Ameritrade has told some clients they will not correct it but the truth is they know they will have too ....
I spoke to another attorney today ...He specializes in securities { stocks } .
After studying all the details of what took place ...He is yet another attorney that has made it abundently clear Td-Ameritrade's personel put through orders in an untimely manner that disregarded the mandatory restriction to trade PAIM shares .
Write a written complaint to Td-Ameritrade . Send to there complaint department . Try not to ramble ...keep it brief as possible and to the point ....You found a wrongfully put short possition in your account and were forced to cover . You are in protest of this and expect full correction and nothing less . Let them know you are filing a complaint with the U.S. securities and exchange commison .
Let them know that if nothing is done in a timely manner to correct this that you will obtain legal reprensentation for full compensation plus attorney's cost .
Then immediatly file your complaint with the S.E.C. Call them at . 1 800 732-0330
They will have you go the their website and print out the form to send in your complaint .
Then write back to this thread and let me know you have done this .
We may also consider a possible class action law suit .
If you need to speak with me and have questions or want to go over details of what happened feel free to write to me here with your number ...I will call you .
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Follow up ...I spoke to another attorney today about Td-Ameritrades mistake to comply in a timely manner with the mandatory restriction order on "PAIM " shares .
My account did not even have the margin capacity to support the short possition they frauldulently place on it . And U.S. account holders are not allowed to short microcap stocks from foriegn busineses .
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Maybe i am reading your post wrong, but from what i read you spoke to an attorney that specializes in securities he should be the most qualified to answer your questions, if not maybe you should try another attorney that can answer all your legal questions, it is an interesting topic.
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The attorney said he believed day traders were not allowed to short penny stocks . I told him I would try to verify one way or the other .
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Buck******* .....thats important information ....Are you 100 % sure it is not possible to short these stocks ..if this is true ...then this is more egg on the two faces of ameritrade .
Someone also mentioned that they heard U.S. account holders are not allowed to short micro-cap stocks from foriegn companies { pearl asia is a philipine co . }.
Buck******* I may need to talk wityh you further .
And the S.E.C. is sending out the first complaint today to ameritrade and requesting they correct the erroneuos short possitions . But we still need more people who were harmed to complain to the S.E.C. about what ameritrade has done . That will cause S.E.C. to send further and more consistant complaints to ameritrade .
Ameritrade has not given in and corrected this ...YET ... But they are shaking and know this will not go away . They will be forced to correct our accounts . And I think they will be fined if they take too much time to do it .
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kinda off topic here, but i have been disappointed with how ameritrade client services & regular service has performed after the switch over to TD ameritrade
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Hi! I have been posting the problem I have had with Ameritade MM's doing this for over one year now as well as Fidelity. I think they all do it. They use your shares to capitalize on the PROFIT FOR THEMSELVES. It is a known fact. I produced files full of proof on at least 3 to 4 different stocks I was taken on to the tune of about $50,000.00. Wrote the SEC/NASD - Nasd lost part of my folder [lie] - Of course I kept all the originals.
They will ALL tell you n- You nsigned the contract with them saying YOU HAVE TO GO THROUGH ARBITRATION. YOU W-I-L-L LOSE.!! Even with Evidence. It is a 'SET UP'. THE CROOKED SYSTEM WINS.
YES - AMERITRADE PUT OUT A NOTICE ALMOST A YEAR AGO THAT THEY WOULD ALLOW 'SHORTING' OF pink sheets.
GO TO: 'businessjive' - Dr. Byrnes slide presentation with video will show you exactly how it is done - In UTAH the Governor is trying to BAN it. Dr. Byrne has tried to make some impact. I have worked on this diligently for one full year and still do not have my money back. I ran into a guy the other day who did and I amy try his method.
Class actions don't bring much money and you may not fully recover much as it is divied up. You are better off trying to get results on your own. I've been through that already BUT the SEC/NASD will tell you to go through arbitration - trust me. Arbitration cost about $7,000.00 BY YOU and you will lose - hands down.
READ: Wallstreet VS America by Weiss - He tells everything about A-L-L this stuff. As well as 'businessjive' site. The book is more about the provess you will have to go through. The Site is more on how the MM's do this step by step.
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Hi! I have been posting the problem I have had with Ameritade MM's doing this for over one year now as well as Fidelity. I think they all do it. They use your shares to capitalize on the PROFIT FOR THEMSELVES. It is a known fact. I produced files full of proof on at least 3 to 4 different stocks I was taken on to the tune of about $50,000.00. Wrote the SEC/NASD - Nasd lost part of my folder [lie] - Of course I kept all the originals.
They will ALL tell you n- You nsigned the contract with them saying YOU HAVE TO GO THROUGH ARBITRATION. YOU W-I-L-L LOSE.!! Even with Evidence. It is a 'SET UP'. THE CROOKED SYSTEM WINS.
YES - AMERITRADE PUT OUT A NOTICE ALMOST A YEAR AGO THAT THEY WOULD ALLOW 'SHORTING' OF pink sheets.
GO TO: 'businessjive' - Dr. Byrnes slide presentation with video will show you exactly how it is done - In UTAH the Governor is trying to BAN it. Dr. Byrne has tried to make some impact. I have worked on this diligently for one full year and still do not have my money back. I ran into a guy the other day who did and I amy try his method.
Class actions don't bring much money and you may not fully recover much as it is divied up. You are better off trying to get results on your own. I've been through that already BUT the SEC/NASD will tell you to go through arbitration - trust me. Arbitration cost about $7,000.00 BY YOU and you will lose - hands down.
READ: Wallstreet VS America by Weiss - He tells everything about A-L-L this stuff. As well as 'businessjive' site. The book is more about the provess you will have to go through. The Site is more on how the MM's do this step by step.
And I think you are exactly right . The S.E.C. told me on the phone just today that the complaint to ameritrade went out today .Now they wait for a response from them .And they did say I probably signed an agreement with them not to sue but rather go to arbotration when I started my account .
However I find it hard to believe there is no way to sue them ...I think there is and I will look into it . They must be sued ...I agree arbitration is probably a joke and a waist of time .
Give me your insight to how a lawsuit should be done { since we may have signed that arbitration instead of sueing doc } .
I can tell you ameritrade was a bit arogant on the phone ...But they oringinally admited in my first call to them that it was their mistake and not a real short possition and that they would take care of it .
They even said there will be no trade fee for the manual over the phone " cover order " I was forced to place ..No fee because he said it was THEIR MISTAKE .
Ameritrade seems arogant about the situation but also very nervous and beginning to shake a bit .
I don't think it will be exceptable this time for ameritrade to pull this on us . I think they have crossed the ethics line with this one .
I don't expect they will correct our accounts with smiles on their faces ....But I am sure they know they made a big mistake and will be forced to correct it .
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Thanks tex ....I will look into that ...I just hope I do not have to pay for abitrationn as I think it is a waist of effort .I want to go straight to aggressive legal action .
Hey ! .....slight name mistake there ..it's triovestor .
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I was informed by TD Ameritrade that I was in a short position over a month after I sold my PAIM shares on 16 June 2006. I'll be going to arbitration.
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very interesting triovestor, sometimes it takes people like you with enough cajones to get to the bottom of things. interesting DD.. thanks. i am interested as i have my hunches on many things lately.
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