Wall Street Journal
Ali Lee Khadivi knew he had a problem with E*Trade when he was saddled with $71,000 of a stock he didn’t want. Then when the stock plunged 45%, he says the online broker liquidated his account to cover the loss, erasing more than $53,000 in savings. His woes didn’t end there. After Mr. Khadivi called […]
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LOS ANGELES, CALIFORNIA. An NASD arbitration panel awarded more than $300,000 to a Palm Springs, California couple, Larry and Penny Seick, as a result of wrongdoing in their brokerage account at Financial Goal Securities, Inc. In 1986 the couple was involved in a serious automobile accident, according to their attorney, Philip M. Aidikoff of the […]
Wall Street Journal
When Egghead.com Inc. released good news early one morning in December, before the Nasdaq Stock Market opened, many online investors thought its stock would open higher. Kenneth Pasternak knew it would. Mr. Pasternak sat before a screen at Knight/Trimark Group Inc., a market maker whose job it is to execute trades. His screen showed that […]
USA Today
Should online brokerages bear any responsibility when their customers lose loads of investment money? The debate has roared at several recent industry events, and it is expected to be a big issue at a Securities Industry Association meeting this month. Also, plaintiffs’ lawyers say more investors are taking legal action against cyber brokerages, charging that […]
Wall Street Journal
Indianapolis attorney Mark Maddox says his phone has been ringing incessantly since word got out about what he calls his “unique victory” last week against online broker Ameritrade Holding. Mr. Maddox represented Lael Desmond, an Ameritrade client who lost money when the firm sold stocks from his account to cover a margin loan. Mr. Desmond […]