From what I understand, Genesis was bought buy Wang Investments when Genesis decided to concentrate on the software side of the business. Are they (Wang) still offering the same services that Genesis once did? I can't seem to find that information on their website. I put in an email, but haven't heard back. I know that Wang also owns Sogotrade. However, I'm interested in the low commissions and colocation that Genesis once provided. Is anyone using them? Or is that gone now? Thanks
Genesis was recently expelled from FINRA and its CEO has been barred from the industry. They violated the 1934 Act and many FINRA rules by allowing improper master account / subaccount arrangements (where the master accounts operated as unregistered broker-dealers). They even directly operated two of these improper master accounts. In addition, among other things, they didn't have proper anti-money-laundering procedures in place.
Fuck FINRA. What a shame. I don't care what anyone says. Their guys had some of the best customer service and fees you could get at the time. I traded through one of those accounts about 8 years ago. I've got nothing but good things to say about them.
Thunderbolt, Interesting information. I had no idea. So, does that mean Wang has completely dropped what Genesis was doing? Or are they trying to continue with the same services?
As far as I know, Wang Investments only took over Sogotrade (in 2011), which had previously functioned as a separate division of Genesis just geared towards retail traders. I don't think Wang offers direct access trading or software.