ATTN. ALL ETRADE USERS (LIKE ME); Read below MY formal COMPLAINT vs. Etrade pasted below:
"FORMAL COMPLAINT VS. ETRADE COMPANY: Date: 5-6-21
During the past 4-months, or so, many online brokers (like Etrade) have summarily PROHIBITED their customers (like me) from trading any OTC "Caveat Emptor" stocks. However, Etrade INFORMS (via pop-up) their customers of such (prohibited) Caveat Emptor stock purchases ONLY WHEN a customer has (laboriously) LOADED-&-ATTEMPTED-TO-EXECUTE an actual online TRADE in such a stock. Indeed, then & only then does Etrade toss a (disrespectful) POP-UP in a customer's face, which (belatedly) states that said (attempted) TRADE is denied. Such actions, or inactions, by Etrade Company constitute GROSS violations of accepted (online-trading) BUSINESS PRACTICE; or, for that matter, blatant CONTEMPT of universally-recognized protocols in ANY area of Human commerce & industry.
For example: Today (5-6-21), early morning, just after the US Markets opened, I attempted to purchase a trending OTC stock entitled, "LGBTQ Loyalty Holdings Inc" (OTC PINK: LFAP). But first, I checked to see if said stock was an Etrade-prohibited Caveat Emptor listing, which it was NOT. Therefore, I rushed to purchase the subject LFAP stock via my Etrade account (see below). However, after laboriously loading-&-executing said TRADE, I was SHOCKED to encounter an Etrade (screen) POP-UP stating that said trade is DENIED --- even though it was NOT a Caveat Emptor listing on the OTC website, nor anyplace else. The (US) dollar amount of my (futile) LFAP stock purchase was circa $1,300.
For all of the foregoing reasons, I hereby demand of Etrade Company the following actions:
(1.) MONETARY compensation in the amount $2,600 (US). Since at the time of my (unfairly) DENIED stock purchase, LFAP's price was already UP by circa 70% --- and since it later CLOSED that day UP by 275.54% ---- therefore, I am hereby demanding a very reasonable $3,600 in compensation; which also includes $1,000 of PUNITIVE damages, due to the above-described EGREGIOUS violations of accepted business practice. I.e., Etrade DENIED my (rightful) purchase of a legitimate OTC stock --- which was NOT even rated as Caveat Emptor at the time in question --- and, as such, should NOT have triggered ANY manner of purchase prohibitions by Etrade's online trading PLATFORM in the first place.
(2.) Lastly, I also hereby demand that Etrade Company immediately establish a (due process) customer ALERTS SYSTEM; which IMMEDIATELY informs their customers --- like this writer --- that a particular stock is Caveat Emptor and, as such, PROHIBITED. And that this WARNING be executed at the precise moment a customer ENTERS such a stock's CALL LETTERS or NAME into any Etrade SEARCH box; or into any Etrade stock TRADING box; or into ANY OTHER areas/pages of an Etrade customer's online account.
Sincerely yours,
XXXXXXXXXXXXXXXXX
Etrade Acct. #XXXX-XXXX
XXXXXXX@Gmail.com
XXXXX Drive
Suite XXX, No. XXXX
San Diego, CA (USA)"
