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Fidelity Investments / illegal bond trading activity

1 United States Review updated:

Fidelity reneges on it's Bond trades by mysteriously removing the trade after it already fills. From what I noticed twice when this happened both times (May 28, 2009 and June 23, 2009) they seemed to find cheaper shares to replace my sold ones with thus sending me the bonds back into my account and taking my trade and money away (stealing money out of my account as well as stealing my trade).

the trade went through on many forms of Their site, it was filed in the History or transactions, the Balance changed to support the trasnaction, Positions showed the shares gone that were sold, Third Party transactions showed the transaction took place, and orders showed filled with date time and transaction number. Over 30 minutes later it was wiped out without notification or justification or legality to do so. It is illegal to change a trade let alone claim to guarantee trades and not fulfill that guarantee nor make right of such acts being caught red handed.

To rub salt into the wound the supervisors of the Fixed income desk are the ones who handle the complaints even though that is a conflict of interest this is how Fidelity handles such issues.

If you have such issues with Fidelity trading like this or missing dividends and interest payments like I had twice before also, then contact the SEC web site and fill out their complaint form.

In the case of the missing dividend they posted but then vanished like this bond trade, in essence literally taking money out of my account and only placing it back after you notice and complain. How many people don't notice nor complain and how many Fidelity reps are allowed to continue to rip people off because their process of dealing with customer issues is geared towards the thief being allowed to give the client the run around avoiding investigation

Mi
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Comments

  • In
      12th of Aug, 2009
    0 Votes

    Michael,

    Sorry to hear about the poor service. I work for a full service brokerage and may be able to provide some solutions that will enable you to prevent this from every happening again. Let me know how I can help. -Tom

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