Hey fellas, I have been trading for 10+ years, have had a small group, we traded with WTS (until they ripped us off, see my previous posts about WTS). Anyway, the remaining traders from that group have held together still, and for the life of it, we cannot find a bank that would like to work with us. The activity, according to them, is illegal, since we don't own the license (obviously, we trade through the prop firm's license). At this point, I am even willing to have a personal account in any bank accross the world that would accept having one incoming payment from our prop firm, and me paying out 5-6 traders from that amount. Any suggestions, help, advice about some legal firm that helped someone in a similar situation, ANYTHING would help. Thanks a bunch!
Well, bitcoin helps only after the money that HAS TO BE PAID IN USD, reaches the (lately an imaginary) account.
You're not going to find someone to take on an illegal pool. You're only hope is to open a BD, but then you're still be operating outside regs. You can always run a CTA/CPO, but you'd be limited to futures. It's simply not going to happen in SEC products/equities.
At this point I am not looking for someone taking a whole pool (for love of god I still don't get what is their problem with it). I'm looking for a bank that would let me get my personal trading profits.
You're asking a bank to knowingly accept income from a group. It's absurd. You're asking "a bank" to violate SEC regs.
Sorry, maybe I haven't clarified it enough. First, I am not a US resident nor citizen. Second, in absence of taking a group, or its income, getting a personal account for each member would work just fine, and split into individual traders that get paid by a BD. Still, can't find one for such scenario either...
Thanks for the input in any case, any clarification is appreciated. I know there are groups out there that work SOMEHOW, so it cannot be impossible. But as I said, even an individual account has become a problem.
No US-regulated bank will do it. In fact, they will contact regulators about your account if you even suggest it (existing account holder).