ETRADE LLC Complaint
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ETRADE LLC - Unauthorized Sale of Stock
For almost ten years I had been saving and investing with ETRADE. I had my account, and my mother's account, and three college savings accounts (Coverdell ESAs). The ESAs I had invested heavily in ETRADE's own SP Index fund (ESPX). At the beginning of March, just as the market hit the absolute bottom, below 7000, ETRADE unilaterally liquidates the fund. More importantly, they did not inform me of the sale.!
As a result, ETRADE essentially sold all my funds at the absolute bottom, but more importantly, by not informing me, the proceeds languished in a cash fund. I totally missed the rise in the market.
I then opened up new Coverdells with a full service broker and attempted to transfer the funds. Then ETRADE fought me every inch of the way, through delays, deceptions, and fraud. They refused a request from my new broker to transfer (but didn't inform either the broker or me until we inquired a month later). Their reason for the refusal? The name on the new account had a middle name and the name on the old ETRADE account had a middle initial.
And, to add injury to insult, ETRADE charged me a 60 fee for each transfer (across 4 accounts). My estimate is that due to ETRADE's incompetence, fraud, and deception, I lost approximately 20,000.
If you're also a victim of this company, then submit your own ETRADE LLC complaint letter
