E*trade Complaint - E*TRADE BROKERAGE NOT FOR THE MEEK OR FAINT OF HEART
ARLINGTON, VIRGINIA -- E*Trade's Auction Rate Security Fraud \
I am over 60 years old, and in the fall of 2007 I was lured by E*trade's ad for a JP Morgan money market fund for an IRA. In Short} I called to purchase this money market fund, (the trade could not be placed on-line) I was transferred to their "fixed-income" department and was solicited to buy Auction Rate Securities, for which the market has been frozen since Feb 2008.
E*Trade, in my opinion, knew the risk of this soon to be illiquid market, yet pawned them off on me and thousands more of their "clients=victims". They have been totally uncooperative, intransigent, rude, threatening, and unwilling to accept responsibility for their fraud and lies perpetuated by their agents back in late 2007. They offer no solution to help assist those of us caught in this mess, and they continuously deflect, deny, and defend their lack of accountability and irresponsible stance.
They have effectively stolen my 50,000 in an IRA no less and they only put up a smoke screen with low rent mafioso like attorneys. E*Trade from my experience is pure pond scum, and has zero ethics, and morality. Who on Wall Street does? They are the worst of the worst. RUN, DON'T WALK AWAY FROM E*TRADE, They will screw you over financially given the chance and are totally untrustworthy to be a custodian of any one's money.
USE E*TRADE AT YOUR OWN PERIL .. I worked 20 years for my IRA money, and E*Trade does not have the honor, integrity, and lacks any accountability of the smallest scintilla of nil honesty. They SOLICITED Auction Rate Securities as a safe cash equivalent investment, the same as a money market fund.
E*trade was warned and aware this market was a scam. Their former CEO a Lillien, was urging his brokers to sell the junk out of their house account. And that they did. They have committed legal theft and have been all but the last broker ( other being Schwab ) to make their investors whole. If you want high blood pressure, anxiety, frustration, rudeness, untrustworthiness... then E*trade is your broker. If you value you sanity STAY AWAY from ETrade. They, IN MY OPINION, are thieves and wolves who will eat your account alive if you give 'em a chance.
I am trying to spare others the angst and intimidation that you would incur if you have a brokerage account with them!