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InteractiveBroker PhoneScandal
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InteractiveBroker PhoneScandal

  #1 (permalink)
Trading for Fun
LONDON UK
 
Futures Experience: Intermediate
Platform: IB XTRADER Jigsaw
Favorite Futures: CL YM BUND NQ
 
Posts: 60 since Nov 2014
Thanks: 20 given, 13 received

InteractiveBroker PhoneScandal

Hi,

2 months ago I decided I wantedto change my Pounds for Dollars on IB.
I rang up IB to confirm how to do this.
THey talked me through the instructions and I followed them.
I confirmed my actions and that it seemed it hadnt worked but the representative said " that shouldve gone through it takes a day sometimes to process".

(BTW I do know how to use technology and the trading platform etc just didnt know how to do this 1 trade.)

Anyway two weeks later I go to check on my positions profits following the Dollar ripping.
When I logged in I saw that infact the trade had never went through and all that profit was gone.

I immediately rang up to ask what was going on stating that 1. The rep suggested the trade had gone through and 2. The rep talked me through the process of taking the trade so how could it have not went through.

They refused to acknowledge this stating that "no trade had gone through".

Well I was and still am furious with that.
I know the trade hasnt went through im asking WHY YOUR REP Wrongly Informed me how to place the trade and Also Wrongly suggested that the trade had went through!!
They have not acknowledged any of my comments and their ticket system is designed to keep complaints slow and delayed. No apology or anything has been given and as a result I will probably close my account.


In terms of Legal Action
I am now asking for a copy of the phone recording as I feel this is gross misconduct or something along them lines..
They are refusing and I am using the freedom of INformation act to appeal that.
I will be trying to get compensation


So if you have any advice please help. IB are a decent broker but they are a big faceless corporation that dont give a shootyhoo about their small customers.

PS I know I shouldve checked the next day to see if the trade had went through (mistakes were made) but the
misinformation from the IB rep still stands.

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  #2 (permalink)
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  #3 (permalink)
3rd times a charm!
San Francisco CA
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: CQG
Favorite Futures: ES
 
Zxeses's Avatar
 
Posts: 139 since Jun 2014
Thanks: 90 given, 171 received



xylem View Post
In terms of Legal Action
I am now asking for a copy of the phone recording as I feel this is gross misconduct or something along them lines..
They are refusing and I am using the freedom of INformation act to appeal that.
I will be trying to get compensation


So if you have any advice please help. IB are a decent broker but they are a big faceless corporation that dont give a shootyhoo about their small customers.

s.

FOIA requests are an open records standard for the government, since all non-security related government info is considered public.

What you need is a subpoena . Not a warrent. You'll need to ask a judge in the juristdiction specified in your customer agreement with IB. Explain to the judge what has happened and why you need the records (for a potential lawsuit).

Subpoena duces tecum - Wikipedia, the free encyclopedia

I believe they would, if your subpoena is successful, deliver the records to the judge, at which point you can petion to release to you.

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  #4 (permalink)
Trading for Fun
LONDON UK
 
Futures Experience: Intermediate
Platform: IB XTRADER Jigsaw
Favorite Futures: CL YM BUND NQ
 
Posts: 60 since Nov 2014
Thanks: 20 given, 13 received

I live in the UK...
Not sure how easy it will be to get a judge to act on my behalf here without a decent case to start with.

Considering what the IB rep said though I believe I have a case for something.

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  #5 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,155 received

Start by making a formal complaint in writing to IB corporate office by certified mail, specify the issue in detail, and ask them to review the recording and provide a resolution within 30 days or that you will escalate the issue to the NFA.

Tell them the recording clearly shows they are in error.

I'm not an attorney.

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  #6 (permalink)
Trading for Fun
LONDON UK
 
Futures Experience: Intermediate
Platform: IB XTRADER Jigsaw
Favorite Futures: CL YM BUND NQ
 
Posts: 60 since Nov 2014
Thanks: 20 given, 13 received

Sounds like good advice mike

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  #7 (permalink)
Banned: trolling
Russia,Khabarovsk
 
Futures Experience: Beginner
Platform: NT
Favorite Futures: Gold
 
Cachevary's Avatar
 
Posts: 407 since Feb 2014
Thanks: 138 given, 78 received


xylem View Post
Hi,

2 months ago I decided I wantedto change my Pounds for Dollars on IB.
I rang up IB to confirm how to do this.
THey talked me through the instructions and I followed them.
I confirmed my actions and that it seemed it hadnt worked but the representative said " that shouldve gone through it takes a day sometimes to process".

(BTW I do know how to use technology and the trading platform etc just didnt know how to do this 1 trade.)

Anyway two weeks later I go to check on my positions profits following the Dollar ripping.
When I logged in I saw that infact the trade had never went through and all that profit was gone.

I immediately rang up to ask what was going on stating that 1. The rep suggested the trade had gone through and 2. The rep talked me through the process of taking the trade so how could it have not went through.

They refused to acknowledge this stating that "no trade had gone through".

Well I was and still am furious with that.
I know the trade hasnt went through im asking WHY YOUR REP Wrongly Informed me how to place the trade and Also Wrongly suggested that the trade had went through!!
They have not acknowledged any of my comments and their ticket system is designed to keep complaints slow and delayed. No apology or anything has been given and as a result I will probably close my account.


In terms of Legal Action
I am now asking for a copy of the phone recording as I feel this is gross misconduct or something along them lines..
They are refusing and I am using the freedom of INformation act to appeal that.
I will be trying to get compensation


So if you have any advice please help. IB are a decent broker but they are a big faceless corporation that dont give a shootyhoo about their small customers.

PS I know I shouldve checked the next day to see if the trade had went through (mistakes were made) but the
misinformation from the IB rep still stands.

Because of the guys like you there`s still an order maintained.Do your thing,don`t let it slide.I hope you win.

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