Posted by: ashburnreviews | April 6, 2009

April Fool’s Zecco Trading

I did read a crazy story this morning about Zecco Trading that I had to share.

On April 1st (April Fool’s Day) – magically many customers had 6 to 13 extra million dollars in their accounts. Either it was a bad April Fool’s Joke or a very bad glitch in the system.

With these additional funds in their accounts, many customers put in orders to buy million of dollars worth of shares AND their orders were executed!

When Zecco realized what was happening, they responded by panic-selling the purchased stocks at a loss and charging the balance to customers, along with a $19.99 broker-assisted trading fee. One poor schmo bought $1 million worth of shares that were later sold for less than the purchase price.

I wonder how legally this will all play out.

For the full story, go here.

To go to Zecco, go here.

(via Consumerist, My Money Blog)

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