Why would a prop firm steal your deposit?

Let's assume that some firms like Don Bright's are honest prop firms. Well, for those firms you would not need to worry about them stealing your money since their reprutation is worth more than your small deposit.

Now some other prop firms might be small and not making money even if they have a few good traders. So they are probably about to go bankrupt anyway, so they would keep your deposit, and suing a person or company that declares bk is not going to help you.
 
Quote from oraclewizard77:

Let's assume that some firms like Don Bright's are honest prop firms. Well, for those firms you would not need to worry about them stealing your money since their reprutation is worth more than your small deposit.

Now some other prop firms might be small and not making money even if they have a few good traders. So they are probably about to go bankrupt anyway, so they would keep your deposit, and suing a person or company that declares bk is not going to help you.
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Thanks for the nice words, but once again, everyone can and should check balance sheets before depositing a nickel with any of the "firms". trust but verify as Ronald Reagan once said.

All the best,

Don
 
If balance sheets aren't audited by a well known third party accounting firm, they are useless. Anyone can pump out any numbers they want in-house and who's to say any different?
 
ive been with a "risky" sub llc for 6 years.
all it takes is a IM for request for funds and its wired into my acct in about 10 mins. who knows..... I guess it comes down to knowing the people you are dealing with
 
Quote from lescor:

If balance sheets aren't audited by a well known third party accounting firm, they are useless. Anyone can pump out any numbers they want in-house and who's to say any different?
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I totally agree, and of course ours are audited (it's a broker dealer requirement, but you know that).

As I said trust but verify - you know all the trouble some of these firms have had over the years, and I say "they got what they deserved (for the most part), but the traders don't deserve to lose their money or to be concerned over their "bank".

Don
 
Quote from Rearden Metal:

Don, you actually show people your firm's balance sheets?
I'd estimate that even most reputable prop firms would be hesitant to go that far.
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Come on in, have a look, LOL (not really all that exciting). Some firms even have links on their home page, I just show whoever is joining up, when asked.


Don :D
 
Their not just being accused....their doing it, their also not returning capital- hardly anybody is generating those kind of commisions because 4-5 concecutive losses wack most traders.These people know 95% of us will loose before we even sign up they also know we wont pay a lawyer to try to recover few grand ,the numbers just dont work . if you live far away or in another country are you going to pay for air fare and hotels to camp in there lobby ......again it will eat your money and if they still dont pay up youve doubled your debt... and theirs also the cost of your time for being there.This is experience talking.. the check that i fought for for 2 mnths to get is in the mail.......since june 2006.Ive been lied to and blown off so many times i finally just went to the authorities and wrote off the idea of getting back my money.Im sure theirs legit props out there ive heard good things about CY group but unfortuately i fell in with these creeps.
 
Quote from teck:

Their not just being accused....their doing it, their also not returning capital- hardly anybody is generating those kind of commisions because 4-5 concecutive losses wack most traders.These people know 95% of us will loose before we even sign up they also know we wont pay a lawyer to try to recover few grand ,the numbers just dont work . if you live far away or in another country are you going to pay for air fare and hotels to camp in there lobby ......again it will eat your money and if they still dont pay up youve doubled your debt... and theirs also the cost of your time for being there.This is experience talking.. the check that i fought for for 2 mnths to get is in the mail.......since june 2006.Ive been lied to and blown off so many times i finally just went to the authorities and wrote off the idea of getting back my money.Im sure theirs legit props out there ive heard good things about CY group but unfortuately i fell in with these creeps.
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Who??? Which firm, HLV?
 
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