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“E*Trade, Can You Hear Us Now?”

Posted by Larry Doyle on August 2, 2010 1:58 PM |

Keep punchin’!!

These words to live by resonate in my ears. How so? My Dad has ended almost every conversation — and certainly every meaningful conversation — in my close to 50 years with those words of wisdom and encouragement. When times are challenging or I find myself encountering a particular hurdle, the little voice in the back of my head whispers those two little words.

I find myself thinking of my Dad’s motivation when I read of specific cases of financial malfeasance. In fact, I have told many people that I write so often about the travesty surrounding the auction-rate securities debacle because I feel these investors have been largely disenfranchised. I welcome speaking up on their behalf. In the process of speaking up and continuing to punch, I have met some amazing people who continue to keep punching themselves. One particular ARS holder stands out for his own determination. He was integral to the complaint filed by Colorado State Securities Commissioner Fred Joseph against E*Trade. 

This individual sent me a message which I requested he leave in the Comments section here at Sense on  Cents. I do not think he will mind if I bring further attention to it by drafting it into a separate commentary. He kept punching and punching.

America can learn real lessons from this individual’s determination.  I think you might be able to take a measure of this person in reading and pondering his comments. Sense on Cents is happy to provide him a forum for airing his thoughts. Sense on Cents is also happy to keep punching right along with him.

MY SAGA OF HOW PERSISTENCE FINALLY PAID OFF IN COLORADO in the auction rate security sales fraud by E*Trade.

“I never surrendered nor gave up. The Empire struck back vs the Evil Dark Side of the Sith on this one, it only took me since June of 2008 to get the Colo AG to do this! Sort of like Luke Skywalker finding that one small vunerable spot on the Death Star. A lot of credit has to go to my Congressman an Ed Perlmutter (D) 7th Dist CO. Yes, I know he is a Dem., however he made himslef available to me to meet him in person in mid-May this year  regarding this matter, and he said he would “get on it” ! This gentleman is the ONLY ONE in “power” who would EVER listen. I will campaign for him this fall. ( I would not care if he was TEA Party or a communist, he works for the little people here in Colorado.)  He actually interceeded and prodded the AG’s office in CO to finally act! Of course they had documentaion from me and 39 others to support this. E*Trade fought it and fought it, and denied, and fought it again, I understand, finally Fred Joseph did the right thing! Kudos to him as well.

Persistence…….I have invested probably over 1000 man hours in 30 months on this matter, I started by writing Prez. Bush to Obama and all in between, (Regulators etc, FINRA, SEC )that you could imagine. It almost cost me a divorce, and I had to get treated for anxiety and high blood pressure from this stress. Half of my life saving are at stake, and I have a son who is going to college next year. I worked 20 years for this money and E*Trade effectively stole it. I could go on and on, and describe the direct abuse I had to endure from them, but you get the idea. Can you image in April 2008 some E*Trade rep. called me at home at 3:00am from a blocked cell number and told me I would be sorry if I proceeded and continued to file my complaints!!?? What kind of thugs are they?! Fortunately, I am a strong 62 year old, as many would have given up!  I made this a crusade for a just cause! I have a deep thanks to give you ( ref : Larry Doyle ), as it was/is your site that at times gave me the courage to go on, when I saw there were voices out there like you with courage to expose this. A Million Thanks for all of your efforts L.D.!!!  You are a hero in my mind! (LD’s edit: No, I’m not!!)

I hope the other 39 victims in Colorado appreciate it, some had 10X more at stake than I, unbelievable how they just rolled over.


Thanks, Dad. We will definitely ‘keep punchin’!!


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