Fired!*U-5 HELP! Shady broker gave me a negative comment...

Discussion in 'Prop Firms' started by newtrade, Jul 30, 2003.

  1. He wants to keep a black mark off his registration...not get slammed for his track record.
    #11     Jul 30, 2003
  2. spend the time and surf the web.....

    contact the NASD at their 301 number

    get a copy of your actual CRD, and also your Registration CRD

    speak with the examiner regarding the comments and whether or not these are really defamitory or normal comments...

    also, seek their advise on challenging those comments

    their answers will be the most definitive...
    #12     Jul 31, 2003
  3. CalTrader

    CalTrader Guest

    The issue here is:
    (1) Is the comment accurate and
    (2) If the comment is inaccurate are you really damaged by it.

    To me the comment mentioned tells me more about the firms problems that about yours: The firm should have had a compliance system in place that did not allow you to violate firm trading rules. If the firm had no such system and were allowing you unsupervised discretion in your trades then I believe they are at fault and I would pursue them as stated in the previous responses and require them to remove the comments via arbitration. No compliance trading system enforcing firm rules is tantamount to no supervision and regulators should jump on the back of the firm for this omission, not you, particularly if you were still learning.

    These are just my opinions and not legal advice.
    #13     Jul 31, 2003
  4. The comment on your U-5 doesn't seem too bad. You could probably explain it away if it ever became an issue.

    The types of comments on your U-5 that should make you sweat are things that deal with violating SEC regulations or have the words "securities fraud" or "embezzlement" in them.
    #14     Jul 31, 2003
  5. something stinks about that comment...

    why would they be so petty so as to flame you?

    why would they need to conduct themselves in such manner?

    what were they trying to accomplish, have you barred, or tarnished?
    #15     Aug 1, 2003
  6. forums like these give voice to people like you in retort to brokerages like them
    #16     Aug 1, 2003
  7. Troll alert: OVERtheLINE

    OVERtheLINE, you must have lost some serious cash at that firm. You seem to bash it at every chance you get! People at Worldco always talk about guys like you and get a good laugh. Extremely pathetic attitude from a very bad trader. It's the trademark sign...blame the firm, not yourself.
    #17     Aug 2, 2003
  8. The fact is that it wouldnt be suprising to see worldco smear somone for losing dough. Why attack me, Im sure your just trying to get a new monitor or charts....... btw chrissy,
    maybe your gross is good enough for them to keep you..lololol
    #18     Aug 2, 2003
  9. wake up and smell the coffee...prop firms aren't charities. if you're still in the mindset of feeling "ripped off" when you pay commissions to your prop firm, you are seriously in the wrong business. yes, i generate a good amount in gross for my firm, but then again, i take home a decent amount in net. paying commissions is a means to making your fortune...i don't understand why people still get caught up and see it as a barrier and bitch about it as a reason for not succeeding. what do you expect from a prop firm, commission free trading? by the way, i pay less than half a penny per share, so it's not like the firm is "ripping me off" either.

    you must be the type that trades a couple thousand shares a day and gets pissed off when you pay over 200 bux.

    go work at mcdonald's if you think someone is always out to "rip you off" at prop firms...

    what a piker.
    #19     Aug 2, 2003
  10. jem


    I am a lawyer and I used to run own an office with a prop firm.

    If you only made 15K gross in a year and then loss 7 thousand in a day, I would be a little suspicious of that perhaps you did not follow company rules and in a day of frustation decided to give the firm a little hit form making so much money off your commisions.

    If you then threatened legal cousel and I could afford one , I would say bring it on.

    What you really need to do is talk to someone in power, explain that you had an emotional blowout because of (money, bills, girlfriend, eviction, hangover, sickness, whatever that is true and provable, and say hey I really did like you guys.) What can I do to convince you of that. What would you do if you were me and wanted to get a job in the industry. Look at the postion you put me in.

    Suggest a repayment schedule.

    Hey if you convinced me you did not do it maliciously I would want to represent you, but if you could convince me you could probably convince them.

    good luck

    In the end if they are just being assholes then you get the lawyer. But that blowup does not look good to me. I know I am biased and it did happen to me for about half that by a guy who I considered a friend. I did not black mark him but part of me thought about it.
    #20     Aug 2, 2003