Vision Financial Markets - CFTC Takes Ages to Act

justrading · Sep 27, 2013

http://www.cftc.gov/PressRoom/PressReleases/pr6714-13

The problem with segregation of customers funds was uncovered in June 2009.

Civil penalties are only now being levied, along with a cease and desist order more than FOUR YEARS after the offense.

Can't say I'm brimming with confidence in the CFTC.

drownpruf · Sep 27, 2013

Vision has always been a POS. The CEO is shady as hell.

Brighton · Sep 27, 2013

The guy with the Greek last name posted that on Twitter a few days ago (he's the guy heading the MF Global customer coalition). I read the whole complaint and it's astounding how long Vision was aware of, and ignored, the crap the IB/CTA was dishing out to its clients. Also, some of the option-selling programs that were used to reel in clients had a whopping $100K under management before they said "lookie here, we doubled the account, sign up now and you can get rich too."

Grandluxe · Sep 28, 2013

Pretty scary....

RobertG · Sep 29, 2013

The CFTC fined RJO the same day with a similar violation
http://www.cftc.gov/PressRoom/PressReleases/pr6715-13
FC Stone this year was fined 1.5 mil
http://www.cftc.gov/PressRoom/PressReleases/pr6594-13

I think post PFG and MF this would be a rutine for the regs.

TickSlicer · Sep 30, 2013

It appears that "Vision Financial" is heading towards some "Serious Trouble" :

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0208888&case=13BCC00018&contrib=NFA

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0331001&case=13BCC00017&contrib=NFA

justrading · Sep 30, 2013

Quote from TickSlicer:

It appears that "Vision Financial" is heading towards some "Serious Trouble" :

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0208888&case=13BCC00018&contrib=NFA

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0331001&case=13BCC00017&contrib=NFA

When I read the details of the complaint against VFM, all I can say is I'm really glad I closed my account there last year. No integrity whatsoever.

bullnbear · Oct 21, 2013

Quote from TickSlicer:

It appears that "Vision Financial" is heading towards some "Serious Trouble" :

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0208888&case=13BCC00018&contrib=NFA

http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0331001&case=13BCC00017&contrib=NFA

Can anyone please explain to me in laymans terms exactly how serious this is and should I be considering moving my funds away from them?

bullnbear · Oct 21, 2013

Quote from justrading:

When I read the details of the complaint against VFM, all I can say is I'm really glad I closed my account there last year. No integrity whatsoever.

Out of interest would you mind telling me who you use now? Are they respectable?

Thanks...

justrading · Oct 21, 2013

Quote from bullnbear:

Out of interest would you mind telling me who you use now? Are they respectable?

Thanks...

Interactive Brokers, listed company, strong financial base.

Absolutely pleased I moved the account.