Beware Element Trading....

Discussion in 'Professional Trading' started by Jerry B, Dec 21, 2011.

  1. Jerry B

    Jerry B

    This is to warn my fellow traders of a day trading shop called Element Trading, run by a guy named Charles Vaccaro. I have been trying to get my money returned for weeks now, this after having closed my account. There is NO ONE picking up the phone ( 631-850-2800) and no one replies to emails. I firmly believe they are running a Ponzi scheme. I have contacted FINRA, the SEC, the NY District Attorney's office, but as you know these are all lenghty processes.
    If anyone has any thoughts, I welcome them.
     
  2. clscpa

    clscpa

    I closed my Forex account with element over 3 months ago -- and requested my money -- element closed my account BUT HAS NOT REFUNDED MY MONEY!!!!! They will not return my telephone calls or e-mails!!! WHAT A RIPOFF ---- PLEASE DO NOT HAVE ANYTHING TO DO WITH THEM!!!!!!
     
  3. Jerry B

    Jerry B

    In all my years on wall street ( 25) I have never come across a firm as dishonest as this one. Run by a guy named Charlie Vaccaro and his sidekick Tony Kafeiti. For over 2 weeks now I have been trying to get my money returned. They do not answer the phones, they seem to have disappeared. They continue to seek out traders and money on sites like Craigslist, offering 10x buying power, weekly or monthly payouts.......it's ALL a lie and a scam.
    If anyone has any thoughts on how I can get my money back, please feel free to let me know. I have contacted the SEC, FINRA, and the NY District Attorneys office.
     
  4. Do the "two" of you have the same I.P. address? :confused: :( :mad:
     
  5. trendo

    trendo

    You don't get voice mail when you call them?
     
  6. oraclewizard77

    oraclewizard77 Moderator

    If you did a search for Element Trading here on Elite, you would have found that others have warned about this issue before.
     
  7. MD1929

    MD1929

    For those that have waited the 90 days, as per Element contract, and still have not received funds due them, please contact me with the amount not yet reimbursed, the date you informed Element of your desire to close account and a general idea number of times you have tried to contact Element either by phone or email. I am not promising anything, but I have been working on something to proceed against Element, its owners, and other business associations, that does not involve the Panamanian courts, but am in need of more contacts then I currently have knowledge of funds possible being misappropriated. Any type of process will be lengthy, so don’t expect miracles, and any information provided will be kept strictly confidential. Contact info MD1929element@gmail.com
     
  8. maybe you should ve went with MF global? or lehman? a buddy is still trying to get back $2.6M of client funds, which is peanuts compared to his friend waiting on $65M.

    ELEMENT is not a bd but a prop shop arcade. everyone knows you never ever throw up any real money at one of these places. all of this time 25 years wtf have you been?!!

    I am a prop trader for charlie and have been working with him on and off for years. I may not agree with him all of the time, he may be aggressive, shrewd, unforgiving, a nickel and dimer, but he is not a cheat or a thief. He is a stand up guy, but you have to realize he is not a trader. He looks for talent, and the only way he finds it is through pnl, solid heavy hitting pnl. The reason you go with a guy like charlie is you want a chance to make big money quickly.

    You play on the tightest margins to start so you have to be real good. I never put up any money with charlie and he has allocated me over 1m to trade for long pds of time. Not that I used all of it, because my daily drawdown wouldnt allow the swings in pnl. but there you have it. That is what a prop firm is. Where things are possible more than your little capital allows. With that comes a good chance for the firm to blow up, depending on how aggressive the managers are. If you dont like it you and a few friends put up 50k each and you get a pma account. have you really been in the business 25 years? kind of hard to believe.
     
  9. Jerry B

    Jerry B

    Thanks for your moronic reply!! Vaccaro is the biggest thief I have come across in 25 years........obviously you have your nose up his ass for some strange reason........do yourself a favor and Google vaccaro, followed by scam........you'd have about 50 people who think the opposite of you.......don't reply to posts where you have NO idea what you're talking about......
     
  10. Look, I dont know why you think you are more informed than me about charlie. I was a prop trader of his when a previous firm blew up. We had a great group of traders. We were making money. I was very upset with him because we all broke up. We were the best team. Doing 160k every month and doing about 80-120m shares. There were five of us. The prop business isnt perfect. You are trading one wallet, you need to remember. You seem to be the only one posting here. So maybe a little disgruntled you lost your deposit to someone you never met before on level 2. I understand how frustrating that may be. and you cant blame the specialist anymore can you?

    I hope you didnt put a second mortgage on your home to give it to a panamanian prop firm for trading purposes did you??
     
    #10     Jan 13, 2012