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Zecco.com, an online brokerage site thought it was funny to play an April Fools joke to their registered clients by giving them millions of dollars in their account balances.
Many in the forum said it was a joke but somebody actually tried to purchased stocks using the new-found wealth and the order went through. He informed everyone and others made similar purchases as well.
Zecco.com didn’t think that anyone would actually use the money that they know they don’t have. What are they? Robots? People *will* use money eventhough they know it isn’t theirs. Maybe not everyone but some will.
Anyway, when Zecco realised that people were using their millions to purchased stocks, they quickly sell the purchased stocks at a loss and charge the members $19.99 commission for a broker-assisted trade.
Here’s one of the members’ posting in their forums.
Unfortunately, zecco actually executed an order that was for 3200.00 when i only have 2k in the account, all of which was in settlement so I should not have been able to buy anything. I called and e-mailed Zecco immediately and sold the stock within seconds since I was scared to hold something that wasn’t mine. Zecco initially assured me it would be takeN care of but is now telling me I have to eat the $800.00 loss. Essentially they executed a trade that should have never been executed.
Somebody should sue their butts off.
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