Complain about a product or service

Datek

Tian of Honolulu HI writes (1/25/03):
On July 27, 2001, I purchased 470 shares of Ponte Nossa Acquisition Corp. (PNSA). On August 1, 2001, my account was credited 12220 shares of PNSO from a 26-for-1 stock split of Ponte Nossa Acquisition Corp.(whose symbol changed at that time to PNSO). I didn't know if this is correct and waited till next day, I saw an unusual volume for the stock. Then I decided to sell the stock in order to make a profit.

On August 8, 2001, I bought 2000 shares of the same stock. On the same day, Datek told me that they made a mistake that I was not entitled for the stock split and they had to buy back the stock. Then I contacted the firm, they said I have to pay the firm that I owe to them. They said if I don't do so by the deadline that they gave me, they had to liquidate the other stocks that I still owned at that time.

The manager told me he can deduct some amounts off if I sent them $5000 in 2 days. Then I sent them the $5000 and I still owed them over $7000. Later I saw they didn't duduct some amounts that the manager told me. Then they started charging me interest and liquidate the other stocks that I owned eventually.

Marvin of Watertown NY (3/21/02):
I'm a lay investor. I had an account with TD Waterhouse and they decided to start an inactivity fee so I transfered my stocks to Datek. I specificaly asked if they had an inactivity fee, they said no. This is why I chose their service.

Yesterday I got an e-mail stating I had a negative balance because they started an inactivity fee. I was never informed of this change. I called them, asked for my certificates and they said it would cost me $75 each. I mailed them the original cerytificates in hard copy when I opened the account. Mrs. vargo said she would waive the $15 inactivity fee but they wish to unfairly charge me $25 to transfer my stocks to USAA. This is very unfair and damaging to the lay investor. I'm not a rich man, however I know this is no way to stimulate growth in a recovering economy with a war ongoing.

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