Why would a prop firm steal your deposit?

Damm
I should have read this post before i gave a loan to my co -worker $500 and he promised me to pay back by 25 december
I am not sure if he will keep his promise ( hope he does )
 
While we're already on the subject, I might as well repeat a couple things life has taught me:

1) NEVER trust anyone who calls people 'buddy' or 'my friend', and never do business with them. That's the eternal mark of the bullshitter! Just knowing this simple yet effective little profiling trick can save you from mountains of considerable anguish. Once you start looking for the 'bullshitter key word', you'll be amazed how often liars completely give themselves away in advance- even when there are no other warning signs present.

Another way to spot liars before it's too late: Beware of anyone who is overly <b>fashionable/trendy</b>. Honest men don't drive BMW's.

2) Contracts, receipts, warranties, and other assorted pieces of paper can never protect you when you deal with sleazebags. <b>If you can't trust a man's word, you can't trust his written word either</b>, no matter how 'legally binding' you think it may be.
 
Quote from eagle488:

This is a lesson I learned many many times in life.

When cash leaves your hand, the chances of you getting it back are slim.

Whenever you rent an apartment, what happens? You put down a deposit to the landlord (who probably has more money then yourself). When the lease is up and its time to jet, even if the apartment was cleaner then when you moved in, 9 times out of 10 the landlord will try to keep your deposit.

Whenever you have a roommate, I would say 75% of the time they will try to rip you off at some point during the tenancy.

When you work an actual job, at some point the employer will try to steal away your time. Make you work beyond your job description and have you work for free.

The only *chance* you have of getting your cash back once it leaves your hand is if you act immediately and aggressively.

Aggressively means that you get in someone's face until the police arrive or filing a lawsuit that day. If its an employer, file a labor claim with the state that day.

Even then, its only by chance that you will receive your cash back.

This lesson applies to ALL people, everyone. If you give cash to your brother, there is a chance it wont get paid back. If you give cash to your best friend, there is a chance it wont get paid back. etc.

Your money should not be handed over to anyone. If you do decide to hand it over, then there is a good chance that you wont be seeing it EVER again.

Even if you signed a contract, the only way it can be enforced is by a court order garnishing wages or confiscating money from a bank account.
More...

... <b>Amen to that... <font size=9> ! </b></font>


:(
 
This thread caught my eye and after reading eagle's reply I must say I completely agree with him for over 90% of people. Often times when you "loan" someone money, you might as well mentally write it off as a loss so it doesn't bother you later on when you don't receive it back and you don't waste days and weeks trying to collect your money.

While playing poker for a living for three years of my life I've heard all the bashers talk about how poker players are scumbags and how they cheat and lie for a living, etc...
I must say however, poker players are some of the most honest people you will ever meet, at least the good ones are. I don't really trust anyone, but I do trust and respect good high limit poker players and would loan them money and not worry about receiving it back. I guess you just have to know who you are loaning the money to, know the user-type buzzwords to look for as rearden mentioned in his earlier post such as "buddy". If you can identify a con-man before he cons you, well - you will save a lot of money in the long run. Everyone should be careful when loaning money, but I guess what I'm trying to say is that there are still some decent people left in the world, not everyone is a scumbag just looking to screw you.


-TheActionKid
 
to supplement RMs response I would like to add never trust someone who says trust me.

First first day of law school my first professor said he had 20 years experience doing contracts in Chicago.

he said when someone says "trust me" translate it as fuck you.

Some of the best advice I ever had as a lawyer.
 
When you put up a deposit at a prop firm, are you "loaning someone money" (someone who is a nobody to you, like an acquaintance) or is it like depositing your money with a bank or retail brokerage (an institution)? Is it somewhere in between? I guess it depends on which prop firm you're dealing with, but again, I don't see why, just from the pure economics of it, a prop would destroy their income stream to put their hands on a deposit, unless the deposits are much larger than the income streams that is and they're planning to never do business in North America again
 
You must log in or register to reply here.
Back
Top