did anyone make money and have their gains taken away?

[Evan Damiano]

I am curious to see if anyone else is in my situation. Zecco basically
went back into my account days after this happened and doctored my
account to make it look like I made several trades with the same stock
that made me lose the money I had gained. I specifically told them I
wanted to take my funds out of my account and they executed trades
anyway against my will which is a violation of their agreement. I made
a pretty good chunk of change and I'm dubious of where that money
went, probably to their account to pay for their bankruptcy
proceedings.

[Abhishek Mitra]

Maybe you  could make a record of all your trade executions, for future proof.

2009/4/8 Evan Damiano <e.da...@gmail.com>

[Richard Barsom]

Yes they did the same to me I am taking legal action against them.

On Thu, Apr 9, 2009 at 1:47 AM, Andrew Mo (localandbitter)
<localan...@gmail.com> wrote:
> Was this in a cash (non-margin) or a margin account?

--
Richard E. Barsom Sr.

[Evan Damiano]

it was a cash account

On Thu, Apr 9, 2009 at 1:47 AM, Andrew Mo (localandbitter) <localan...@gmail.com> wrote:

Was this in a cash (non-margin) or a margin account?

On Wed, Apr 8, 2009 at 9:45 PM, Abhishek Mitra <abhishe...@gmail.com> wrote:

[Evan Damiano]

Richard how are you taking legal action against them, doesn't the user agreement prevent us from suing them?


Are you going to arbitration?

[Richard Barsom]

Building a class action. Will keep you posted.

[Christina]

I did make a $70 profit, and am totally confused by the records that
Zecco is keeping (or doctoring). Every day that I log in, under
Account Records, my fees seem to change and my buying power seems to
change. I went from -$14,262 in buying power, which is still reflected
in "margin call" (despite having a cash account), to +$34 and change
(but was unable to execute transaction unless the sale "liquidated" my
account", and today, it is -$28 and change. Like I said, under account
records, my fees keep changing, although today, they reflect
approximately $10 less than the other day when I had a positive
balance. I have no idea how they are coming up with these numbers.
They have not liquidated my account yet, but what I'm not following is
whether they did indeed take that $70 profit back or not.

On Apr 9, 9:25 am, Richard Barsom <rbar...@gmail.com> wrote:
> Building a class action. Will keep you posted.
>
>
>
> On Thu, Apr 9, 2009 at 9:24 AM, Evan Damiano <e.dami...@gmail.com> wrote:
> > Richard how are you taking legal action against them, doesn't the user
> > agreement prevent us from suing them?
>
> > Are you going to arbitration?
>

> > On Thu, Apr 9, 2009 at 9:22 AM, Richard Barsom <rbar...@gmail.com> wrote:
>
> >> Yes they did the same to me I am taking legal action against them.
>
> >> On Thu, Apr 9, 2009 at 1:47 AM, Andrew Mo (localandbitter)
> >> <localandbit...@gmail.com> wrote:
> >> > Was this in a cash (non-margin) or a margin account?
>
> >> > On Wed, Apr 8, 2009 at 9:45 PM, Abhishek Mitra

> >> > <abhishek.mi...@gmail.com>

> >> > wrote:
>
> >> >> Maybe you could make a record of all your trade executions, for future
> >> >> proof.
>

> >> >> 2009/4/8 Evan Damiano <e.dami...@gmail.com>

[Evan Damiano]

Yeah same thing with me, I have a 2.9 million margin call on my cash account. If they gave me the 3.05 million I earned from my trades, I'd be more than happy to pay my margin call. I'm so angry because they basically went in and picked my pockets of the gains but I want to move sensibly as I think I have a good case for getting the money back.

[Cdutch88]

Hey all,
I'm a college student with a cash account. I bought and sold roughly
$150,000 worth of stock that day and made a profit. I was told over
the phone that I would get to keep the profit. Then they put a margin
call on the account and I didn't pay it. They want to take my
profits. I keep calling them but they are useless. Now they tell me
that they want to "cancel" all of those transactions from my account.
I want to join any class action lawsuit that may result.
Cole



On Apr 9, 11:51 am, Andrew <localandbit...@gmail.com> wrote:
> There are federal laws that restrict investors' ability to raise class
> action lawsuits against brokers, but there are cases where the
> arbitration agreements are invalid.
>
> Many of the statements in Zecco's User Agreement / Supplemental User
> Agreement are also invalid when Zecco violates codes of practice,
> federal laws or state laws it is subject to.

>
> On Apr 9, 6:24 am, Evan Damiano <e.dami...@gmail.com> wrote:
>
> > Richard how are you taking legal action against them, doesn't the user
> > agreement prevent us from suing them?
>
> > Are you going to arbitration?
>

> > On Thu, Apr 9, 2009 at 9:22 AM, Richard Barsom <rbar...@gmail.com> wrote:
>
> > > Yes they did the same to me I am taking legal action against them.
>
> > > On Thu, Apr 9, 2009 at 1:47 AM, Andrew Mo (localandbitter)
> > > <localandbit...@gmail.com> wrote:
> > > > Was this in a cash (non-margin) or a margin account?
>

> > > > On Wed, Apr 8, 2009 at 9:45 PM, Abhishek Mitra <abhishek.mi...@gmail.com

>
> > > > wrote:
>
> > > >> Maybe you  could make a record of all your trade executions, for future
> > > >> proof.
>

> > > >> 2009/4/8 Evan Damiano <e.dami...@gmail.com>

[Evan Damiano]

What right do they have to keep the profits? It's not their money.

They violated their own user agreement by executing trades after you specifically told them you wanted to keep your profits.

Now I'm up for sticking these guys with a class action. I wanted to settle things out of court but if they are going to rip us off I'm not letting them get away with this.

On Thu, Apr 9, 2009 at 3:43 PM, Christina <cbot...@gmail.com> wrote:

I just got a call from Zecco that they will be closing my account.
They are keeping the profits, and I owe them approximately $28 before
they liquidate everything. I sold a few shares to cover that cost and
am switching to Scottrade. The person I spoke with over the phone
wasn't able to answer my questions - he sounded like he was 16. It did
not make me feel any better that while we were on the phone, he was
able to go into my account and manipulate the numbers in my account. I
am afraid that this may be part of the accounting inaccuracy, and I am
afraid that the funds will not transfer properly to Scottrade.

On Apr 9, 1:01 pm, Christina Bottego <cbott...@gmail.com> wrote:
> I don't buy the "incorrect data feed." This is still very vague - it could
> still mean that someone hacked the vendor. There are a lot of questions
> prompted by this response, and Zecco needs to explain in detail what
> happened.
>

[Cole Dutcher]

I want to add that I was told rather explicitly on the first that I would be allowed to keep the profits.  I personally don't have this recorded but they do.
Cole

On Thu, Apr 9, 2009 at 4:46 PM, Christina <cbot...@gmail.com> wrote:

Part of the problem is that they have such poor record-keeping that it
is hard to tell how they calculated my ending balance. Complicating
the situation is that they have people working in customer service who
don't know the answer to basic questions like "how much time do I have
before my account is liquidated"? and was generally not clear in his
description of how the ending balance was calculated.

On Apr 9, 4:20 pm, Evan Damiano <e.dami...@gmail.com> wrote:
> What right do they have to keep the profits? It's not their money.
>
> They violated their own user agreement by executing trades after you
> specifically told them you wanted to keep your profits.
>
> Now I'm up for sticking these guys with a class action. I wanted to settle
> things out of court but if they are going to rip us off I'm not letting them
> get away with this.
>