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Registered User
Joined: 3/9/2005
Posts: 15
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Question. I owned CVN, Had a sell (gtc) for $1.00. Today the stock shot up to $1.15 ( according to Telechart). I got a notification confirming my sell ( From Ameritrade). When I went online to work on my account I find the sell order canceled. I called Ameritrade and was told that "the market maker deemed it was artifically inflated and cancelled any orders over .90 cents" Now every chart I look at ( telechart, yahoo, ameritrade) shows it hit at least $1.15. My question is how can we as investors verify such things? As always Love this site...
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Registered User
Joined: 9/14/2005
Posts: 6
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Mine only says 1.10....Still... :(
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Registered User
Joined: 1/28/2005
Posts: 6,049
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Anytime you trade stocks this cheap and thinly traded.
You are open to this type of thing.
I would rather trade smaller share amounts in
quality, liquid companies.
Thanks
diceman
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Registered User
Joined: 10/7/2004
Posts: 2,126
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If you had an order to sell (good until cancel), the market maker has no right to cancel that order without your consent regardless of the reasons. If I was you, I would gather enough proof of the fact, and initiate a complain with the Securities Exchange Commision (SEC). If you really want to go after them for substantial losses you can do that, but will surely need an attorney who specializes in this type of problems.
good luck
bigblock.
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