Report: #1366942

Complaint Review: OptionsHouse - Chicago

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Ripoff Report is Xcentric Ventures

Submitted: Mon, April 10, 2017
Updated: Mon, April 10, 2017
Reported By: Micah — CHARLOTTE North Carolina USA

Author Confirmed

Why?

OptionsHouse 10 South Riverside Plaza, Suite 500 Chicago, USA

Phone: 1-877-598-3190
Web: www.optionshouse.com
Category: Brokerage Companies

OptionsHouse Optionshouse have deceptive practices on options expiration, exercise wrongly to cause the loss on client account Chicago ILLINOIS

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My Name is Hai Cxxxxxx and also the name that I have with Optionshouse for stock and option trading. In the past I have talk to www.optionshouse.com associates several times about options exercise. They told me the clearance firm will exercise or make assignment on stock options which are in the money automatically whenever the stocks are in the money and whatever price of the option is at that time is more than .05. I also asked them if I have call and put in opposition direction and they are all in the money what are happen at expiration day. They say the clearance will exercise and cancel out for they see they are all in the money.

They also told me that on any Friday of options expiration if I don't take any action, they will do it for me later afternoon. They said they don't want their firm have big risk on options with high price stock and they have been doing that on my account for many weeks by closing all the options that they feel the risk to be exercise.

On last Friday option expiration, I have 10 Call and 10 put Amazon credit spread at strike price 890 and 895 in opposite direction with the purpose to cancel out with the expiration on April 7, 2017. At the close on last Friday april 7, 2017 AMZN has closed at 894.88. No associate from Optionshouse.com has closed out any of my options as they usually do. I have checked after hour to make sure nothing is wrong after 6 PM and I don't see any unsual activity. Until Saturday come they did the exercise on my options just one sided not on both sides, I see it when I check the history of transactions on Monday April 10, 2017. I notice it when I log into my account on Monday about 10 AM and see that they have exercised one sided and they also close out AMZN with bad price in order to cause me have great loss so they can pocket my money. They have caused the great loss in my account more than 16k. History transaction has shown they only exercise the call which is in the money but they don't exercise the put also which is in the money to upset one another. Because of one sided exercise not both sided exercise as suppose to be on Amazon stock they have caused my account with margin call and they use that as a reason to close out the position with bad price so they can pocket more money. Please help and expose their deceptive practives. This is the second times they have done it to me but different deceptive practive. The first one is also bad but they make it sound they are helping me but this time it prove to me they are intented to tell you one thing and do other thing to cause the loss on the account so they can take investor money.

I need your help on this matter and to stop Optionshouse.com from this deceitful practices.

Sincerely,

Hai C

My phone is 704-xxx-xxxx (((REDACTED)))

This report was posted on Ripoff Report on 04/10/2017 02:34 PM and is a permanent record located here: https://www.ripoffreport.com/reports/optionshouse/chicago-60606/optionshouse-optionshouse-have-deceptive-practices-on-options-expiration-exercise-wrong-1366942. 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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