Zecco & Penson Financial - Forced trades at Market priceZecco options agreement says :
It is your responsibility to close these positions before the end of trading on Friday, December 19th(at 4:00 PM EST), or have sufficient buying power to meet margin calls for any resulting stock positions. If you are not able to meet these calls, please close your open positions prior to expiration.
This means that If I have in-the-money options, I get till end of trading on the Options expiry day to close my positions. However they forcibly sold some in-the-money options I had 1.5 hour before end of Trading, without providing any kind of notification. Customer service first claimed that they didn't do this trade, it was done from my end.. and after I gave them proof, they accepted, cited reason that If I keep it beyond OE, my account will not have money to exercise options ( I still had 1.5 hour to close the positions myself).
The option was $0.30 in the money, while they sold them as a market order for $0.20.
This results in 50% loss over what I would have got provided the forced market order was not done.
Anyone suggest what options I may have? The loss is very little, but I feel that they did behave irresponsibly.