illegal shortsale/profit removal

Discussion in 'Order Execution' started by kean, Dec 9, 2002.

  1. jeffgus

    jeffgus

    On top of that bull shit policy. I know a few Prop Firms that charge you an additional 150 bucks for every short sale you incur.
    WorldCo.....does this and I believe they take that pool at the end of the year and party like rock stars........That is just straight stealing.

    Here is a plan.....trade the minis and forget about this bull shit policy. Long Live the MINI.
     
    #11     Dec 10, 2002
  2. Minime

    Minime

    It's funny how $300 blown in a trading account is nothing, but you'd never pull it out of your wallet and give it away so easy. Just like the casino mentality with the chips.
     
    #12     Dec 10, 2002
  3. Kean,

    Seems like the firm may have pocketed your profits... please name the firm and I am sure several of us will follow this up with the firm and SEC...

    Candle
     
    #13     Dec 10, 2002
  4. This is not an "illegal" short sale. An attorney friend of mine says "illegal" means criminal.

    Apart from that issue, your first sale was a long sale. You don't explain why you didn't cancel the order. That seems conveniently
    left out.

    As to fines, they DO NOT go to NASD, rather to the firm.
     
    #14     Dec 10, 2002

  5. illegal does not mean criminal. speeding is illegal but it is not criminal. its time for you to change lawyers.

    :eek: :confused:
     
    #15     Dec 10, 2002
  6. kean

    kean

    I'm still trying to resolove this with them so naming them now might place my position in jeopardy. Also, I be leery since I find their software and their their rates especially good. Damn REPURCUSIONS!
     
    #16     Dec 10, 2002
  7. kean

    kean

    Whether I cancelled it or not should not matter, it was a lmit sell, BRUT left best bid after 3 seconds and reported a confirmation 1 1/2 minutes later. Besides I did cancel, although about 10 seconds later.
     
    #17     Dec 10, 2002
  8. Surfer,

    Speeding is indeed illegal, precisely because it is indeed criminal.
    Do you think your speeding plea of "not guilty" is being heard in a civil court? Think again---you don't plead "not guilty" in civil cases,
    only in criminal cases. Although in rare cases you can receive jail time for a civil offense (certain violations of FAA regs, for instance), you generally don't put your freedom at risk in a civil trial. You CAN receive jail time for traffic violations.
     
    #18     Dec 15, 2002
  9. As I understand it you entered the second sell order prior to receiving an "out" on the first one. If this is the case--and it seems so--you need to accept the fact that your actions resulted in a violation. While I understand and sympathize with your position, if I understand the facts, I think you should recognize your actions caused the 2 sales. The lack of a timely "out" didn't cause you to hit the sell key.

    Kean,
    I think it's wrong for the firm to keep the disgorged profit. This is an effort by the firm to make themselves look good with regulators by being a tough self-regulator. If anything, the firm should donate the $ to charity. Perhaps you should start a charity for traders who lost $ by being fined!
     
    #19     Dec 15, 2002
  10. BlueStar

    BlueStar

    Another Rookie Question
    Do you need to specify the shortsell for equities only? Do you need to specify a shortsell on futures? Options you can sell?
    How does this work at IB?

    -Thanks
     
    #20     Dec 16, 2002