Broker mismanagement

gatecrasher · Jan 23, 2008, 5:26am

I've been with a broker for several years without any problems. A few months ago the broker introduced a new computerised trading platform which resulted in my account becoming botched up. Several shares appeared in my account which I then mistakenly sold. The broker later corrected the account by buying the sold shares back from the market. As the prices of the shares had gone down, this left me owing the broker a sum of money. What is my position???

Mathemagician · Jan 23, 2008, 11:02am

Your position is that you refuse to accept these trades. The broker should move both the entries and exits from your account to his. If s/he refuses, you need to pursue it with the regulators after making a substantial withdrawal.

jj

colwyn · Jan 25, 2008, 4:36am

I would be interested in other comments ???

infohunt · Feb 3, 2008, 7:18am

In an ideal world the broker would eat the loss, however ultimately you are responsible for your own account. Sounds like you screwed the pooch on this one

Jan 23, 2008, 5:26am	#1
gatecrasher Banned Member Since Apr 2006 4 Posts	Broker mismanagement I've been with a broker for several years without any problems. A few months ago the broker introduced a new computerised trading platform which resulted in my account becoming botched up. Several shares appeared in my account which I then mistakenly sold. The broker later corrected the account by buying the sold shares back from the market. As the prices of the shares had gone down, this left me owing the broker a sum of money. What is my position???

Jan 23, 2008, 11:02am	#2
Mathemagician Veteran Member Member Since Jan 2008 612 Posts	Re: Broker mismanagement Your position is that you refuse to accept these trades. The broker should move both the entries and exits from your account to his. If s/he refuses, you need to pursue it with the regulators after making a substantial withdrawal. jj

Jan 25, 2008, 4:36am	#3
colwyn Banned Member Since Oct 2007 1 Posts	Re: Broker mismanagement I would be interested in other comments ???

Feb 3, 2008, 7:18am	#4
infohunt Newbie Member Since Aug 2007 3 Posts	Re: Broker mismanagement In an ideal world the broker would eat the loss, however ultimately you are responsible for your own account. Sounds like you screwed the pooch on this one

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