This is a multimillion dollar lawsuit: http://dockets.justia.com/docket/illinois/ilndce/1:2010cv03502/244158/ You can check how the phony account statements were fabricated in order to mislead customers at: http://www.elitetrader.com/vb/showthread.php?s=&threadid=195560
So it seems. They misled their customers so they couldn't realize the losses, meanwhile they kept churning their accounts by daytrading.
http://www.elitetrader.com/br/?action=view&R_FirmID=193 Plenty of warnings about this firm. Fool and his money...