At the time you made the decision did you understand why your firm fired the guy as a client? You said he was wild, but a brokerage firm will not normally tell a client doing several thousand dollars a day in commissions to leave unless something is borderline illegal. If the client's activity with your firm was suspicious then you obviously should have known something was wrong. That being said, as long as your regulatory record is still in good shape don't spend too much time regretting your decision. You have many options from this point on.
Menace, I would have let them know that if: 1]they didn't pay me $X million AND/OR 2]if myself or anyone related to me (my dog, my dog's groomer, etc.) accidentally got a scratch A detailed account of all operations + identities would be forwarded to interpol, IRS and the media by a third party.
Aaron and I have the same quesion. If they are located out of the country, why do you need to move to Chicago?
Yup, that makes sense Babak, but the thing is, the only thing I knew about that the law didn't was the money laundering. Everything else was already documented. Just that I did not have a clue about it until it was too late. As a Broker Dealer, I got back the fingerprint card results from the FBI (the ones that go with a U-4). So by that time I knew the guys that they sent to Chicago to work for me as runners, secretaries, accountants, etc. had done thier time. One guy was in Levenworth for dealing drugs. He still got to be on the floor of the exchanges. Maybe it's better to deal drugs than to work for Arthur Anderson Anyway, there was nothing I had on them other than the tax stuff, and they weren't coming to America. BTW... Babak.. you are a great moderator! Menace
Because to play by the rules of the members of the exchanges, you have to actually be a member and be on the floor. M.
Lawyers work for the person who pays their keep. What in the world were you doing thinking that lawyers that were paid by them would have your best interest in mind?
Thanks for the story. Great thing about this business is that most every hardship and problem you go through ends up making you that much better in the long run. From what I have seen in your other posts it sounds like this experience took you a giant step closer to where you are now.
Nothing. It never occurred to me at the time I got hooked up with the lawyers that they would ever be in a position to be my adversaries. But they were, because they never really worked for me. They worked for the corporation. The irony of it was they eventually withdrew from representing them when I wrote to the Exchange my reasons for not wanting my address revealed to the corporations lawyers after I moved. Now I don't know if they withdrew for moral reasons, or they too did not get paid. My bet is they didn't get paid. I have no way of knowing for sure. So Babak...would you have gone to chicago? Like I did? M.
Hey, who are the 3 people that don't like Chicago? I love Chicago! (Lost that job and got screwed out of money there, but met my wife there years earlier. Great city!!!). M.