I just want to make it clear that only the LLC's have acted in this manner. Those that are licensed are business as usual.
so with all of this going on in the industry...makes me scared to put money down at any prop. firm....i might not get my money back from Tuco ...do i want to take the risk of putting money down with another prop. firm... seems a bit risky.....but what other options do i have?
Depends if you are licensed or not. Hear is how I think it is going to roll. LLC's are going to have to restructure their organization because deposits will be done away with. For companies that are registered as BD's such as Bright if it does every affect them, it won't be for a while. So I would get licensed if I were you.
Everyone of you guys know, or should know, that you are investing your money in an LLC, that the money is not insured and there is a chance you could lose that money, either trading, or from the firm going under. It's not a big deal, just a risk you take. If it really troubles you, keep only the minimum amount of capital in your account that you need to operate, and sweep the rest out on a regular basis.
so if i have my licenses i should be go to go as long as i go with a registered BD such as bright or Assent right!
That is correct. That being said..you need to register with the BD directly. I got a PM earlier, stating they were licensed but wanted to go through an LLC because they were too lazy to fill out the U4.
Maybe Don can comment why he can take a risk deposit and pay out 100%. Maybe he can reference the rule that says he can give out excessive leverage just because a guy has a Series 7. The article (which has a few lies in it) makes reference to a big name BD being next.
So what is the latest update? Will ALL sub-LLC's be banished / removed? Would like to hear from every one to get an update. I heard TUCO is being re-organized. Would love to hear from people at TUCO to get an update. Thanks.