Complaint Review: ETRADE - New York New York
- ETRADE www.etrade.com New York, New York U.S.A.
- Phone: 800-387-2331
- Web:
- Category: Brokerage Companies
ETRADE Sold (liquidated) ETRADE's S&P Index Fund (ETSPX) at market low without notification. New York New York
*Consumer Comment: They sent you alerts
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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.
This report was posted on Ripoff Report on 06/01/2009 02:46 PM and is a permanent record located here: https://www.ripoffreport.com/reports/etrade/new-york-new-york/etrade-sold-liquidated-etrades-sp-index-fund-etspx-at-market-low-without-notificatio-457410. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
They sent you alerts
AUTHOR: Flynrider - (U.S.A.)
SUBMITTED: Monday, June 01, 2009
What do you expect them to do, force you to read your email?
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