That was actually one of their lesser known recruiting techniques. That and the promise of Friday donuts.
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Worldco Going Out of Business
- Thread starter Thug_Life
- Start date
That was actually one of their lesser known recruiting techniques. That and the promise of Friday donuts.
Quote from I Missed Boat:
Substantial is not good enough given the way they misrepresented their situation to the end, and even took and solicited money from new and existing traders until the final week. There are people who had hundreds of thousands in their accounts. I don't think they'll be happy with "substantial." Worldco ought to pay back nearly everything at least.
people who left their payout in their account have a good possibility they will receive ALL their money before trader capital contributions are given out. There are no traders with six figure capital contributions. typical capital contributions were less than 25g.
Quote from zdreg:
people who left their payout in their account have a good possibility they will receive ALL their money before trader capital contributions are given out. There are no traders with six figure capital contributions. typical capital contributions were less than 25g.
Absolutely not true. There are multiple traders who had six figures in their capital accounts. Why are you completely talking out of your ass?
traders put up at the beginning or money that was supposed to be "deferred compensation"? Let me give all of you a piece of advice, although it may be a little late. If you are interviewing for a job and the word deferred compensation is mentioned, do yourself a favor and get up, shake the idiots hand, and walk out the freakin' door. Its all a bunch of BS! However, I am interested if people put up money to start trading at worldco and are not getting that back. For instance, I have a buddy that put up 10k to trade at Redwood. Is this the $ you guys are talking about?
Quote from EF4869:
traders put up at the beginning or money that was supposed to be "deferred compensation"? Let me give all of you a piece of advice, although it may be a little late. If you are interviewing for a job and the word deferred compensation is mentioned, do yourself a favor and get up, shake the idiots hand, and walk out the freakin' door. Its all a bunch of BS! However, I am interested if people put up money to start trading at worldco and are not getting that back. For instance, I have a buddy that put up 10k to trade at Redwood. Is this the $ you guys are talking about?
The vast majority of the millions in trader money being held by Worldco is NOT deferred. Nor is most of money that was put down by new traders, although Worldco was slimy enough to bring in new traders up to the week or two before shutting down. They misrepresented everything about the firm right up until the shutdown, and the Bruan family will obviously face a lawsuit if the money is not returned to traders.
Quote from zdreg:
try to keep your blood pressure under control.
your statement is incorrect
Yes, people did have over 100k in their accounts. particular guys who had their own group or their own office. Most group leaders had to put up 10k at least for each guy in their group. So if you had 20 guys underneath you, that meant you had to put up 200k for them. I know of one guy who had a substantial amount of his own capital in the firm for this very reason. Other traders had a lot of capital in the firm to do MOC's. I know of a few that had to keep at least 100k and in one case, 500k to do MOC's.
Quote from I Missed Boat:
The vast majority of the millions in trader money being held by Worldco is NOT deferred. Nor is most of money that was put down by new traders, although Worldco was slimy enough to bring in new traders up to the week or two before shutting down. They misrepresented everything about the firm right up until the shutdown, and the Bruan family will obviously face a lawsuit if the money is not returned to traders.
Scary but true story: I left Worldco about a year ago and went back into IT fulltime. Not two or three months ago I got an email from a Worldco recruiter asking me to come back and trade for just a "small capital contribution."