Money transfer, virtual currency, or money service -- Confusing or missing disclosures -- Complaint #7663999
Complaint Overview
Complaint ID: 7663999
Company: Tradestation Group, INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Domestic (US) money transfer
Issue: Confusing or missing disclosures
State: Illinois
ZIP Code: 60502
Date Received: 2023-10-08T12:00:00-05:00
Date Sent to Company: 2023-10-08T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Would you or you or somone one at your firm be able to provide a consult/advice on a securities/investment related issue with Tradestation 's desktop trading platform. Tradestation recently said they are closing my account and wouldn't given me a reason and are citing they don't have to give a reason per their customer agreement. I have complained about a lot of issues with their services and some of which could be in violation and given I am not the expert like guidance with someone who is familiar with SEC or FINRA or CFPB or other regulatory bodies The issues are around a ) non-timely resolution of stocks and tickers that were delisted due to corporate actions like acquisition or merger of companies - I had to complain to SEC to get them to act on it on multiple occassions and they still have one stock that is pending resolution. b ) their desktop trading platform has the capbility for customers to trade based on automated strategies driven by algorithms written in easy language but I have noticed discrepancies in the trades with some trades not working per the strategy conditions some trades stocks were being bought at high price and sold at a loss simultaneously ( had same timestamp ) thus resulting in small erosion of equity ( hardly noticeable to customers with it being cents at a time ) but resulting in a large loss of XXXX over a XXXX yrs period ( they have no controls in place to reject such orders and are saying they don't have to do it as its a self directed platform -their customer service is also pathetic when it comes to answering questions and I have not got straight answers ). I have also noticed losing trades on tickers that I have never configured in my automated strategies or submitted manually. the most important flaw in their platform is there is no way for the customer to reconcile the automated strategy orders with actual trades to identify/audit any fraudulent activity. And they seem to be hiding behind the lack of regulation that doesn't seem to exist for this to be mandatory report they need to provide customers. They are defrauding thousands of individual investors in the process the reporting on their platform can only provide these reports for strategy generated orders at XXXX for the most recent day of trades. Now that they are closing my account I wanted to reconcile and audit these issues further to understand total damages better but am unable to download a report which has all such automated strategy orders/trades along with order ids etc for the last 3 years and their customer support has not been giving straight answers either. all of this has resulted in me losing over XXXX during a period of XXXX from my retirement accounts that I have been managing using this platform ( from XXXX ) to me this looks like strategies the broker is employing to rob individual investors accounts cents at a time but across multiple accounts and individuals this is equivalent to robbing individual investors and hiding behing the veil of putting all the blame on the individual investor and not owning up to flaws in their desktop trading platform or providing the ability for individual investors to audit their strategy generated orders. This could be something that also needs a closer look by the SEC, FINRA and CFPB and other regulatory bodies so that millions of customers can be protected from getting ripped off. To me it appears this could be a potential class action suit. c ) now that they are closing my accounts I am trying to move my funds of approx XXXX out to another broker and they have rejected my wire transfers 5 times during the last week. Everytime citing frivolous reasons and requesting additional documentation that is not mentioned on their website or anywhere else. Despite getting the receiving broker on a 3 way conference to sort through any addl documentation they have again rejected a wire transfter instruction last Fri. I am losing the potential to earn interest or capital gains on a large amount of money due the inconvenience they have caused and continue to cause Their cashiering request for wires doesnt say a letter is required from receiving broker account is required. Also their wire request doesnt email details of cashiering submissions nor show details on the website and they claim that I made typos or frivolous errors when I know I havent
Frequently Asked Questions
What is Complaint #7663999 about?
Complaint #7663999 was filed against Tradestation Group, INC. regarding Money transfer, virtual currency, or money service specifically about Confusing or missing disclosures. It was received by the CFPB on 2023-10-08T12:00:00-05:00.
How did Tradestation Group, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Tradestation Group, INC.?
Yes, visit the Tradestation Group, INC. company profile at readthecomplaint.com/company/tradestation-group-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.