TD Ameritradeyou pay for their mistakes

T
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Verified customer

After being an Ameritrade customer for more than 10 years, I was informed that I was no longer acceptable as a client (due to being a resident of either Switzerland or Dubai, apparently). I got 2 different email responses saying that 1) my account would be liquidated and 2) no, my account would not be liquidated but I could sell only, not buy. I asked for clarification and was told both answers were correct (??). I sent emails saying I was transferring my account and not to sell my positions.

On Nov 7th, I received an email through the TD email system (Scott De Groote) saying I needed to have my broker, Saxobank, get in touch with TD Ameritrade before the 12th. That shows that TD Ameritrade was already aware I was in the process of transferring my account.

On Nov 8th, Saxobank did so. According to Mark Bell (TD Ameritrade)’s statement on 17 Nov, there was a miscommunication between the 2 banks and that they did not receive the “proper” paperwork. However, TD Ameritrade did not inform me of this problem, did not say the liquidation would go ahead and did not offer me a chance to liquidate on my own.

Actually, on the 17th, I got an email saying that my paperwork was received, but that it was too late, that my account had already been liquidated and a check had been sent out to me. None of that was true, as the account still had my shares and cash. I asked for clarification, but did not get an answer.

I went to put in a stoploss order at USD 20.2 and was rejected by the system. I attempted to put a market order in, and was rejected again. At no point had I been told I would lose the ability to sell out my position.

I called and went through 2 people before ending up with supervisor Allison Fitzgibbons. She checked with various people over the course of 50 minutes, checked my attempts to sell and came back saying that my order would be accepted at USD 20.2. She said that we needed to do a market order at the current price and then have the sell price adjusted to USD 20.2. However, the system rejected her. She went to check with various people again, and came back saying it was my fault that the account had not been transferred and that the USD 20.2 sell price would not be honored. I asked to speak with her supervisor Josh Nelson, and left a message (no answer). Then I called back and spoke with Mark Bell, who said it was my fault/Saxobank’s fault and that I would have to carry the loss myself and I had no control over when my shares would be sold. I then left a message for Rachael Emery and was informed that Kyle Braden would get in touch with me. I got a call at 1:30am (my time) saying someone would contact me before the market open. No one did.

On Nov 19th, I called and spoke to William Walker (supervisor), who informed that the account still had the positions (now a loss of 26, 000) and that the account said “sell orders only”. I have also apparently been blocked entirely from my account now. William Walker said he would call me back once he had a chance to read this document. He did not. Rachel Emery (senior manager) also did not return my calls. I was told by Dennis Lassaline (manager) that I would be contacted by 2pm. I was not.

As a result of TD Ameritrade reneging on the trade, a USD 4600 loss was incurred on Friday, which is now up to USD 26, 000 (growing daily). I am blocked out of the account and TD Ameritrade ignores me and the account. I have called long distance probably 20 times and get nothing but evasions.

Responses

  • Fa
    Faisal UAE Jul 15, 2013

    I am a foreign individual from Dubai, UAE. Had a long term investment in SANM through ameritrade for almost 8 years which I check from time to time. As the stocks rised in 2013 I checked my account and was surprised to see my account had been liquidated in late 2012 by ameritrade and without notice! Their response is my country is not in list of countries they want to do business with. Sure, but since when a broker decides when to pull out my investment? Luckily I am not near retirement age but I wish I could sue them.

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