at any hedge fund model firm, ie any real prop firm, that's a possibility. every prop trader needs to know that. if you want 100% capital preservation (within SIPC limits), you trade retail. trader's got back around 75% i believe of what they had in there. a good chunk of which went to paying the court appointed receiver and the settlements with the clearing firm and the introducing broker who took the opportunity to contest what they owed. so, to be clear, the receiver and his laywers, the clearing firm (penson), and the introducing brokers (glb), ended up with the rest of it. also, there's supposedly a repayment effort going on for the remaining 25%. although i don't know the scope of it, it would seem, traders who stuck with them are being made good. so yea, call it what you want... but i don't know many scamsters who would do that. i don't know many non-scamsters who would do that.
Promise? Are you really leaving this board for good? We won't have to put up with your inane drivel aver again? Please, say it ain't so!!
It was 35% to be exact. If there is a repayment effort with specifics, please PM me, as I'd like to get mine back. I've heard nothing about being made good. Thx
"Attached are the orders approving the Receiver's Distribution Plan and the Final Fee Applications of the Receiver and his Professionals. The total distributed represents approximately 72% of your final account balance..." i knew i was close. the quote above was excerpted directly from the final receiver email. i would think if you were going to correct me with pretensions like 'to be exact', you'd have looked it up. anyway, as far as the repayment, like i said, i don't know the scope, as i've moved on to working with my own clearer and i personally wasn't offered that nor did i ever expect them to. i spoke to a friend of mine, who's probably one of their better traders who stayed on with them, and that's what i was told. it might have been something they did out of gratitude to their top guys for staying, i have no idea. i do know they weren't under any obligation to do anything remotely like that, so... there you go.
Well, you must be reading them if you deem them inane. So, nah, I'm here to stay, and just for you, I'll add you to my buddies so we can stay in close touch. xo.
I have been inquiring about JC Trading Group. They seem very professional. I got some information and was about to fill out the application when the representative for the firm said that my trading history wasn't adequate. She said I needed to get my trading history up to about 10,000 shares traded per day. Is there anyway around this? Is there a similar firm that extends margin that you can recommend? TIA
They are a division of Ocean View, which is a CBSX BD and an SEC registered firm. I have dealt with them in the past and a really stand up guys.