former Tuco traders

[sdtrader]

The only reason you PM'd me was to try and get scoop on what happened b/w a couple people. A PM you would have to be insanely stupid if you thought I was going to reply to.

I used to trade at Van Buren Securities, Echo Trade, Andover/Assent, Evolution and Tuco. So yes, its no secret that I am pissed off at the little piss ant who complained to the SEC and screwed MANY people out of their money and livelihood for shit and giggles. But no, I have not been with Tuco for almost 8 months and have no vested interest personally.

The only other reason was to tell me how many other platforms PROP traders trade on and pimp Anvil to me as being the best.

Once again- you have NO REASON to be on these threads preaching to people about losing their money.

Seriously- get lost.

 

[ratboy88]

Quote from monstercat:


"Tuco provided traders with trading capability not permitted at registered broker-dealers," said Linda Chatman Thomsen, Director of the SEC's Division of Enforcement. "This case warns investors that the additional trading capability comes at a steep price — the safety of their money."

LMAOOOOOOOOOOOOOO the safety of their money? from what... THE STEAK FAJITAS PLATTER from the receiver's office lunch parties?

monsterdumbass.. i can't believe you cited that.

 

[Steelhead]

Quote from sdtrader:

- Assent could close up shop tomorrow and your S7 wouldn't help you in the least. You could still lose all your money.

are you sure about that? isnt assent sipc insured

 

[sdtrader]

Good point Steelhead- looks like they are. Was just throwing around another prop firm that came to mind since WorldCo.

How are things?

 

[ratboy88]

Quote from Steelhead:

are you sure about that? isnt assent sipc insured

that wouldn't protect you from the SEC and an appointed receiver.

doesn't assent require a 12 months holding period of deposits? not blaming assent for this.. it is probably another made up rule by the SEC.

 

[saico]

Hedge, rat,

I'm also affected by the whole Tuco story. But we just have to admit, that Tuco and many others clearly violated laws. It doesn't matter these rules make sense, or not. Unfortunately there is no way to get around this fact.

 

[ratboy88]

Quote from saico:

Hedge, rat,

I'm also affected by the whole Tuco story. But we just have to admit, that Tuco and many others clearly violated laws. It doesn't matter these rules make sense, or not. Unfortunately there is no way to get around this fact.

please cite the law. did you read the complaint? i did.... the SEC was bluffing... they knew they had no law.. that's why they bully the firm with the receiver charging them $2100 an hour. the LLC at all times stayed within the 4 to 1 margins and met all margin calls when needed. the traders are part of the LLC and therefore are not retail customers.

regardless, go read the complaint.. it makes no legal sense. the SEC lied... just like they lied about the 9/11 airlines put options. just as they look the other way when the biggest banks in the world fail to clear trades that are illegally naked shorted.

saico, you still want to have this convo? the only laws broken were RICO extortion laws and Tuco is the victim.



let's not forget the receiver has already tried to deflect transparency regarding the balance statements. they actually had the nerve not to take into consideration the ecn rebates? LMAOOOOOOO who are they kidding? the books were in order.. this whole thing is a fabrication set up to kill the industry for the benefit of the big boys.

not to mention the exchanges will now be able to charge them all appx $400 to $600 a yr just for membership.

then you have testing fees... and continuing education fees. wake up people.. this is a shakedown.

 

[hedgefund07]

Many are missing the point. You write: "But we just have to admit, that Tuco and many others clearly violated laws." The SEC only charged Tuco with various violations. It wasn't in Doug's best interest to spend hundreds of thousands of dollars defending himself. Instead he simply walked away and will most likely start another firm that has the characteristics that the SEC is looking for: no money up and a profit split.

Many firms have already started to do this. Its the new way that prop firms will operate. Traders that have a good track record of trading will have no problem trading at the "new prop firms".

Quote from saico:

Hedge, rat,

I'm also affected by the whole Tuco story. But we just have to admit, that Tuco and many others clearly violated laws. It doesn't matter these rules make sense, or not. Unfortunately there is no way to get around this fact.

 

[saico]

Quote from hedgefund07:

Many are missing the point. You write: "But we just have to admit, that Tuco and many others clearly violated laws." The SEC only charged Tuco with various violations. It wasn't in Doug's best interest to spend hundreds of thousands of dollars defending himself. Instead he simply walked away and will most likely start another firm that has the characteristics that the SEC is looking for: no money up and a profit split.

Many firms have already started to do this. Its the new way that prop firms will operate. Traders that have a good track record of trading will have no problem trading at the "new prop firms".

The SEC wont hesitate to charge others too. Unfortunately Tuco has been hit, since obviously someone had an axe to grind and called the SEC complaining about Tuco. The SEC went to the court and filed a complain.

 

[ratboy88]

Quote from saico:

The SEC wont hesitate to charge others too. Unfortunately Tuco has been hit, since obviously someone had an axe to grind and called the SEC complaining about Tuco. The SEC went to the court and filed a complain.

many insiders were aware this was going to happen. Tuco was just the unlucky firm they made an example of. i noticed you did not cite the law that the SEC used in the complaint. odd.... very odd.