Worldco Fined by NASD

Only slightly paraphrased from two of zdregs posts:

>people with no experience and many from no name
>colleges but with high grade pt. averages were given
>unusual opportunities to violate the rules in an
>attempt to make more money for traders and for firm.

JB
 
Quote from Turok:

Only slightly paraphrased from two of zdregs posts:

>people with no experience and many from no name
>colleges but with high grade pt. averages were given
>unusual opportunities to violate the rules in an
>attempt to make more money for traders and for firm.

JB
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Actually, he never said anything about traders being given chances to violate rules, but rather that the firm violated rules. How are you supposing Worldco traders broke rules??? Of course, I don't know how zdreg was suggesting that ownership co-mingling funds helped traders, but then zdreg is an idiot.
 
ZDREG....
NO one said that they didn't give people a chance. That is your only line of defense, which is quite funny that you are the only one defening them. Makes me wonder who you really are. The fact is the were SCUMBAGS...
Where was Walter when this all happened? He didn't even come to the office and face all the no name college people he "Gave a chance"!!!
Oh and as for my vocabulary (I am 100% sure I have a better college education than you) and for my temper, well yeah I have one, especially when people defend Scumbags
 
For all of you so called traders who are out of the loop, Worldco has given traders back exactly two-thirds of their capital with possibly the rest to follow after the business is completely liquidated. If the firm was bankrupt they would not have been able to return any of our capital. Obviously the people who felt they were "defrauded" were the same traders who burned and churned away all their capital. I am sure in a few years from now, the same guys who are calling the Bruans' frauds, will be saying the same exact stuff about the owners of roughly 75% of the prop firms out there now. Bullets are gone, and with that goes close to 50% of prop firm's profits. Unless they can find a way to make up for this huge blow, many firms will go under. And I can almost guarantee no capital will be available to return to traders.
 
Wether or not Walter is or isn't a scumbag, we still got to pay our bills. Unless you are owed money Worldco is as relevant to your life as Jesse Livermore. Lets concentrate on what's going to make are living going forward and not get into pecking parties over the past.
 
Ok , you guys are right. 33% of what is owed to me me nothing. I am not about to tell you how much it is but anything over $15,000 is alot; to me and to alot of people in America. AND dont tell me the old BS line " That A good trader would forget about it and go make the money. That was and is my money !Yeah they returned 66% of the money, after making people sweat it out)
 
Quote from praetorian2:

Real brilliant, fine them when they are bankrupt. When they have no money left.

Where were the regulators when there were major and very glaring issues.

I had heard that worldco was on the verge of bankruptcy on a few occassions. I even had a list of the biggest dog positions that they were floating and trying to liquidate without destroying their equity. I know a few funds that shorted the piss out of those dozen or so small caps and eventually put worldco under. Why didn't the regulators close that down when the whole street know that they were effectively failed for 6-months before?
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You're right. The NASD is nothing but a bunch of corrupt bureaucrats, yet Americans continue to put faith in governmental and regulatory bodies that strip us of the freedom to be stupid or the right to speculate on COCO and make money. One of my cousins works for Billy Tauzin, and he spends his day sending letters to hospitals and pharmacies about their prescription pricing. I'm embarrassed that we share the same name. It's amazing to me that people want to see Martha Stewart hung over some minor infraction (see what Milton Friedman has to say about insider trading) and yet your Congressman (and mine) are close to pushing our own goverment into default because of reckless spending. Who are the real criminals? This modern-day witch hunt in corporate America is appalling. Look at CNBC - you can't even own a goddamn stock. Maybe the employees should do a collective "fuck you" and walk out. Maybe we should just put bars around Manhattan for all those bad people on Wall Street.

I'm not too worried though. Big Brother is here. Government is becoming a monopoly in and of itself. It's only a matter of time before Washington collapses on itself because the idiots won't be able to pay all those people on Social Security and Medicare. That will be fun to watch.
 
Quote from munich:

I hope this doesn't come as a surprise to anybody. Worldco defenders please spare us with the "wldc gave me a chance" bs.

F... Walter and anyone who defrauded/deceived people in the name of WorldCo. The Bruan's made a fortune with their scam, let's congratulate them and wish them to hell for it.:D
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Here's a prime example. People don't lose money any more because of their own stupidity. They were "defrauded" or "deceived". Fraud is the buzzword of the moment. Guess what? Businesses fail. Bad things do happen. Failure is not a criminal offense, or is it today?
 
Quote from 2yearNewbie:

Ok , you guys are right. 33% of what is owed to me me nothing. I am not about to tell you how much it is but anything over $15,000 is alot; to me and to alot of people in America. AND dont tell me the old BS line " That A good trader would forget about it and go make the money. That was and is my money !Yeah they returned 66% of the money, after making people sweat it out)
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Do what everyone does today. File a complaint with a governmental body and hire a lawyer. Be outraged!

That's what makes America such a happy place.
 
Quote from PoundTheRock:

Here's a prime example. People don't lose money any more because of their own stupidity. They were "defrauded" or "deceived". Fraud is the buzzword of the moment. Guess what? Businesses fail. Bad things do happen. Failure is not a criminal offense, or is it today?
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ummm, except that owners who were fined $1.5 million and barred for periods of times up to 3 years obviously engaged in something shady. And when a company lies to its limited partners about its stakes, and brings in new money from those partners (and brings in new limited partners for their money down) under false pretenses (right up until a week before they went under), that is called fraud. Has it sunk in yet, or do you need a picture?
 
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