Protect your deposit from off shore firm，WTS--another firm disappears with our deposit after Title T

How much deposit and payment have you lost ?

  • Total voters
    15
JefeTrader said:
Kang,

Very sorry to hear your experience with WTS. If you live in the US, for your trading in the future, I would suggest you choose a broker/dealer which is a member of SIPC. An account with a SIPC insured broker/dealer is protected up to $500k with a sublimit of $250k of cash.

You can verify if a broker/dealer is a member of SIPC at http://www.sipc.com/list-of-members. Personally I would never open accounts at non-SIPC members.
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Appreciate with your reply.i just come back from LA,i have a house in LA,but not live in.since this two issue happen,we try to ask some help from lawyer and complaince,and we have moved to a registered broker dealer.also,this time we have pay for SIPC.

We paid 2 million to our broker this time,we don't want to cooperate with any off shore firm any more.

thanks again
 
rmorse said:
OK, I just read this: http://www.prnewswire.com/news-rele...etary-trading-group-llc-assets-300020562.html

WTS was bought by T3. WTS was a "NASDAQ OMX PHLX Member firm." Contact them about your rights and how to file. You will likely be suing T3 as they absorbed WTS. Your equity should have gone with the deal.You can also try contacting T3 and ask what happened to the capital of the old firm.
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Thanks,Morse.

TT means Title Trading,many guys loss their money,here is the link:
http://www.elitetrader.com/et/index.php?threads/what-happened-to-title-trading.291255/

I try to ask my friend give me some help,and he told me that we trade with WTS Canada,not WTS US.And WTS US was bought by T3,not WTS Canada.

let me try to upload my statements,is this works?
The last month we trade with WTS were Oct 2014,and no trade on Nov.it's easy to find deposit and balance,no pay for the left deposit $40,000-$31,284.42=$8715.58
 

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kang said:
We have already tried to contract whoever we could find in WTS, but there is no reply for us. Where can we go for arbitration? If someone can help me, I am willing to share half of my deposit with him. If someone can take them to places like FINRA and make them be punished, I will give him all the deposit. As you know, many people haven’t yet received their money from TT and we also lost over $200K. This kind of problem is not easy to deal with, according to what I know. Supposing I win the arbitration, I am afraid that my deposit is not enough to cover the attorney fee.
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Since the entity of WTS you dealt with was not a US company, it may be difficult to sue it. So you'd better low your expectations and be prepared to receive nothing back. There may be lawyers who are interested in your case. They normally won't charge you any fees unless they win the case. If they win the case, they typically charge one percentage (for example, 30%) of the proceeds. You can do some research to contact some good lawyers in this area. Good Luck!
 
kang said:
Thanks,Morse.

TT means Title Trading,many guys loss their money,here is the link:
http://www.elitetrader.com/et/index.php?threads/what-happened-to-title-trading.291255/

I try to ask my friend give me some help,and he told me that we trade with WTS Canada,not WTS US.And WTS US was bought by T3,not WTS Canada.

let me try to upload my statements,is this works?
The last month we trade with WTS were Oct 2014,and no trade on Nov.it's easy to find deposit and balance,no pay for the left deposit $40,000-$31,284.42=$8715.58
More...

Just read your statementts, did WTS paid the 899000 usd profits for October and November 2014 as it seems they did ?
I thought you were looking at 2million usd loss and didn't understand why it wouldn't be worth going through a lawyer, but if it's about 8715usd, then I understand better.
If WTS paid large profits before that and you are arguing about 8k it must be something more to it (no idea who is right)
Anway good luck with your new broker and i hope the conflict is only for 8k rather than 2mil?
 
150usd for a wire fee is huge btw, enough for me to give up on this firm before starting working with them - not familiar with prop firms though.
 
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JefeTrader said:
Since the entity of WTS you dealt with was not a US company, it may be difficult to sue it. So you'd better low your expectations and be prepared to receive nothing back. There may be lawyers who are interested in your case. They normally won't charge you any fees unless they win the case. If they win the case, they typically charge one percentage (for example, 30%) of the proceeds. You can do some research to contact some good lawyers in this area. Good Luck!
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thanks for your help,we don't think lawyer is helpful in this case,actually my lawyer suggest me negotiate with them,he cant help me.I think that is why those off shore firm screw us one by one,and they still do business with other guys.
 
luisHK said:
Just read your statementts, did WTS paid the 899000 usd profits for October and November 2014 as it seems they did ?
I thought you were looking at 2million usd loss and didn't understand why it wouldn't be worth going through a lawyer, but if it's about 8715usd, then I understand better.
If WTS paid large profits before that and you are arguing about 8k it must be something more to it (no idea who is right)
Anway good luck with your new broker and i hope the conflict is only for 8k rather than 2mil?
More...
Thx luisHK. In this case with WTS, we were lucky and only lost $8K. But we did lose over $200K in Title's event. 8K deposit is not an issue but it's about reputation and merit. Two reasons why I post here. One is to warn others especially if there are other traders who are still trading with WTS. The other is to find whether someone else suffered from the similar situation as me. Maybe we can figure out some methods to protect this kind of events from happening again.
 
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