ASSENT withholding initial contrubution for a year

[jem]

datrader. I am not sure I understand the point of your post. Are you saying there are no worries with Greentree trading because if a trader is part of that organization Assent sends the capital right out. But, if you are a trader with assent as your llc, Assent does hold your capital.

 

[datrader]

Assent does not hold money from capitol deposits when a trader goes through a JBO as a non-professional. What is your question?
The initial comments posted had concerns regarding capitol access. My feeling is that traders may get the wrong impression about that point.

 

[goodscalp]

From a trader's perspective I believe that Assent holds your
initial capital deposit for a year if you trade prop, with them.
However, if you clear with them thru another firm or trade as a
customer of Assent they don't hold your deposit.

 

[AutomatedTRader]

I trade for ASSENt...and i contacted my REP

and he tells me that money that traders deposited into their LLC initially is locked in for a year. He told me that it is a company policy.

 

[VOLUME]

If you are a prop trader at Assent, your initial deposit and any deposit afterward is locked up for 1 year. It is a firm policy (actually, it's Sungards policy...we never had that holding period before they acquired us).

Just to clarify something else---It is written in the prop agreement in regular type...not small print.

Volume

 

[vonk]

There's no free lunch.

 

[metooxx]

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.

And you are implying Sunguard doesn't ...

 

[jeffgus]

When I left your firm, You personally told me that you would not send my cash back til the year was up? I called your brother and got the wire off the next day.

You are unbelievable, Trying to milk an account for another month of seat fees. How do you sleep at night or do you have split personalities?

 

[limitdown]

Quote from vonk:

There's no free lunch.

from what perspective do you make this meaningless statement?

from the perspective of representation (of a company, or policy)?

from the perspective of self representation (especially when the abuse is being directed personally)?

often times this expression is used to justify a "who cares who gets screwed" attitiude

 

[esc_trader]

Well, I'm totally confused, whether Assent holds the $ or not!

Stop the ****ing pissing contest. If you are truly that concerned about your precious $10k, just ask if they will specify in your contract that they won't hold the money.
If they don't, you can always look somewhere else.

Reagan had it right. Trust, but verify. Go on written agreements. I wouldn't put too much faith in verbal assurances.