Guess I don't have to now, thaks for the help!!
It's too bad to see another "sub-llc" have problems, but you would think by now everyone on this board would know better... I really hope that Sys get's his money soon!
Don
Prop firm won't send check to close my account
- Thread starter syswizard
- Start date
Guess I don't have to now, thaks for the help!!
It's too bad to see another "sub-llc" have problems, but you would think by now everyone on this board would know better... I really hope that Sys get's his money soon!
Don
Well, the latest from the owner is that I must now wait till the 15th.... PER THE TRADER AGREEMENT (despite having made this request 30 days ago). I wonder if they'll still be around next week ? :eek:
Sub-LLC problems ?....of course. I saw one where they had 30 workstations set-up with fancy monitors and a network....but only THREE traders. Since there were so many extra monitors around, traders would take 2 others and have a 4 monitor set-up.
Bottomline....What's the problem ? Simple...THIS IS A CRAPPY BUSINESS TODAY given the market environment:
http://www.cboe.com/micro/vix/pricecharts.aspx
Low vix = choppy, small trends-at-best.
Yeah, some traders can handle it..but many cannot.
Add to that all of the "noise" from the latest high-tech algorithmic and high frequency trading, and it's pretty clear to see the "picture". Did I forget anything ?
Sub-LLC problems ?....of course. I saw one where they had 30 workstations set-up with fancy monitors and a network....but only THREE traders. Since there were so many extra monitors around, traders would take 2 others and have a 4 monitor set-up.
Bottomline....What's the problem ? Simple...THIS IS A CRAPPY BUSINESS TODAY given the market environment:
http://www.cboe.com/micro/vix/pricecharts.aspx
Low vix = choppy, small trends-at-best.
Yeah, some traders can handle it..but many cannot.
Add to that all of the "noise" from the latest high-tech algorithmic and high frequency trading, and it's pretty clear to see the "picture". Did I forget anything ?
I disagree a bit, the market is fine, it's just evolving and the "adapt or die" principles certainly have kicked in...openings, pairs, M&A, etc. are certainly where the money is these days.
But, back to the original point of the thread...the market should have absolutely nothing with a business (any business) not returning money to their traders (customers). 2 entierely different things, IMO.
Don
Well, one thing that's happened over the past week:
Since I was able to determine the owner of the prop firm has both lapsed his NASD registration as well as traded last year using an out-of-state brokerage, the chief compliance officer of that "large brokerage firm" that actually houses my money has been absolutely silent on this entire affair.
Since he really hasn't "gone to bat" for me here, I've been thinking of taking a trip up to NYC next week and meet with the president of the brokerage firm (he is aware of this incident) and give him the details of what has transpired.
Good idea or no ?
Since I was able to determine the owner of the prop firm has both lapsed his NASD registration as well as traded last year using an out-of-state brokerage, the chief compliance officer of that "large brokerage firm" that actually houses my money has been absolutely silent on this entire affair.
Since he really hasn't "gone to bat" for me here, I've been thinking of taking a trip up to NYC next week and meet with the president of the brokerage firm (he is aware of this incident) and give him the details of what has transpired.
Good idea or no ?
I would be suprised though if he sees you. Unless you are in a JBO wherein you are a Class B member with a fully defined class structure, as opposed to one of these quasi retail shops where you act as a nominee of an account, this meeting really has no bearing other than he might be convinced that too many squeeky wheels is not good for his business both from a PR standpoint and the SEC. If you are in the latter setup, his customer is solely the guy you have problems with and not you. He did not do anything wrong. Heck, if the guy requests a wire to close the account, no one can stop him coz it is , in the eyes of the clearing firm , his money.
Nevertheless, good luck.
Nevertheless, good luck.
I used to listen to a guy on the radio, his name was Bruce Williams. People would call in with all sorts of problems, and he would give them advice.
I'll ask you the same poignant question Bruce used many times to make his point-
"What has your attorney said about this?"
Don-
Bruce ... I called in once. Not even he could help.
NAH, the Sec has oders to not let anyone in. If he lived in your town you could watch him come into work and when the day is over you be sitting on the fender and say, HI!!!!
Just joking, do not do something that will get your butt in trouble. Just be patient and you will get your money when the jerk knows you will not GO AWAY.
A few years ago i had a problem with a IRA Futures account with some outfit in Palos Park, Ill. I suspected they were kind of shaky and since i lived in the state i went there and veryly nicely told the Sec i wanted my money or else i would be a real pain in the butt. She made a call and the fella came down and cut me a check. A few months later i read where the whole deal was a bucket shop in general. I forgot the name but it is in my records somewhere. good luck
Dealing with ---holes , you need to let them know you intend not to be their next victim.
Just joking, do not do something that will get your butt in trouble. Just be patient and you will get your money when the jerk knows you will not GO AWAY.
A few years ago i had a problem with a IRA Futures account with some outfit in Palos Park, Ill. I suspected they were kind of shaky and since i lived in the state i went there and veryly nicely told the Sec i wanted my money or else i would be a real pain in the butt. She made a call and the fella came down and cut me a check. A few months later i read where the whole deal was a bucket shop in general. I forgot the name but it is in my records somewhere. good luck
Dealing with ---holes , you need to let them know you intend not to be their next victim.
Sounds to me like you will not get your money...that last 30 day letter was interesting though...
It is time for you to move your pawn and explain the time difference.
Time to file you small claims lawsuit to shake him up...do not let him buy the time like this...
There is a time to be defensive and a trime to be offensive to extract money from thieves...Walk softly, but carry a big stick...
You have a 10% chance of seeing some money....
It is time for you to move your pawn and explain the time difference.
Time to file you small claims lawsuit to shake him up...do not let him buy the time like this...
There is a time to be defensive and a trime to be offensive to extract money from thieves...Walk softly, but carry a big stick...
You have a 10% chance of seeing some money....
Why are you complaining without divulging the name of the bucketshop and the names and those scammers?
Want us to give you some pat on the shoulder and say "Just wait and you'll get it back"?
One deadline, two deadlines, three deadlines, all crossed without results.
They are laughing at you.
I guess I should be laughing at you too since you are not helping us to avoid that outfit.
Here goes:
Want us to give you some pat on the shoulder and say "Just wait and you'll get it back"?
One deadline, two deadlines, three deadlines, all crossed without results.
They are laughing at you.
I guess I should be laughing at you too since you are not helping us to avoid that outfit.
Here goes: