Noncompetes are unenforceable in CA and severely restricted in a number of other states like VA, you may consider moving to one of these places. It also sounds like you are what they call judgement proof. No one acting rationally is going to spend the money to sue you if they know you don't have anything to pay out, plus no way to make any more money if they succeed! Call up an attorney that specialized in these things and pay for an hour of their time; this is something you can solve.
Quit prop firm after server side technology issues with API cost me my year; advice on non compete
- Thread starter Bourbon84
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Your first mistake was signing up with Tower Hill / Great Point in the first place. There is so much negative information on this website about them.....including how bad the agreement is.
That being said....I agree with everyone else. The non-compete isn't enforceable...unless you steal trade secrets or go directly after their business with stolen information. Neither would apply.
Take the non compete and put it to good use next time you are in the bathroom and run low on toilet paper.
That being said....I agree with everyone else. The non-compete isn't enforceable...unless you steal trade secrets or go directly after their business with stolen information. Neither would apply.
Take the non compete and put it to good use next time you are in the bathroom and run low on toilet paper.
This is a clever idea. I appreciate the input
Oh my former understanding was that the enforceability was on the state in which the NDA comes from not the state in which the NDA gets enforced. I'll do some further research.
Thanks for the input, I was in no way that big of a trader but I had a very high Sharpe/Sortino ratio. I'm actually lucky enough to be speaking with some commodity/futures HFs so I might be able to do another asset class anyways.
Brilliant thanks.
This is exceptional bone. I made all the systems prior to going there. I think they use the document more for retention than retaliation but then again excess optimism in others is what got me in this mess.
I never said explicitly that it was Tower Hill/Great Point Capital. I will neither confirm nor deny.
I don't know much about prop firms, but non-compete restrictions are usually involved when the company has provided you with some significant value (e.g., training, trading strategies) that would cause them harm or put them at a competitive disadvantage. What, if anything, did they do for you that would fall into this category? I don't think it can be used as a punitive technique to deter you from leaving their firm unless you are walking out with some company-provided value or IP in your pockets.
As a non-practicing attorney who is not providing you w/ legal advice, you need to have an experienced attorney review that non-compete for enforceability. Further, you need to have an attorney seriously look at whether you have claims against them for the tech issues that caused the losses. At the least, those tech issues might give you some leverage for having them waive the non-compete.