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
Hi Kang (and others). I am having same sort of trouble with WTS, they owe us 64000$. Same sort of crap. Excuses, not answering mails, phone calls. Do you have any update on the situation? Did you give up? I would appreciate any answers, and I am willing to do whatever is needed to get our money back, or at least get this scammers punished.
 
Man this is why I split my account over two firms (td/etfc). Too paranoid about these firms disappearing and all your hard earned money gone.
 
prc117f said:
Man this is why I split my account over two firms (td/etfc). Too paranoid about these firms disappearing and all your hard earned money gone.
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TD Ameritrade and Etrade are HUGE firms that offer retail accounts with SIPC protection in the case of financial insolvency.

http://www.sipc.org/for-investors/what-sipc-protects

Kang traded with an offshore, Grand Cayman prop firm with a few Canadian offices. I'm surprised despite these complaints, the firm's link shows up on Google and is still operational. It's a bit sketchy, however, that no phone number or address is listed on the site, go figure.

http://wtstrading.com/who-we-are/

Note: as mentioned prior, WTSprop WAS a separate and legitimate firm that operated as a registered U.S. based broker dealer, and was acquired by T3 Trading, also a registered U.S. based broker dealer.
 
Why do people choose to deposit and trade with those kinds of firms in the Cayman islands? Just that would make me nervous enough.

Kang obviously did not need to worry about PDT his accountsize is big enough to stick with the big firms like TD etc..
 
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?
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WTS is listed as a Grand Cayman firm. Upon a quick review of the Cayman Islands Monetary Authority site, it lists the following disclaimer when you type the name "World Trade Securities" in the search entity field:

"Disclaimer:
Please note that entities registered as Excluded Persons are exempted from the requirement to obtain a licence to conduct securities investment business as they conduct business exclusively with persons or institutions as set out in Schedule 4 of the SIBL and are therefore not regulated by the Authority."

You can see for yourself in the link here. Just type in the firm's name, and you will get the reference code and disclaimer.

My guess is the firm MIGHT be facing issues regarding the FATCA banking rules, but that's JUST a guess. I have no other information other than what I found from a quick overview of the Cayman site.

I wish you guys the best of luck in recovering your funds, however it doesn't look very promising, especially since the disclaimer clearly mentions the firm is EXEMPT from regulation. Not a good sign!

http://www.cimoney.com.ky/search/searchforentity.aspx?searchtext=Enter search term here...
 
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Well, they are REGISTERED in Cayman, and thus must abide their laws. One thing is the stock market regulations, but money owed is a matter of the civil courts in this case, IMHO.
 
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