former Tuco traders

Quote from NazSpaz:


They have to let all these guys open a business, they all became criminals after they were up and running and got greedy. But the reason we know about them is they got caught, if they were unregistered they would have done the same things or worse but would probably be on a beach instead of prison. Don't see how this supports your argument that unregistered and unregulated is better. [/B]
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I never said unregistered was better....its not all its cracked up to be...
 
Quote from zdreg:

.
"There are laws in this country that if you want to handle/invest the public's money you have to tell the SEC you exist and open your books for random inspection to make sure you are not a ponzi or some other scheme."

not true.
under your definition every hedge fund would be subject to sec inspection.

tuco was acting like a broker because it was charging its members commissions.
only broker dealers are allowed to charge commissions.
the sec concluded they were acting as an unregistered broker dealer.

tuco also performed other actions which
made them look like they were broker dealers which would subject them to registration.
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You are correct, I should have specified I was only referring to trading firms - broker/dealers. I know hedge funds have some way around that but am not versed on what they do. But have also heard like TM that they soon will be under scrutiny.
 
Quote from TM_Direct:

Thats what I said...No rule on Wall st. gets passed without their approval..and they often get finra to pass rules to eliminate small frims..
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ok.. that has been my thesis since i have been in trading.

but lets apply this to the real world. Tuco had not harmed any of it's traders. the harm came from the government. why do the SEC and the receiver use cryptic language to defend their dirty work?
 
Quote from bandit:

For those waiting on the cash. By Wednesday this week there may be a "Break in the Case". New info, and the reciever may get a big stick up his AR#$. Stay tunned and keep your fingers crossed. Things just might go our way.

Bandit
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Any word yet regarding this "break in the case"?
 
Quote from gptrader:

He was suppose to update by the 15th. Looks like he hasn't milked this enough yet. Where are you Mr. Lennon?
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someone commented that the receiver's team charged Tuco $2100 an hour for their services. I wonder if they are still making that rate?
 
Here is the latest that I know. Doug has gotten his own ATTNY. I don't know if it is probono, or paying. They met last Wed. The new attny is going to go in front of the judge and tell the real story of what is going on here. The reciever is scuabaling over $30K in the error account. He won't let Tuco out of its obligation to the lease. There has been 3 different proposals put infront of Mr Lemon, and he just wants to charge the LLC the total lease. The new attnys think Doug has an excellent chance of getting recievership for himself. Since the SEC has said in court he was not imbeseling, that was the only reason they gave recievership to Lemon in the first place. If that happens in the next week or so. Doug will make distributions almost immediately.

If you know Doug, give him a call, and post what you know as well.

good trading
Bandit
 
thanks for the update. Doug sounds like a stand up guy.... i hope this goes well and Mr Lemon and his team gets pulled off their "ill gotten gain" gravy train.
 
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