Please, try this URL posted by Superior Court of California, County of San Francisco, Case Number: CGC 14 540848 : http://webaccess.sftc.org/Scripts/M...alidateCaseNumberSHA1&ARGUMENTS=-ACGC14540848 The broader question is : what happens to traders who had losses not related to market forces? What are options for traders? Can these traders unite here and combine the resources , brain power, legal tips and referrals?
You are entering into a business relationship with a regulated broker dealer where you put up your 1st loss money that is commingled with the firm and other capital partners. You are at risk for the firm losses but receive no benefit from the other traders. You only receive higher leverage than you could receive on your own and often lower commission. It seems to me that most of the prop traders on this forum , are more concerned with their "deal" than who they are getting into business with. I was also at a prop firm for a short time, one year. After I left, they had financial issues that cost many traders a lot of money from forced liquidation of option positions, because the firm had a hit to their capital.
Those court documents are an interesting read. Not sure what happened exactly, but I can't wait to read more.
While that isn't good and interesting in of itself. I'm more curious about what happened between the trader and Coastal.