thanks for your well wishes, they're much appreciated.... perhaps, I did level too much at your direct comment, and I was intending more the general audience than you in particular... one thing is certain, the only recourse is a criminal one, and not a civil one.... perhaps you and others will see, observe, learn, benefit or otherwise be notified of thes individuals or these schemes that start out Kosher and turn sour and will not suffer as some 80+ souls did. ------ my objective remains 3 fold: 1) openly gather more effected ones to this action 2) gather greater support 3) snow ball this into a directed verdict...
yes, there are many ways to get swindled from those who intended to conduct themselves in such a dishonest manner from jump. what this expose' also shows is that no matter how well intentioned, things do sour, and one needs to be aware in a proactive sense. one thing is certain, ELITETRADER benefits more of us traders than it offends......
misappropriation of Class B funds for usage other than the owner/specific Class B licensed soul is just that, misappropriation. keeping that definition simple then confirms the facts that: Fraud Embezzelment Theft and other associated terms appropriate to the crime did occur. These are the same basic alligations being lodged against CA (Computer Associates), Enron, and a whole association of other corporations in the recent legal news. Perhaps, there's room to argue on the finer points, however, one thing is true: ..) these guys drove right through the stop signs / red lights on this one. Soooo,,,,,, where's the Beat Cop, when we need him?
contact us by email... or use the PM (private message) feature.... I am sure that for those who were robbed by these thieves, keeping this thread alive and the active effort that has taken place is more than worth the effort involved.
Evidently, thorugh the grape vine, not that I'm saying I know, but, somehow it came to me....D) these thieves are being sued, and their personal assets will remain at risk, irrespective of their written statements that they themselves have violated. finally the Class B members have arisen and sued the Class A members that sacked (illegally) their funds for their own debts and expenses.... We certainly hope that the courts and legal authorities will stand for what they represent... We certainly hope that the SEC licensening and Goldman Sach's Speer Leads Kellog Brokerage Division will return the stolen funds or replace them as they should have never released them to the Class A members for their own usages. We certainly hope that the laws that exist will be sufficient to satite these injustices and not require further actions on the part of those disadvantaged by these thieves. Gary Mednick is in the forefront of these, and we certainly hope that he is banned from the industry...
Call AB Watley, identify your self, and ask for their Chief Compliance officer.... what is amazing is that Gary has not been banned from the industry, he's still there associated with a licensed firm.... that cheapens the value of being licensed.... ask for their attorney, see if that partner will even return your calls,,,, ask to see who and where the class action suit is filed, docket number, court system and so forth.... contact that counsel, and post your results here...
You would be doing us all a great favor if you called and posted the info here for all to see. I hear Watley is selling out to a firm in Europe and will be controlled by a new group.