"Yes, unless we hear explicitly to the contrary, all equity options over 3/4 a point in the money are automatically exercised."
After the above statement this occurs to me:
The business the broker is in, is that of service to the client (you), and collect a commission for such service.
To me that this implies certain ethical behavior.
If, they are exercising your options and keeping the cash because you assumed you had to explicitly notify them, I would question their ethics.
Perhaps, it would be a good idea for you to relate the story to CNBC, (in the worst case), exposing your experience to other investors so as to use your experience as a "learning" experience, and at least, get something positive out of this event.
At the same time, (once you are assured that CNBC would air your story), make sure you let your kind broker know that they will be appearing on tv for their "educational" efforts.
Of course, that is after you have exhausted all your pleas for the broker to act in a more ethical fashion. I mean, after all, I think is quite obvious that your intent is to MAKE money when you had the position you had. [and NOT just let the broker keep the fruits of your risk taking] |
