Major broker errors - What can I do?

[Pommiegranite]

My worst nightmares have been realised:


Apparently I placed an order on 6th Sep for 170000 CVI - I do not recall this. No contract note was received at the time.

Anyways, I should have not been able to place this as I have no line of credit.

At 16:31 yesterday, I received a contract note for 170000 CVI which I assume was for the original order which I may have placed 4 days prior.

I compained about this, and the stock was removed from my portfolio...but the money not returned. So I am still in debit.

I sold some other stock but the proceeds were eaten up by my false debt.

I spoke to the phone monkeys and they placed a manual buy order, while investigating. However, they placed this as a sell order and then corrected it by duplicating the buy order. So now I am further in debt, with more stock than I wanted.

Any ideas what I can do about this?

 

[macca]

Wow, sounds grim

I guess the place that I would start would be to print all the trades out and get some idea of the sequence.

I would calculate my balance, trade by trade, day by day, and then put all of that into a letter along with comments and send that off to the broker.

If you have made an error then you may have to bear it, if they have made the error then you should ask them to compensate you.

Good luck

 

[Pommiegranite]

Wow, sounds grim

I guess the place that I would start would be to print all the trades out and get some idea of the sequence.

I would calculate my balance, trade by trade, day by day, and then put all of that into a letter along with comments and send that off to the broker.

If you have made an error then you may have to bear it, if they have made the error then you should ask them to compensate you.

Good luck

Crikey Macca...reminds me of my early days of being an accountant....Bank Reconcilations...zzzzzzzzz

I guess its got to be done...cheers