept70 call (Gein)
with a cash balance in my account of $4,200.00 .
Not only did they spend all of my account balance but went $440.00 over.
Because options are treated on a cash basis only! this order should have
been canceled like
several other orders that they canceled in the past , costing me a lot
of potential profits
because I did not factor in their commissions at the time. My 500 team
cited to me that
their policy was if you didn't have the cash in the account the order
would be canceled.
When I questioned why this order wasn't canceled like the others? I was
told I would have
to put up $440.00 dollars that they over spent on my account. I told
them their policy
seems to have a double standard and I would not pay for their mistakes.
On August 20,
1997 unauthorized and without my approval sold those 20 contracts at
*.25 cents per
contract to cover for their incompetence. That left me with a grand
total of $29.74 in my
account. But it does not end their, the grand fanale was when arrogant
and a happy broker from their 500 club called my house to inform me of
this transaction,
so happy in fact he laugh's on the taped message at the end. I saved
that message as part of my evidence to be used in a court of law.
Needless to say my account at schwab is in the process of being closed
and those crooks won't have a chance to do this again to me .
----- Forwarded Message Ends Here -----
Harley Meyer
meyer093@xxxxxxxxxx
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