i was told the SEC was going to do this back in the fall... way before the Tuco shake down. why would they tell people they are going to do this and then do it; while trying to pretend it is to protect the public? it was premeditated and they went looking for a firm to ruin. i think stalin would be jealous of the tactics they used to break Tuco into submission. We need our only protection and that is state Attorney Generals and US congressman to investigate these criminal agencies.
You can put any kind of spin to the Tuco situation and rehash about how the principals are standup guys, but the fact is that Tuco was operating as an UNREGISTERED firm. I had talked with one of the SEC lawyers involved with this case and that "unregistered" part was the gist of their case against Tuco. This is akin to a person practicing medicine without a medical license. Let's stop all the spinning and the bashing of the SEC and look at things just the way it is - that Tuco was wrong in this situation.
it is an LLC that followed the rules. members are not clients.. they have pooled their money together. the master account was all legal. the SEC is using code that doesn't apply and then they are strong arming the companies financially into submission. this is not america.. this is soviet russia and i dont say that lightly. so you are wrong... go lick some boots teeto. have you read the summary/complaint? it is a joke.. no wonder the SEC settled so fast, it is laughable.
So what happened? whats the story? how did this story i.e. the tuco -SEC fiasco end? Whats the current situation? Are Sub-LLC's operating normally? or not?
Where did you get any info this is settled. Doug bought the equipment, but the receiver is still -as of April 30th- sorting through issues between GLB and Penson. If you know something else, post it.
No one answered this question, does anyone have any insight? If I want to trade at Bright, Echo, or Assent, and they allow me to deposit less than 25k (say 5 or 10), is it safe? SO you think going with one of the big B/D prop. firms putting down 10K getting 100K buy power putting your licenses down (going prop.) RIGHT NOW... would not be a good idea because of the SEC is going to make everyone put down 25K and 4--1 leverage [/B][/QUOTE]
They are not insured. Your funds are as safe as your firm. Get your series 7 and go to Assent. [/B][/QUOTE]
Who isn't "insured"? I am talking about bright, echo, and assent. Apparently they all require less than 25k to get started, which is what i am looking for. are they breaking the law by asking for less than 25k? FWIW, assent won't return my calls. I have never really spoken to anyone there although i have tried multiple times. [/B][/QUOTE]