- Report: #457410
Complaint Review: ETRADE - New York New York
-
Author Confirmed
Why?
ETRADE
www.etrade.com New York, New York, U.S.A.
Phone:
800-387-2331
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
ETRADE Sold (liquidated) ETRADE's S&P Index Fund (ETSPX) at market low without notification. New York New York
I hold five accounts with ETRADE. Four of these accounts held stocks I had purchased in ETRADE's own S&P 500 Index Fund. I began purchasing these funds in September 2002.
Between 2002 and 2004 I invested about $22K in this fund.
On March 30th, ETRADE liquidated the fund. They sold all of my shares and put the proceeds into a cash account.
They did not notify me prior to liquidating the account. They sent e-mail alerts about the liquidation, but they were indistinguisable from the usual ETRADE junk mail.
Since they sold the funds, the market has gone up 19% (as of today).
So, I lost 46% of my investment, and missed the bubble on the upside, which would have limited my losses to 27%.
I am so angry. If you look at the S&P index over the last 10 years, they sold the fund at about the absolute lowest it has EVER been. I had hoped to just buy Index Funds, forget about them, and ride out the storm, but they sold them at the absolute lowest worst possible time!!!!!
Please some help me start a class action lawsuit!
Greg
Port Washington, New York
U.S.A.
Between 2002 and 2004 I invested about $22K in this fund.
On March 30th, ETRADE liquidated the fund. They sold all of my shares and put the proceeds into a cash account.
They did not notify me prior to liquidating the account. They sent e-mail alerts about the liquidation, but they were indistinguisable from the usual ETRADE junk mail.
Since they sold the funds, the market has gone up 19% (as of today).
So, I lost 46% of my investment, and missed the bubble on the upside, which would have limited my losses to 27%.
I am so angry. If you look at the S&P index over the last 10 years, they sold the fund at about the absolute lowest it has EVER been. I had hoped to just buy Index Funds, forget about them, and ride out the storm, but they sold them at the absolute lowest worst possible time!!!!!
Please some help me start a class action lawsuit!
Greg
Port Washington, New York
U.S.A.
1 Updates & Rebuttals
Flynrider
Phoeix,Arizona,
U.S.A.
They sent you alerts
#2Consumer Comment
Tue, June 02, 2009
What do you expect them to do, force you to read your email?
