Ameritrade

Michael of Fern Park, FL November 12, 2007

Michael of Fern Park FL (11/12/07)
I funded my account with Ameritrade on August 17,2007 with 100 thousand dollars and in accordance with their advertising I was suppose to be an Apex Investor and deal only with Experienced Licensed Brokers. Well, in two months I lost all of my hundred thousand dollars. I filled out my application in writing, on line, and it stated I had less then one year experience. Ameritrade, Manny, changed my information to read 3 to 5 years experience and put me on margin and options trading.

Ameritrade has another way to become an Apex Investor also. If you make five trades a month for three months you become an Apex Investor and deal exclusively with Experienced Licensed Brokers. This is false, deceptive and misleading advertisement on the internet.

I told Manny that I had quit working in July of 2007 and that I was not working at the time in August 2007. Losing this 100 thousand dollars on margin trading in two months has took away from my retirement. I am presently not working and actually had to quit work because I was sick. I dont know if I will ever be able to do roofing again.

This is devistated me and I am sure hundreds of thousands of other novice investors who beleive the false advertising by Ameritrade. Ameritrade loves those five trades a month for three months because they can make tons of money from it whether the investor wins or loses.

I talked to one of the head guys in the corporate office in Nebraska and he said its my fault, I was trading alone and that they would not reimburse me. Mr Marquez went on to say that I was not the first one to go up against them in the last three years that this Apex program had been in place.

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