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Thanks Dale. I expect more horror stories like yours from L-W customers
in the near future.
Regards,
Monte
Dale Andren wrote:
>
> 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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