Need help - lost big money to prop. firm scam.

marketsurfer · Feb 16, 2015

S-Trader said:
Ye

So even though naming the alleged con artist might benefit the trading community, it might not necessarily be in va01us' own best interests. I wouldn't be surprised if his/her legal counsel would recommend letting the case be played out in court -- where it really matters -- vs. public forums, where the (personal) benefits are arguably marginal and they are just increasing their own exposure to potential counter-action.

That begs the question, why did he post anything at all here? Lots of mental patients and agenda driven folks here-- must be. right?

Jerry030 · Feb 16, 2015

marketsurfer said:
That begs the question, why did he post anything at all here? Lots of mental patients and agenda driven folks here-- must be. right?

I suspect it must be a North Korean plot of some kind trying to destroy confidence in our fine trading firms.

marketsurfer · Feb 16, 2015

Jerry030 said:
I suspect it must be a North Korean plot of some kind trying to destroy confidence in our fine trading firms.

S-Trader · Feb 16, 2015

marketsurfer said:
That begs the question, why did he post anything at all here? Lots of mental patients and agenda driven folks here-- must be. right?

Probably, lol. In this case, though, I lean more towards believing that his plight is real, by virtue of the fact that he *didn't* name the accused.

But TBH, I also suspect that he may not have a valid legal case against the guy, even though I hope he does. Average Joe Trader vs. HF manager/prop firm owner -- the latter having had his contracts drawn up by securities law experts to specifically allow for this kind of possibly egregious behavior and cover his butt -- is generally a mismatch.

marketsurfer · Feb 17, 2015

S-Trader said:
Probably, lol. In this case, though, I lean more towards believing that his plight is real, by virtue of the fact that he *didn't* name the accused.

But TBH, I also suspect that he may not have a valid legal case against the guy, even though I hope he does. Average Joe Trader vs. HF manager/prop firm owner -- the latter having had his contracts drawn up by securities law experts to specifically allow for this kind of possibly egregious behavior and cover his butt -- is generally a mismatch.

True, but regardless of the contract , if fraud was involved, and can be shown-- he should win. surf

loufah · Feb 18, 2015

When the SEC files a public notice complaint against a broker/dealer or individual for securities violations on SEC.gov, then by your logic the b/d or individual can sue them for libel/slander just by the mere citing or sharing of that public document? Nonsense.

Anyone in the U.S. can sue anyone for any reason. The SEC gets sued all the time, both for actions it takes and actions it does not take. Plaintiffs often cite the Federal Tort Claims Act.

ScalperJoe · Feb 18, 2015

S-Trader said:
None of us has anything tangible at stake except va01us... so my suggestion to him/her is just to tread carefully here, where there's little to be gained, and to focus instead on the actual legal/regulatory proceedings, which is the only place where it really counts.

True, only va01us has liquid assets of his investments at stake. But he's the one who posted here, with quite vague details, and is asking for feedback.

Perhaps it's possible that others may also be seeking relief from the firm, and if they found this blog/link via internet search if he named the firm and case #, then it could provide a benefit for him.

S-Trader · Feb 18, 2015

ScalperJoe said:
True, only va01us has liquid assets of his investments at stake. But he's the one who posted here, with quite vague details, and is asking for feedback.

Perhaps it's possible that others may also be seeking relief from the firm, and if they found this blog/link via internet search if he named the firm and case #, then it could provide a benefit for him.

Seemed like he was more concerned about the *process* for finding remedy more than anything else. But you make a good point -- I agree, there would be more power in numbers.

sonictrader · Feb 19, 2015

Nine days later and the original poster hasn't said another word about this..basically disappeared from elitetrader...meanwhile we are all discussing it. Told you it smells fishy.

va01us · Apr 10, 2015

I am suing in California. Still seeking low cost way to move case forward. Lawyers quote $150K+-$200K++ . I am seeking cheaper way. If you have suggestions, lawyer and paralegal referral or you are (were) in the same boat - it will help.
I did file with multiple government agencies. The only place I have problem to file is police.
While police don't routinely take scam cases (I was rejected 2-3 times), it does work - at least on TV (it might involve connections, right steps, right definitions, etc.). So ,if you have idea how to file with police, DA (district attorney) or state agency - it will be helpful too.