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Hi,
My account was transfered from Rosenthal Collins to Refco over the summer,
when my broker decided to switch clearing members. I originally traded
through both Lind-Waldock and Rosenthal Collins. In over three years of
trading I had never once had a problem at either of these firms and Lind was
especially concerned with customer satisfaction. From the moment my account
was transfered to Refco, I had severe and ongoing problems. I am currently
filing a complaint with the CBOT regarding a trade adjustment that Refco
will not credit to my account. They are demanding that I sign a release
regarding the entire complaint in order to receive a $1350 trade adjustment
that they agreed to and admitted was their fault. It took over a month for
Refco to provide time and sales regarding the actual fill and another month
after that for them to agree to the adjustment. I still haven't received the
payment. I am filing the complaint with the CBOT because I do not feel it is
legal for Refco to demand a blanket release in order for me to receive a
trade adjustment that they had previously agreed to and admitted was their
fault. I am also filing a complaint with the NFA and CFTC naming Refco and
three of its employees regarding the mismanagement of my account over the
entire time I was a customer there. If you are a Lind customer and wish a
copy of the history of everything that went on from the time I became a
Refco customer please email me privately and I will forward a Word file
detailing the entire matter. My only advice is Lind is not Refco. Lind went
out of their way to solve a customers complaints or problems. All I ever got
from Refco was a lot of promises, talk and CYA. If you think you are being
serviced by the same people, most likely you are not and if you end up in a
trade dispute you will be dealing with Refco Compliance not Lind Waldock. Be
Careful.
Sincerely,
Dale Andren
----- Original Message -----
From: "Monte C. Smith" <mcs@xxxxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Saturday, October 26, 2002 10:35 PM
Subject: Lind-Waldock Facts and Fiction
>
> Hi folks,
> I try to separate truth from rumor when I can, but am not always
> successful. Maybe someone can give me some facts on this.
>
> What I've 'heard' is that heads keep rolling at Waldock... Marty Doyle,
> CEO and Legal counsel has been let go. Elliot Berkovitz, VP Strategic
> Planning, the same.
>
> Trades that were being cleared through Lind-Waldock are now being
> cleared by REFCO, and L-W is no longer a clearing member.
>
> Rumor also says that PMB (Professional Market Brokerage), who cleared
> through Waldock, is up for sale. REFCO doesn't seem interested. The
> parent company of PMB is trading under a buck (don't know their
> name.....Lotus-something).
>
> Barry Lind is about to be bought out completely, and will be out of the
> picture.
>
> Thus, you have no account at Lind-Waldock, it's Refco. What do you think
> of the 'new' Lind-Waldock.
>
> Interesting to note that Refco's aquisition of Waldock created many
> changes, but these changes seem to have accelerated after Refco's later
> and quiet acquisition of Main Street Trading, a firm with close ties to
> Ken Roberts, and with insane commisions.
>
> Anyone have the facts?
>
> Thanks,
> Monte
>
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