Optionsxpress sent me an email and told me via phone not to take action on my account to avoid a margin call. They stated that they would tell me in a following email if there was going to be a margin call. I called to confirm this information because I've been told the wrong thing several times by optionsxpress an been misled too many times to count.
This time optionsxpress has cost me dearly. They told me there was no immediate need to add money to my account to avoid a margin call. About an hour after that conversation, they liquidated my stock when it was at its lowest point. Optionsxpress defrauded me out of $35,000 in seconds.
About 6 hours later that same day I recieved an email warning me that there would be a margin call on the stock if I didn't add $1,500 to my account within 3 days. The problem is, they had already liquidated my stock positions. I've spoken with several representatives and managers and they agree that they made a mistake yet they do not wish to fix it.
They told me that they were even willing to put me back in the stock position I had with margin and then said they couldn't because my account didn't have the same money in it. I wonder why. I invite anyone who has gone through the same thing to contact me.
Any actions taken by optionsxpress that violate the laws of the federal government and/or state are illegal and unacceptable. I hope this helps others to avoid doing business with this kind of company. Please share your story so that others don't get ripped off by optionsxpress.
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