CA - Fidelity Investments Unauthorized Charge

[drew_ehrlich]

California -

This is a long story, but I think I can give the short version- you just have to take my word, or wait until I have my "huge book of facts" on me.

So I signed up with Fidelity and placed a "market order," which means that the order is placed at whatever the market price is at the time the order can first be made. Special circumstances caused the cost of the stock to increase 10-fold before the order could be placed. Yes. It is possible, and it is true; However, an order may NOT be placed "on the margin" on an account that does not have a margin agreement attached to it. Therefore, the order may not be placed if the account is overdrawn (=on the margin). Further, a margin order may not be placed on an account in excess of $5000 on an account with no margin history such as mine.

I put $5000 in the trade account and over $13000 was withdrawn for the trade. This violates federal law (the above $5000 rule) and it violates the margin agreement which is both federal law and Fidelity policy.

The account went into the negative and the stock was liquidated. So there is a balance of approximately -$9000. The balance went to collection.

I disputed this account as an unauthorized charge by Experian. Experien responded and said that the "creitor has verified the account." Now I believe there is a federal rule that the pertinent evidence supporting a debt must be submitted within 90 days if a dispute is made. I am not exactly clear on this; however, no information was given to me and Experien decided to confirm the debt without providing any information to me.

I have decided that the best way to dispute this credit score is by suing fidelity investments, thereby collecting information in my favor regardubg the unauthorized charge. Fidelity will not correspond with me.

[averad]

And your question is?