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Home  »  Consumer Reviews  »  Brokerage  »  etrade and adjusted options
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etrade and adjusted options
May 6, 2008
ETRADE complaint by Jpogue2112
I had options in altria 2 months before the spinoff of philip morris intl. I talked to one of their reps 2 weeks before the spinoff and he reassured me that I would have adjusted options to reflect the spinoff. The spinoff happened on a friday night and opened monday morning. When it opened mondaymy options were up a good amount. I tried to sell them but etrade wouldn't let me. I finally got through to the options desk and got a trade through. I tried to make another options purchase later that day and couldn't. I had a cash position of 6,000 before this day even happened Iwasn't trying to use the proceeds from the sale. They had put a 13,000 margin call on my account. This was suppsed to be fixed when I looked at my account the margin call was gone. But I still could not buy anything, a closer look at the bottom of my info page revealed a cash call against my account for 12,000. I missed several trades and a lot of money, the last rep I spoke with told me to write a letter to compliance and complaints. All they said was sorry about your inconvenience. If anyone else has had problems like this please contact me. I am going to send copies of my letter and there response to the NASD and the SEC.

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