ASSENT withholding initial contrubution for a year

I asked my manager the same question before I signed up and he assured me (after checking with the district/area manager) that they do not withhold funds. All they require is that the trader give them 30 days' notice if he/she decides to quit.
 
Well....i asked for my money and they are holding it for a year......Assent does not have good and honest managment..Im soo pissed at these guys, and they are so cheap -- i had them send me a check for money that wasnt locked in...and they send me a letter together with the check-- that encourages traders to do wire transfers instead of getting sent checks......for this they charge $15..they wrote in the letter that its a special deal......b/c they used to charge $30 --i guess they are for ever looking to make money on traders...so if its not commissions--then its $15 a check transfer
 
You have to complain to Assent directly. Ask them what they think about this LLC practices. I find this kind of very strange as I personally left Lynx and got my money back on the 4th day. I joined them again after two months and never heard anything of this sort. I am in NY office and I can not imagine that any other office would hold the money.
Well, who knows !!! :confused: :confused: :confused:
 
I spent $5K on lawyers before joining Andover. The withholding of the money, according to my $450/ hr counsel, is because Assent cannot treat your money as part of the firm's capital unless they follow the quoted rules. It's not some type of scam......


Can you get it back early? Maybe. But, you should read the contract.

Anyway, why are you leaving?
 
Quote from goodscalp:

It is based upon the SEC's net cap rule 15 3 c1.
More...

not necessarily....

I've heard these excuses, reasons and other ways of describing these comments before, and from other traders...

basically, in one year there will be another structure to the entity, and you are now hoping that the pyramid doesn't collapse with your capital being the last on the books but not existant in reality...

ever hear of those many different self capitalized firms (Onsite, and others) that went down this well trodden path?
 
There is no rule for withholding money for 1 year. We've been through this before. It is a "loophole" for Firms that use all the traders capital for their Net Capital requirements. It is very arbitrary, and selective.

I even heard that if a trader went "retail" within this firm, that they could use the money.

I think with enough badgering, you'll get your money back.

Don

I'm just speaking from our Firm, we have adequate reserves to be able to refund money whenever asked.
 
Quote from Don Bright:

There is no rule for withholding money for 1 year. We've been through this before. It is a "loophole" for Firms that use all the traders capital for their Net Capital requirements. It is very arbitrary, and selective.

I even heard that if a trader went "retail" within this firm, that they could use the money.

I think with enough badgering, you'll get your money back.

Don

I'm just speaking from our Firm, we have adequate reserves to be able to refund money whenever asked.
More...

Don,

they're taking up all the seats, every time you accurately show why your firm is superior to others.

we're gonna have to ask you to kinda slow down in this....:)
 
I work with Greentree Trading and handle account adiministration and Assent DOES NOT hold initial capitol deposits. If someone is going to post on this site please be sure to do your research. Assent holds money for one year on professional accounts opened straight through Assent. Accounts opened as non-pro, through a JBO are not subject to these restricitons. I have personally requested money from Assent on a number of accounts and money can be sent out day of the request NO PROBLEM. Anyone with concerns about opening accounts should contact a rep. for a firm and not just do their research on this site.
 
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