TRADER LOSES $120,000 but TD Ameritrade refuses to honor their policy of making customers whole ….

TD Ameritrade Fires VP and COO David Kelley


I lost $120,000 because TD Ameritrade deliberately supplied lagging quotes . My quotes lagged for many more months even after I told them about it . Eventually, they shut my account down instead of fixing the quotes issue .

Dave Kelley formerly TD Ameritrade COO and now Next IT Board Member  and his staff including Jeff Plummer (TD Ameritrade Compliance Manager) refused to honor their company policy and instead decided to play games by not replying my letters and never referencing the interview on dow Jones .Somehow somebody went all over the internet and made a lot of effort removing an interview he did with Brett Philbin of Dow Jones . The entire article was removed from the Wall Street Journal and other sites . They even went as far as removing the article from Google Cache . I just could not believe that a compliance department and a COO Dave Kelly that made $2 million a year would play these games but today Dave Kelley has been fired !

Here is an example of the kind of BS Traders have to deal with http://dearameritrade.wordpress.com/streamer-issues-plus/

See .. David Kelley $4 Million Severance package – http://biz.yahoo.com/e/110211/amtd8-k.html

See .. Sec Filing showing David Kelley Terminationhttp://www.amtd.com/investors/secfiling.cfm?filingID=950123-11-4313&CIK=1173431

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NEW YORK (Dow Jones)–TD Ameritrade Holding Corp. (AMTD) said the employment of David Kelley, its chief operating officer, was terminated, according to a regulatory filing.

In a filing with the Securities and Exchange Commission, the Omaha, Neb., online brokerage said the move took place Thursday and will be effective as of Jan 28.

Kelley joined TD Ameritrade in June 2006 as senior vice president of the company’s retail investor group and was appointed to the chief operating officer position in October 2008, according to the online brokerage’s website. Previously, he spent 19 years at Merrill Lynch.

A TD Ameritrade spokeswoman confirmed that Kelley had left the company and said it will be conducting a search for his replacement that includes both internal and external candidates.

“We have a deep bench of senior leadership and will be relying on them in the interim,” she said.

A call placed to Kelley through his assistant wasn’t immediately returned.

At TD Ameritrade, Kelley oversaw operations and technology, including back-office support for the company’s retail client service, and the company’s institutional and clearing business units, the website said.

Last summer and late in the fall, the online brokerage dealt with several technology problems that affected clients’ ability to make trades and load historical price charts. While the first set of disruptions affected the legacy TD Ameritrade platform, clients using its newer thinkorswim trading platform also ran into problems in August and November.

In an interview in June, Kelley told Dow Jones Newswires three technology problems at the company were “completely unrelated” events, saying that TD Ameritrade had to “take some responsibility” for website, server, and streaming-quote issues, adding the firm would compensate affected investors as needed.

TD Ameritrade wouldn’t comment on whether the technology problems were a factor in Kelley’s departure.

TD Ameritrade purchased options brokerage thinkorswim more than a year ago to advance its trading technology and boost its presence in the active-trader market.

Earlier this week, TD Ameritrade said its fiscal first-quarter profit rose 6.5% as an increase in asset-based revenue offset a slight drop in trading activity.

Shares of TD Ameritrade were down 0.2% at $20.45 in recent trading; they are up about 10% over the past 52 weeks.

-By Brett Philbin, Dow Jones Newswires; 212-416-2173; brett.philbin@dowjones.com

By BRETT PHILBIN

See Link to Full Article on WSJ Site below

http://online.wsj.com/article/BT-CO-20110121-709085.html

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3 responses

  1. Pingback: TD Ameritrade Names Marvin W. Adams New Chief Operating Officer/COO « TD Ameritrade Quote Problems Execution Problems Wrong Quote Delayed Quote Failed Execution

  2. Hogold

    Nothing has changed at TDA. Just got off the phone with someone from “The President’s Office” and basically admitted they are having quote problems again due to their merger with another trading company. They are aware of the problems and basically said they don’t guarantee anything, wouldn’t give me any free trades, and their are other brokers I can use if I don’t like it. This morning most of their trading tools are having problems.

    August 19, 2011 at 9:12 am

    • This has been going on for years .. They know about the issues they have and have no intention of fixing in them . This is why I put up my experience so that other people will know what is going on ..

      August 19, 2011 at 9:39 am

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