I left Everest Capital at the end of June and my deposit still hasn't returned. I've been pretty patient but it seems like they don't intend on paying me back. Can anyone give me advice on what legal action I can take against them to get my money back?
I was hoping for some advice from someone who's filed a lawsuit against a Canadian prop firm, but yes, I will go see a lawyer.
They cant give you back your deposit until the lock-up period is over.That even applies to accounts that are being closed. SEC rules,not the prop firms rule.
I never thought the SEC had much power, but I never expected their jurisdiction could cover Canadian corporations!
Firms that pay back before lockup period for my understanding do it is not legal, that being said I know some firms with do it. As for international firms chances are it would be almost impossible to get this solved in a lawsuit as if they are not registered you are out of luck. What I did in the past was told the owner that I would try and go after him on a personal level in a lawsuit, now chances are there is almost no money in the account in their country and most is sitting offshore so they would go bankrupt and you would be out of luck. So what I would suggest is to just keep hounding him and crazy hours and if it is not a lot of money owed to you he / she will just pay you out to shut you up. That is the best advice I could give
http://www.attorneygeneral.jus.gov.on.ca/english/courts/scc/ You can file yourself if its under $25K That should speed them up.
his firm has never been registered, it was just a client of a b/d, so SEC rules dont apply. you dont get any legal protection when joining a shop like that. the business is done on a trust-basis, so you are unlucky to be dealing with a liar.