assent capital contribution

fatman · Oct 18, 2003

Does anyone know if Assent requires a capital contribution? A
also, if you have any other useful detail/pros/cons I'd love to hear them.

Thanks

Maverick74 · Oct 18, 2003

Quote from fatman:

Does anyone know if Assent requires a capital contribution? A
also, if you have any other useful detail/pros/cons I'd love to hear them.

Thanks

They lock up your capital for a year so if you leave the firm you won't get your money back for a while.

Ebo · Oct 18, 2003

Anyone that puts money with in an LLC after the WORLDCO saga is nuts....PERIOD. I understand you need buying power......Not for me. NO THANKS.

fattyasids · Oct 18, 2003

Don't ever sign anything to lock up your money for a year. That is a scam! They will be using your capital to run their business for a year after you leave.

icntblvitntbutr · Oct 18, 2003

fact: your money is subject to 15c3 requirement which more or less means, you are not able to withdraw your money until a year from when you deposit your account.

fattyasids · Oct 19, 2003

Quote from icntblvitntbutr:

fact: your money is subject to 15c3 requirement which more or less means, you are not able to withdraw your money until a year from when you deposit your account.

There are LLCs that don't lock up money for a year. Go do a search.

Don Bright · Oct 19, 2003

Quote from fattyasids:

Don't ever sign anything to lock up your money for a year. That is a scam! They will be using your capital to run their business for a year after you leave.

I couldn't agree more!! It's too bad that another fiasco (in a long line of less publicized fiasco's) had to take place for traders to finally understand!!

Don

Don Bright · Oct 19, 2003

Quote from icntblvitntbutr:

fact: your money is subject to 15c3 requirement which more or less means, you are not able to withdraw your money until a year from when you deposit your account.

Another fact: If your new firm doesn't use your money for RegT, etc. (meaning that they have enough of their own money, and don't need to use the traders capital to get by)....then you can have your money released to you immediately.

Just a clarification. This has been discussed to death, check the many threads.....

Don

downtickboy · Oct 19, 2003

Quote from Don Bright:

I couldn't agree more!! It's too bad that another fiasco (in a long line of less publicized fiasco's) had to take place for traders to finally understand!!

Don

How long has it been since Bright stop locking traders money up? I know they use too do the exact same thing and tie traders money up for a period of time. By the way I would never go to firm that did this. In this business who really needs to deal with this bag of BS with so many other options out there.

tonyb · Oct 19, 2003

Isn't there any other way to give the prop firm the capital they ask for (even if the prop firm is an LLC), without exposing yourself to the Worldco risk?