Wronged by Online Stock Trading Firm

[ZUBISKY]

I have an account with DATEK ONLINE Brokerage. I was not properly notified about being in the 5th day of a margin call, I spoke to a representative on Thurs. morning and he could not figure out what day I was in, nor the amount of stock I would have to sell, in order to meet my margin. He said to call back in the pm. When I checked my e-mail I discovered that DATEK had sold off my most valuable positions (at 11:45am, of that day), one was my total position in CMGI, which was my biggest loser, thus incurring a loss of over $40,000. I had a portfolio of 17 stocks and they chose 350 shares of CMGI and 65 sh of AOL, both of which, would not have been my choice (actually my last choice). What can I do, I'm frantic, I was not informed that I was in the fifth day of a margin calll and I had been previously been told that I would receive a call before any positions would be sold out ( during previous margin call situations). Thanks for your help and quick response, Respectfully yours, Zubisky (Spoke to a supervisor that evening, but it proved fruitless and totally frustrating). I live in NY State.

 

[Zubisky]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ZUBISKY:
I have an account with DATEK ONLINE Brokerage. I was not properly notified about being in the 5th day of a margin call, I spoke to a representative on Thurs. morning and he could not figure out what day I was in, nor the amount of stock I would have to sell, in order to meet my margin. He said to call back in the pm. When I checked my e-mail I discovered that DATEK had sold off my most valuable positions (at 11:45am, of that day), one was my total position in CMGI, which was my biggest loser, thus incurring a loss of over $40,000. I had a portfolio of 17 stocks and they chose 350 shares of CMGI and 65 sh of AOL, both of which, would not have been my choice (actually my last choice). What can I do, I'm frantic, I was not informed that I was in the fifth day of a margin calll and I had been previously been told that I would receive a call before any positions would be sold out ( during previous margin call situations). Thanks for your help and quick response, Respectfully yours, Zubisky (Spoke to a supervisor that evening, but it proved fruitless and totally frustrating). I live in NY State.<HR></BLOCKQUOTE>