I hear one of the assent guys involved runs a group (Jasper) and the other guy is the head of an office (don't know which one). What will happen to the office he heads? Will it get shut down? How does the whole Assent franchising model work? Is like Swift?
assent offers retail sipc insured just like ameritrade or ib. all there llc's are retail and have sub traders under them. i've been with assent several years and had no problems. there employees are rude as hell but the system is rock solid. assent has to be the biggest day trading outfit outside of swift. they must have at least 800-1000 full time traders
I traded at Assent for a couple of years after I left Market Making. If You go back to some earlier posts of mine ( maybe 2-3 years)I stated then that there have been rumors about Assent being sold and nothing ever came of it. I've been a trader for over 18 years, and when I left Marker Making at one of the biggest firms,I searched for months for a good prop firm and in my opinion Assent is one of the best.
Assent isn't going anywhere you old hens. This is like Wall Street's Perez Hilton. Gossip Gossip Gossip on ungrounded rumors.
Just a few bad employees. If i was them any close friend who still works at the firm i would investigate. Iam sure there are more that are out there. http://www.forbes.com/home/business/2007/03/01/wall-street-scammers-biz-cx_lm_0301scammers.html
Confusing/interesting read. But unless they knew of the inside information, since when is it illegal to mimic another's trading style? quote: "a Bear Stearns colleague, Robert Babcock, 33, figured out the trading patterns and began to mimic Franklin's trading for his own account. "
It is confusing. But as far as assent is concerned the only thing i see bad for them here is what their employees are alleged to have done. I will post what iam talking about. But here is my concern and maybe we can elaborate on this. In August 2006, the Assent employee who had given Glass the unauthorized access to Tavdy's computer, bribed Glass and Tavdy to the tune of $150,000 to keep quiet. The U.S. attorney identified those Assent employees as Laurence McKeever and Samuel Childs. What gets me is even at bear sterns they say this "people mimic our trading patterns" My question is how? They see if iam long or short? Do they trade around my position and try and shake me out if i trade a low volume stock? Are their tech people also this way? How would i know? This is my concern and makes me think. How many traders have their employees tried and get money from? As far as the inside trading goes that is not the first time i have read about that but the exposure to assent about who works for them is an issue to me right now. Maybe this has happened a few times and it looks like they did it to a person who was already under investigation and got screwed or what they deserved. To me that is the issue i would like to hear other assent traders views on this.
They run an outstanding business and I am proud to be one of their traders. When you deal with honest, hardworking Texans, you see how the business should be run. {not by a bunch of bait and switchers}. Accusations of it shutting down are preposterous. They have to be the top or 2nd best Assent group. I am surprised more Jasper people or other traders are not beating down there door to trade with them. Texas people are way different than East Coasters -- better to deal with and straightforward. As a proud Texan will say, Don't Mess With Texas. There is an old saying in Texas: "I wasn't born here, but I got here as fast as I could."
I understand texas is great but assent is located and you go through hoboken. Iam in chicago and what happens in NY/NJ affects me out here. P.S i left new york for the cut throat ways.
I'm not sure about 2003-04 but today each office mgr can see the positions of every trader on his system. Yes they can frontrun you and some may try to 'help' others but it's a matter of trust and honesty that they don't. They knew something was up with that guy as he pulled in the 6 mil. No small time prop trader can do that without raising flags. He's a stock star at first but then he's a greedy crook. Rather than risk indictment with him as he would surely go down, they thought extortion would be safe and slick. Well look at them now. Goodness who is this mikesatrader clown? I'm sure they're all great texans. Why don't you write a poem.