Fidelity Investments
www.fidelity.com
Cincinnati Ohio 45277-0090
U.S.A.
|
|
Fidelity Investments Reneging on Corporate Bond Trades and Illegal Borrowing of Shares Cincinnati Ohio
*UPDATE by author: update 2010 on bond trading issues with Fidelity Investments
3Author
0Consumer
0Employee/Owner
Twice within a month Fidelity was caught red handed canceling already filled bond orders then replacing the shares with cheaper ones and making those transactions disappear. The supervisor of the Fixed income even admitted canceling the order when not happy over the price limit that was filled.
There is never a notice and the shares become hostage as in borrowed for a full day untouchable to trade during their illegal trading practices=borrowing shares.
Borrowing shares is illegal when not a margin account =with no permission to do so. The transaction was recorded in all forms of Fidelity from:
History of transactions, to Positions showing the shares gone (sold), to orders page showing the filled order time dated and transaction order number.
Even the balance showed the portfolio balance with the sale included and the third party transactions showed the sale.
Yet over 30 minutes later all this disappeared with no notification or legality to do so. At that time suddenly somoen was selling a little lower huge chunk of shares and suddenly they decided they didn;t like the price they bought at and it was wiped away by Fidelity and stolen from my account.
Resolving this issue is like pulling teeth as they always want you to talk to the fixed income desk which is A) comitting these trade crimes and B) mad at you for reporting the fact. So their resolution is to handle the issue through the people committing the crime instead of handling it through a third party or higher exec who oversees their desk.
This reminds me of the 2 times previously whereby my dividend interest was recorded as paid out then suddenly disappeared and was removed (stolen) from my account. Mysterious missing money and trades along with missing records of such does not make one trust doing business through computing which can easily be manipulated and erased at whim.
Don't trust the people behind Fidelity who have access to your trades and money, especially when they don't have a good system in place to handle these issues and take care of their clients properly and fairly.
Mr. m.
Panhandle, Florida
U.S.A.
Click Here to read other Ripoff Reports on Fidelity Investments
REBUTTALS & REPLIES:
3Author
0Consumer
0Employee/Owner
Updates & Rebuttals
#1 Update By Author
AUTHOR: Mr. m. - Panhandle (U.S.A.)
SUBMITTED: Thursday, June 25, 2009
POSTED: Thursday, June 25, 2009
After a few days no resolution to the reneged trading or holding of my bonds from being traded and even more money disappeared from my balance from the following night.
Things got worse as they threatened me not to write them if I have problems, and not to call the mediator who told me to call anytime I had issues with the fixed income desk. Even though Fidelity themselves gave me his number I was threatened for calling that number they told me to call...
WHAT??????? Am I being set up?
Lots of displaced blame took place but still no resolve to this issue.
I asked them about their guarantee on their web site and commercials-
"guaranteed trades"- BULL!
If you have similar issues with Fidelity then please speak up.
#2 Update By Author
AUTHOR: Mr. m. - Panhandle (U.S.A.)
SUBMITTED: Thursday, January 07, 2010
POSTED: Thursday, January 07, 2010
Once again Fidelity mysteriously reneges on it's bond trades that publicly are shown to take place but mysteriously get erased when the
buyer finds shares cheaper soon after and this in turn hijacks your
shares in pending mode without being able to be traded and without
notification that the trade was canceled even after it sold at your ask
price.
Fidelity has a new trade system on bonds that won't allow for ask
prices to be more then 2 points away from the valued price or bid price
which was supposed to be a solution to these canceled orders however
that method is illegally controlling and manipulating bond prices or
trades to their advantage when they put bids way lower then value price
and way lower ten trading prices for the day thus creating an inability
to sell at supply and demand legit pricing, allowing them to pick up
shares cheaper or higher margins on the bond sale for Fidelity at the
cost of it's clients.
The bond sale canceled was only 1 point (1%) above trade value which was
normal for the type of high interest this bond paid and the market
trading at this time so any cancellation should not have been allowed by
Fidelity and any hijacking of a bond (called borrowing a bond) is
highly suspect and illegal.
Fidelity has been told over and over again about this type of business
practice at it's bond trading desk but they've yet to solve the problem
without causing even more infractions.
