Prop firm won't send check to close my account

Now that is what I am talking about! Either get in their ass about it or do not expect anything to happen. When they see you cannot be bullshitted with excuses, they will knock each other over to write that check.

Quote from Dr. Zhivodka:

(What you should've done six weeks ago)

Write a demand letter to the managing member and CC every member of the firm who may be able to put pressure on him. You CC everyone because you're not sure if the managing member is telling others the same story he's telling you.

You simultaneously send the same demand letter and ALL documentation to the firm's SRO as well and the SEC (and /or the NASD) and when applicable you request an arbitration hearing ASAP.

At this point it's generally out of the hands of the guy who has been shinning you on. Either he pony’s up....or he's in big effing trouble.

You can't pussyfoot around with these guys. You have to go straight to thermonuclear war. That’s the only thing that most shysters understand.

Personally, I have had to do this on two occasions.

Fairly quickly, I got what I was owed both times
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Quote from Dr. Zhivodka:

(What you should've done six weeks ago)

Write a demand letter to the managing member and CC every member of the firm who may be able to put pressure on him. You CC everyone because you're not sure if the managing member is telling others the same story he's telling you.

You simultaneously send the same demand letter and ALL documentation to the firm's SRO and the SEC (and /or the NASD) and when applicable you request an arbitration hearing ASAP.

At this point it's generally out of the hands of the guy who has been shinning you on. Either he pony’s up....or he's in big effing trouble.

You can't pussyfoot around with these guys. You have to go straight to thermonuclear war. That’s the only thing that most shysters understand.

Personally, I have had to do this on two occasions.

Fairly quickly, I got what I was owed both times
More...

I could not agree more with this post. These people are blowing smoke so far up your ass that it's coming out your ears. That must be what's clouding your vision.

Don-
 
Unfortunately i don't think the clearing firm or large broker dealer is gonna be helpful, nor do you have anyway to threaten them, they have no responsibilty to you at all because you don't have an account with them. Their only resposibility is to the prop firm that has the account with them and they can't make him pay back your money. Best bet is to have an attorney going after them for your money, I hope you have a signed copy of your trader agreement, and the attorney is gonna keep 30% of your money that he recovers.
 
Quote from Bitstream:

no f*brainer...
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No effing brainer is right....

This guy has to stop with the clearing firm nonsense. Stop looking at the Clearer as the parent in this transaction. The retail customer is the customer of the Introducing Broker and the Introducing Broker is the customer of the Clearing firm.

The Clearing Firm (one step removed) couldn't give two shits about the retail guy. That's exactly why Intro Brokers exists....to keep the rabble away from the Clearer.

The Clearing firm has Z-E-R-O incentive to get involved with the Intro Broker's customers.
 
This cannot be a well known firm...can it? What incentive do they have to keep his check, are they that broke? Maybe they only have a few traders, hence not much revenue coming in. Hopefully he will reveal the firm.
 
We are all assuming that this is a typical prop firm i.e. Traders gets Series 7,signs on as a class B with XYZ trading firm who is a member of PCoast or Chicago,NASD who has a clearing relationship with SLK,Pax,etc. What if it is a retail llc with a REG T account in their name and just has the trader as a nominee only. He has little recourse other than civil court since there are no class B's, no SRO's. Even worse if it self clears.
 
from this thread i have to assume that prop trading is basically for people who havent enough money to be in the trading arena and thus realkizing this fact ,,,,,,,,,ignore the obvious and go deal with deadbeat companies who exploit others...............
 
Yes Larry, that is correct....and why the Prop/pro business is so sleazy.
This cannot be a well known firm...can it? What incentive do they have to keep his check, are they that broke? Maybe they only have a few traders, hence not much revenue coming in. Hopefully he will reveal the firm.
More...
They are NOT well known...and soon I think they will soon be "forgotten" if you know what I mean.
I appreciate the comments about wasting time on the clearing firm.....but an earlier PM I received thought that was a good way to go to avoid having to pay for an attorney.....and you know what ? It has been effective.....my money should arrive no later than Thursday....we'll see. The clearing firm's President is REAL WELL KNOWN in the industry and is a REAL STRAIGHT shooter. He took action immediately upon receiving my letter.
 
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