Derek's Everest Capital firm went bust

Discussion in 'Prop Firms' started by econometrics, May 24, 2011.

  1. run
  2. can you provide any more details?

    don't all of his traders put down deposits?
  3. mlmngod


    they did not go bust, i got my pay today. What I do know is Derek is no longer in charge and the company is under new owners. I also know (as I trade on the trading floor and see things) that they are reviewing all contracts and are asking some traders to close their accounts if the deal does not make sense for the new owners

    Feel free to PM me and I will tell you more on what I know
  4. The 24th seems like an odd day to get paid to me... usually most prop firms pay out at the very end of the month or the start of the new month.
  5. mlmngod


    we get paid out anywhere between the 21-30th depending when the ECN bills get settled
  6. siqqboy


    Does anyone know who to contact at Everest? The number on their site is Derek's cell.

  7. the only number is a cell number. no hard line. probably started a new business name when they got dropped from their business partners for poor business mangement. trader's blowing up their accounts.
  8. brenden


    so who is the new guy at everest?
    i know it is part of Title Trade...

    wasnt he also with wts?!?
  9. niccia


    I would just call Derek's cell for any info you need as he is still available to talk to.

    I traded through Everest for a short period of time, and decided to leave when I learned about the issues with the company. I can't comment on what happened because I am not entirely sure of the details, but I can tell you that as soon as I told Derek I wanted to leave, he was very cooperative in helping me to switch over to my firm directly, he paid me out what I was owed for my trading within a week, and he returned my deposit promptly at the end of the month. I had brought another trader in as well, and he closed his account at the end of the month. He is still waiting for his deposit to be returned due to the postal strike, but I am not expecting any problems. Derek has been available to answer all my questions, and even though I was disappointed in what happened too (obv risk management of traders was a problem), Derek handled things at the end with me professionally.
    #10     Jul 8, 2011