I'm sure you are..I just don't have any of the information...
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Optionsellers.com goes bust and the apology video is painful to watch
- Thread starter Sweet Bobby
- Start date
Can't vouch from direct personal experience as a client, but have seen these guys recommended fairly often over the years for tax issues related to trading/investing, and have used some of their resources for personal reference:Interesting. I certainly would prefer not to pay the debit amount. I just don’t want to risk the penalties and interest charges. What a friggen disaster!
https://greentradertax.com/
I'm sorry this happened, and wish you the best going forward.
Probably accurate.
He could have bailed the position at a big loss or he could continue to chase the dragon.
He chose the latter.
Now he has a big watch.
Agreed. He should've exited the positions to cut losses and he did have plenty of time to do so now he faces all of the accounts wiped out and owing money. This is another lesson in the importance of setting stop-losses, physical or mental one and having the discipline and concentration to execute them when the time calls for them.
The guy is just not cut out to be a trader. He might be a good analyst but not a trader. In order to be a trader, the no. 1 thing you have to do is concentrate. All this guy is thinking about is sailing, fishing, the French Riviera, cuban sandwich, hockey games... He was apologizing to his clients in his apology video and he spent the first 5 minutes talking about those things. LOL He's having way too much life, way too much distractions for a trader.
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Wonder if I could get that optionsellers.com domain on the cheap? Think of all the traffic I could get for the next couple of weeks!
No the domain still has to belong to optionsellers.com for a while for the clients and their lawyers to get in touch with the firm. There is a lot of things to take care of.
I don't understand at all how this IRA account stuff fits in with the dude having POA over the account and how this relates to where the fault lies, but I do have a question about margin. If each of these accounts is really the responsibility of the owner, then does this mean that each account of the 290 clients had to have the same trades? Does this mean that each account would have several naked shorts in it? If the margin is incredibly high to take on these positions, does this mean that each of these accounts had that margin?
It seems odd to me that each of these accounts was separate, but if they were, how does the options dude place trades in each account? And if it isn't like this, if there aren't individual trades in each account, then how can the account holder be held liable for losses if the trades were in some way "pooled" from some other main trading account?
It seems odd to me that each of these accounts was separate, but if they were, how does the options dude place trades in each account? And if it isn't like this, if there aren't individual trades in each account, then how can the account holder be held liable for losses if the trades were in some way "pooled" from some other main trading account?
I don't understand at all how this IRA account stuff fits in with the dude having POA over the account and how this relates to where the fault lies, but I do have a question about margin. If each of these accounts is really the responsibility of the owner, then does this mean that each account of the 290 clients had to have the same trades? Does this mean that each account would have several naked shorts in it? If the margin is incredibly high to take on these positions, does this mean that each of these accounts had that margin?
It seems odd to me that each of these accounts was separate, but if they were, how does the options dude place trades in each account? And if it isn't like this, if there aren't individual trades in each account, then how can the account holder be held liable for losses if the trades were in some way "pooled" from some other main trading account?
He made the same trades in every account. The only difference was the amount of margin each account held (higher margin for more conservative investors). At least that's what he told me, but I'm not sure exactly the mechanics of it.
Typically the trade is placed and then executed; when the broker confirms that the order has been filled the manager (option seller in this instance) would dictate the breakdown.I don't understand at all how this IRA account stuff fits in with the dude having POA over the account and how this relates to where the fault lies, but I do have a question about margin. If each of these accounts is really the responsibility of the owner, then does this mean that each account of the 290 clients had to have the same trades? Does this mean that each account would have several naked shorts in it? If the margin is incredibly high to take on these positions, does this mean that each of these accounts had that margin?
It seems odd to me that each of these accounts was separate, but if they were, how does the options dude place trades in each account? And if it isn't like this, if there aren't individual trades in each account, then how can the account holder be held liable for losses if the trades were in some way "pooled" from some other main trading account?
A $200k account should definitely have a different unit size then a $50k accountHe made the same trades in every account. The only difference was the amount of margin each account held (higher margin for more conservative investors). At least that's what he told me, but I'm not sure exactly the mechanics of it.