How I Just Lost $40,000

April 3rd, 2007 Ryan Jones

Some of you who regularly play the market may remember an allegedy shady character named Mario Pino and his company Mellon Research that traded under the symbol MLON.

Well about a year ago MLON changed it’s name to Paychest, and those of us who had the MLON penny stock recieved a ton of shares of PYCT and XMET instead.

Paychest is a company vying to compete with Paypal (their whole business strategy of “be as good as our competitor” is a topic for another post), and XMET is xxstream entertainment – an adult themed club. I’m actually sort of afraid to visit their website.

Anyway, the shares were worthless. Myself, I had 6500 shares of XMET valued at $0.0001

So imagine my shock today when I opened up my AIM stock ticker to see this:

6500 shares at almost $6 is almost $40,000 !!!

As soon as my heart started again, I headed over to Ameritrade and placed a sell order with a limit of $3 (part of me was skeptical and thought this could be some sort of error.)

I’m not sure what happened, the Ameritrade quotes kept saying $5.95 but my $3 sell order wasn’t executing. 10 minutes later the price was the same, the stock’s volume had jumped from 10,000 to 10 million, and my order was still sitting there.

10 minutes after that, the price was back down to $0.0001 (ok, so I didn’t really LOSE $40,000…. but that’s not the point)

I have no idea what’s going on, but I don’t think my heart can take something like that again.

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