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Day Trading Firms Come Under Fire for Customer Abuse
State regulators have completed their first significant report on day trading. Investors should beware.
The report faults day trading firms for poorly screening customers (in terms of being able to risk losing their money), for questionable loan schemes to customers, and for deceptive marketing (get-rich-quick type misrepresentations), without, for example, disclosing the great costs to investors in commissions paid to the trading firm.
Source: Wall Street Journal, September 9, 1999
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