can i trust lightspeed with my money?

[i960]

Lightspeed is just a futures introducing broker here, the clearing firm is Wedbush which is CFTC regulated. If anything the "prop firm" here is the trader himself.

To give you an analogy, the bank doing the firesale in Max E's situation would roughly occupy the same position Wedbush has here, and your money is with THEM not with another firm before them.

That being said, have clearing firms gone under? Definitely. PFG, MFG...

 

[Overnight]

So how 'bout them Penguins?

What do Penguins have to do with Cheez-Whiz?

 

[dumpdapump]

Why not just take a minute to take a deep breath. Most of your claims have already been debunked and you admitted to them having been wrong. Then you were told by multiple people that this is not about prop firms.
And yes this is absolutely about the clearing firm because you will not be mailing your cheque to Lightspeed but their clearer.

So if he puts his money at light speed where does it go? And dont list the clearing firm cause the clearing firm doesnt matter.

 

[sss12]

SIPC covers you up to 500 in cash plus any regulated IBD will deliver any securities positions you happen to have at the time of IBD default. This is retail, not prime (where you are protected less).

In addition, cash in most MMF is considered a security and just like all other securities is not co mingled with the firms assets. Again, OP is asking about a broker dealer relationship, not a prop situation.

 

[Max E.]

Oooh ohh, I know a part of that answer! *raises hand* It goes into the customer segregated account, which is then distributed across all other accounts on the exchange and mixed up into a giant kiddie pool! What happens after that, you'd have to ask Rob M and Matt Z.

I think it involves Cheez-Whiz.

Here is what im getting at and im just going to leave it here and be done with this conversation.... I put like 200k with a prop firm, and my clearing firm was ETC.

ETC is a reputable clearing firm, but when you put your money in a prop account your funds are automatically comingled. ETC didnt stop my firm from just fucking torching me, the person who ran the firm said, "ok lights out, im outta here." and lifted all our money.

The clearing firm doesnt fucking matter if you sign up to a prop firm, and sign a prop agreement. Why are you guys telling me wrong when i lost everything i had, do you think i was so stupid i didnt think of the clearing firm? Do you think i didnt go over all of this shit a million times? Do you think i didnt hire a fucking lawyer?

What im telling you is not a lie, i dont get why you guys are fighting me so bad on this, your clearing firm DOESNT FUCKING MATTER. When you sign a prop agreement you are basically saying you have no problem with comingling.

 

[vanzandt]

What do Penguins have to do with Cheez-Whiz?

Its funny you should ask.
Play side two of Pink Floyd's "Animals" in reverse.
Only then will you find that which you seek.

 

[Overnight]

Its funny you should ask.
Play side two of Pink Floyd's "Animals" in reverse.
Only then will you find that which you seek.

You shitty man you. I will deal with you in a min.

 

[dumpdapump]

Have a good night and sleep well.

Here is what im getting at and im just going to leave it here and be done with this conversation.... I put like 200k with a prop firm, and my clearing firm was ETC.

ETC is a reputable clearing firm, but when you put your money in a prop account your funds are automatically comingled. ETC didnt stop my firm from just fucking torching me, the person who ran the firm said, "ok lights out, im outta here." and lifted all our money.

The clearing firm doesnt fucking matter if you sign up to a prop firm, and sign a prop agreement. Why are you guys telling me wrong when i lost everything i had, do you think i was so stupid i didnt think of the clearing firm? Do you think i didnt go over all of this shit a million times? Do you think i didnt hire a fucking lawyer?

What im telling you is not a lie, i dont get why you guys are fighting me so bad on this, your clearing firm DOESNT FUCKING MATTER. When you sign a prop agreement you are basically saying you have no problem with comingling.

 

[vanzandt]

You shitty man you. I will deal with you in a min.

Well let me know when your ready.... the oven is beeping as I type.... hot and ready DiGiorno's.

 

[Max E.]

Have a good night and sleep well.

LOL, happy you left it there i feel the same way, think we should just drop it, hope you have a good night too, sorry for getting worked up but this one hits home for me "Bigly"