Greatpoint Capital, Maverick, greatpoint trading is now Tower Hill Trading.

Discussion in 'Prop Firms' started by si123, Nov 18, 2007.

  1. si123


    Why would a place keep changing their name? This seems kind of sketchy. Anyone know any reasons a so called legitimate trading firm would want to keep changing their name?
  2. GOOG1492


    Maverick Brokerage was forced to change its name by another firm called Maverick. They changed it to Great Point years ago.

    Great Point is a broker-dealer running a prop business.

    Tower Hill is a prop group hiring at the same location, but as a regular LLC.

    Hope that helps.
  3. si123


    Thanks GOOG1492. Is this the same office as Greatpoint Trading? How many different prop groups are at this location? I have heard about Greatpoint but not much about Tower Hill. I am interested hearing more about them. Do you work there?
  4. Tower Hill is a complete scam operation, stay away!
  5. GOOG1492


    Great Point is the broker dealer there. They have about 90 licensed traders. Tower Hill is a brand new LLC.

    You don't need a license to trade under Tower Hill. Same place, just different licensing requirements.
  6. LOL, so we got two brand new posters that just happen to be discussing a new firm in detail under the guise of "questions"

    Smells a little like.....SPAM!!!
  7. si123


    Why is it a scam? I am looking to find any info I can on this place. I saw they had an ad trying to recruit traders.
  8. Until recently I worked at Great Point for a very long time. They were licensing all new traders with a 62 and a 55. They paid each trader a 2k/month draw. Back in about september of 06 there were about 150 in house traders, over the next 8 months that that number dwindled to probably less than 60. Sometime in mid to late 06 they also opened up an office in India. Hiring Indian locals to trade US markets at what I would assume ridiculously low wages, but still decent for Indian standards. Earlier this year after the massive firing, (one day they let 6 guys go in the same day) they started hiring again, but were hiring them under the Indian office but letting them trade in the Chicago office. They were not licensing them, nor where they paying them a draw until month 4. From the sounds of things this new LLC, Tower Hill might be used so that they can hire Under a US entity instead of the Indian entity and get away without the licensing and immediately paying draws that their broker dealer side makes them do. The owners are good guys, their model isn't the best for the trader, but they are tied to the Assent model, so it is not 100% their fault. This is probably just a good way to cut costs and limit risk.
  9. hhmmm, do tell more......
  10. si123


    I did a search on the forums here and have also found many complaints about the place and the owners. Most of them under the Greatpoint Capital and Maverick name. It seems like they are all the same place and that they just keep changing names. Most of the complaints are about how they try to keep traders money when they decide to quit. The place seems to have many disgruntled traders that have posted on here in the past.

    Maybe I am drawing the wrong opinion. But it would be interesting to hear opinions from anyone that might work there currently or that has in the past.
    #10     Nov 29, 2007