Investor Files For Arbitration Against Internet Based Broker Web Street Securities, Inc.
An Internet investor, Ashok Aneja, today filed an arbitration with the National Association of Securities Dealers against Web Street Securities, Inc. alleging that they failed to timely execute his market orders to sell securities at the opening bell on Monday, November 30, 1998, causing substantial losses. When Mr. Aneja discovered the mistake he immediately contacted Web Street but was told that even though “other customers were having similar problems” they had no intention of making him whole. Mr. Aneja is represented by Aidikoff & Uhl, a Beverly Hills and Palm Springs, California law firm that specializes in representing customers in securities arbitrations. According to Philip M. Aidikoff, “on-line brokers like Web Street are a prisoners of their own success and have problems processing customer orders because of software glitches and high trading volume.” Firms often rely on language in new customer agreements to dissuade claims but “these clauses have often been found to be unenforceable by the courts” said Robert A. Uhl.
Aidikoff & Uhl currently represents a number of investors who have lost money due to the negligence of On-Line trading firms and has, in the past, been responsible for recovering millions of dollars in stock market losses for their clients.