You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Tuco Trading
- Thread starter woodmancci69
- Start date
Quote from John_Wensink:
Why is anything less than 100% of capital being returned acceptable?
It becomes virtually impossible to return 100% of funds when a court appointed receiver draws his fees from the pool that was/is the traders' monies. The longer he takes to settle this, the more hours he bills to the firm, and since the depositsare considered firm assets, guess where the money comes from to pay these fees.
And guess who gets their money first? It ain't any of the traders.
That I know, it just seemed as if the tone of the poster was in defense of Tuco, that's what seemed so odd.
Quote from cstfx:
It becomes virtually impossible to return 100% of funds when a court appointed receiver draws his fees from the pool that was/is the traders' monies. The longer he takes to settle this, the more hours he bills to the firm, and since the depositsare considered firm assets, guess where the money comes from to pay these fees.
And guess who gets their money first? It ain't any of the traders.
Quote from John_Wensink:
That I know, it just seemed as if the tone of the poster was in defense of Tuco, that's what seemed so odd.
Nothing odd about it. Most of those familiar with the situation recognize that Tuco was closed down and put into the hands of a receiver in order to 'protect client assets', etc. Instead, what has been found is that there was no fraud of any kind at the firm, that all funds and trader deposits/profits were accounted for, and that those same traders will likely not get 100% of their money back due to ever accumulating receiver fees from this witch hunt that was forced upon them.
Still looking for contact info or a phone # of oceanview capital...Anyone?...Anyone? Bandit?
Tuco Members,
Attached is a Notice Re Hearing on Receiver's First Interim Report. The hearing scheduled to take place on July 18, 2008, has been taken off calendar by the Court. The Court will take the matter under submission without oral argument and no appearances are required.
Sincerely,
Thomas F. Lennon
Receiver for Tuco Trading, LLC
Attached is a Notice Re Hearing on Receiver's First Interim Report. The hearing scheduled to take place on July 18, 2008, has been taken off calendar by the Court. The Court will take the matter under submission without oral argument and no appearances are required.
Sincerely,
Thomas F. Lennon
Receiver for Tuco Trading, LLC
Quote from EricP:
Nothing odd about it. Most of those familiar with the situation recognize that Tuco was closed down and put into the hands of a receiver in order to 'protect client assets', etc. Instead, what has been found is that there was no fraud of any kind at the firm, that all funds and trader deposits/profits were accounted for, and that those same traders will likely not get 100% of their money back due to ever accumulating receiver fees from this witch hunt that was forced upon them.
While they may not have been stealing customer funds and in their minds running an honest business, they were still an unlicensed broker/dealer which is illegal, in my mind that constitutes a level of fraud, even if the owners try to play the "we didn't know that was the rule" card.
They should have licensed the firm with the SEC as a broker/dealer and they would still be in business and all traders would have their money, the way you word it people may get the idea that it was a mistake on the SEC's part to shut them down and other unlicensed broker/dealers are safe. The SEC will continue to shut down unlicensed broker/dealers even if they are run by the best of guys with the best of intentions because that is the rule. My opinion is the Tuco guys took a calculated risk that they could save the registration money and fly under the radar and it didn't work out.
Just don't want newbies to think unlicensed firms are now safe because they are not.
The lastest update from 7/17/08 says that the First Interim Report was approved. http://www.tflinc.com/cases_tuco.html
Can anyone explain what that means? Is there a distribution coming soon?
Can anyone explain what that means? Is there a distribution coming soon?
I hope this gets settled soon...however, this appears to be a classic case of the lawyers (i.e. the receiver) stringing things along so that they can rack up more billable hours...bastards!