Banking - looking for help - much appreciated

[destriero]

Sorry, maybe I haven't clarified it enough. First, I am not a US resident nor citizen. Second, in absence of taking a group, or its income, getting a personal account for each member would work just fine, and split into individual traders that get paid by a BD. Still, can't find one for such scenario either...

Well I am sure that there are carib banks that will do anything that you ask, but you'll still need an omnibus account at a BD. You need a foreign BD that will operate in the SEC space. The problem is that these firms are crooks and will not have any remorse when ripping you off.

 

[JSOP]

Hey fellas,

I have been trading for 10+ years, have had a small group, we traded with WTS (until they ripped us off, see my previous posts about WTS). Anyway, the remaining traders from that group have held together still, and for the life of it, we cannot find a bank that would like to work with us. The activity, according to them, is illegal, since we don't own the license (obviously, we trade through the prop firm's license). At this point, I am even willing to have a personal account in any bank accross the world that would accept having one incoming payment from our prop firm, and me paying out 5-6 traders from that amount. Any suggestions, help, advice about some legal firm that helped someone in a similar situation, ANYTHING would help.

Thanks a bunch!

You are going to have to consult an accountant or a lawyer to set this up I am afraid.

 

[destriero]

JSOP, you're like the warning on Tide Pods. Zero value add.

 

[Srkisrle]

Where are you located?

Right now in Spain. Thinking of moving anywhere where I can trade

 

[Stocktracker]

Right now in Spain. Thinking of moving anywhere where I can trade

Cayman island, Bermuda and panama. Anything can happen there for a price!

 

[Robert Morse]

Right now in Spain. Thinking of moving anywhere where I can trade

We can't do foreign master/subs so I can't help.

 

[birdman]

At this point, I am even willing to have a personal account in any bank accross the world that would accept having one incoming payment from our prop firm, and me paying out 5-6 traders from that amount. Any suggestions, help, advice about some legal firm that helped someone in a similar situation, ANYTHING would help.

Thanks a bunch!

Seems to me you may be going about it the wrong way. I would never, ever advocate for an illegal nor even a questionable solution. Will private message you some thoughts.