E*Trade Securities, Inc. Found Liable and Ordered To Pay Investor Ali Khadivi $61,203
BEVERLY HILLS, Calif., Aug. 7 /PRNewswire/ — The following is being issued by Aidikoff & Uhl:
Ali Lee Khadivi, an on-line investor was awarded $61,203 plus interest and costs by an National Association of Securities Dealers (NASD) arbitration panel. The award against E*Trade Securities, Inc. (Nasdaq: EGRP – news) came after more than one year of litigation stemming from a February 1999 outage which disabled E*Trade’s on-line trading system. At the arbitration, Mr. Khadivi proved that E*Trade executed a limit order that he had previously cancelled costing him more than $53,000. E*Trade filed a counterclaim against Mr. Khadivi seeking repayment of a debit balance, which was denied in its entirety by the arbitration panel.
Mr. Khadivi was represented by Aidikoff & Uhl, a Beverly Hills and Palm Springs, California law firm that represents customers in securities arbitrations. According to Ryan Bakhtiari, one of Mr. Khadivi’s attorneys “E*Trade tried to blame Mr. Khadivi after they wiped him out, sent his account to a collection agency and tried to conceal their wrongdoing.” Fortunately investors like Mr. Khadivi can turn to arbitration to resolve such disputes. “In awarding all of Mr. Khadivi’s losses, this arbitration panel sent a message to E*Trade” according to Philip M. Aidikoff, “when firms make a mistake, they will be held responsible.”
Aidikoff & Uhl represents investors who have lost money due to the fault of brokerage firms and has, in the past, been responsible for recovering millions of dollars in stock market losses for their clients.