well just got the email that said nobody is getting money unless it is dire circumstances. and then it is only half. I guess I have to write and say I need the money to bail my grandmother out of jail.
so if you are with tuco with an under 25k deposit and don't make much money and don't generate that much commissions you will probably be out of luck - is this correct? Can anyone place a probability on this scenario? If this is my position will they just send me my money back or should I put in a request?
why would you be out of luck? if the money is there everyone will get their money back its as simple as that it dont matter what the account size is but nothing will be done until the court date this isnt tucos decision this is the decision of the courts and the receiver if you havent tried to withdraw your money i dont know what you are waiting for if your a member of tuco they sent as email out tonight you should of gotten this and its all explained in there
The name of the receiver appointed by the court is Thomas Lennon. For the latest developments on Tuco, I think it is best to check Lennon's webisite ( www.tflinc.com) than engage in speculation. The receiver will report to the judge his findings with regards to Tuco's assets/liabilities, and the judge will determine at the hearing next week ( or even at a date after the hearing) when and how traders' funds will be disbursed.
http://www.tflinc.com/media/Supplemental_Order_TRO.pdf This clearly states that the court denied the SEC's request to shut down Tuco. It actually says they can still operate in a normal way. Anyone else conclude the same thing?
yes.. that was discussed on the deleted thread. the SEC then went to the clearing firm, Penson and forced them to shut down their acct's.
i'm not sure it went exactly like that. from what i hear, there was a margin call on the acct (under ordinary operating circumstances), and penson for some reason didn't get the wire. wether that was from the sec, or just technical malfunctions, who knows... but yeah, it's a little weird. in the order, the judge gave the receiver the right to oversee operations and basically tell them what they could and couldn't do outside the realm of the "ordinary course of business". it's not a stretch here to think that once penson found out about this mess they just decided to stop doing business with tuco until it got resolved. wether the sec had any direct involvement with that, is tough to say, but it wouldn't be that far off to speculate that the receiver might've called penson to let them know what was going on. it definitely was the court, though, that approved the freezing of the accounts for withdrawl. so i think there's two seperate issues here. 1) courts said they could continue doing business with receiver oversight, but something happened with margin money or penson is just not too keen on doing business with them while under investigation. 2) court order approved freezing of the account for withdrawl. regardless though, this second order conflicts with the first. kind of hard to do business if you can't make withdrawls to pay your bills. so either way, they weren't going to be doing much business.