Tuco Update

Lennon tried to pull a fast one

"Thomas F. Lennon, Court-appointed permanent receiver for Tuco Trading, LLC
("Receiver"), hereby gives notice and corrects his Final Fee Application for Approval and
Payment of Fees and Costs to Thomas F. Lennon, Receiver, and supporting documents.
On or about August 20, 2009, the Receiver's counsel learned that the Receiver had
advanced funds to his company, Thomas F. Lennon, Inc. ("TFL"), from the Tuco receivership
estate against the pending fee application of the Receiver. The total advanced was $60,101. Upon
learning of the advances, the Receiver was promptly advised that such advances were prohibited
without prior Court approval. The Receiver has returned the advances to the Tuco estate together
with interest that would have been earned on the amounts advanced."
 
Quote from Daal:

Lennon tried to pull a fast one

"Thomas F. Lennon, Court-appointed permanent receiver for Tuco Trading, LLC
("Receiver"), hereby gives notice and corrects his Final Fee Application for Approval and
Payment of Fees and Costs to Thomas F. Lennon, Receiver, and supporting documents.
On or about August 20, 2009, the Receiver's counsel learned that the Receiver had
advanced funds to his company, Thomas F. Lennon, Inc. ("TFL"), from the Tuco receivership
estate against the pending fee application of the Receiver. The total advanced was $60,101. Upon
learning of the advances, the Receiver was promptly advised that such advances were prohibited
without prior Court approval. The Receiver has returned the advances to the Tuco estate together
with interest that would have been earned on the amounts advanced."

what a joke. sad really.
 
Was that advance just the fees that he thought that he would receive from the whole process?

If that is the case and Tuco really had all the traders money, then people with Tuco accounts should get most of their money back.
 
Quote from lg33:

TUCO traders are expected to get appx. 70%. I wonder where the other 30% went?

Apparently the POS owner(whom many ETs praised as an honest and reliable guy) allowed traders to trade with negative equity, a good chunk was lost there. Lennon is getting his cut too, all kinds of fees
 
Quote from Daal:

Apparently the POS owner(whom many ETs praised as an honest and reliable guy) allowed traders to trade with negative equity, a good chunk was lost there. Lennon is getting his cut too, all kinds of fees


Anyone that steals trader money is not an honest guy or a reliable person.
 
Quote from Daal:

Apparently the POS owner(whom many ETs praised as an honest and reliable guy) allowed traders to trade with negative equity, a good chunk was lost there. Lennon is getting his cut too, all kinds of fees

This underscores the necessity of an experienced compliance
officer and absolute adherence to the law and the LLC charter.
 
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