I'm starting this thread to warn others about this prop firm. Thomas Lanzana runs Black Box Pulse and has kept my risk capital since I requested it's return back in January 2012. It has been 8 months. He has delayed giving one excuse after another for the last 8 months. The risk capital is a bit over $5k , which is not small change for an individual but should be nothing for a prop firm. I will also detail the activities that I am taking (filing complaints to the SEC, IRS, law suits, etc). Black Box Pulse works with Lake Street Trading so I would be very cautious if you currently trade with them. Either of those firms are welcome to respond to this thread. I'd like to hear from others that are having problems with him and advice on getting my funds back. Thanks
If you have been following the industry and the ET Prop Trading forum, you would have known that these types of firms are aggressively being shut down by the SEC. Lake Street has been mentioned as the type of firm that the SEC is going after and I wouldn't be surprised if they have been shut down.
Thanks for the info. Btw, the execution/charting software I used was Broad Street, I wonder if that has any connections to the company by the same name in the other thread who is revoking their license.
Yes and no. Lake Street trades through Broad Street International. The entity that was shut down was Broad Street US, a registered CBSX broker dealer that required traders to have a Series 56. What I hear is that Broad Street CBSX could no longer meet the financial requirements to stay a CBSX BD, so they closed it down and if traders wanted to move to the unregulated entity they could. Most went to other CBSX broker dealers. Why would you trade in a structure that the SEC is aggressively shutting down? The main problem with BS International is they have operations and offices in the US and thus that makes them under SEC jurisdiction. Stay away!
Oh I see, that explains it then. You seem to know what's going on. Thanks for sharing, I'll have to put some pressure on Black Box Pulse and Lake Street to get what I can back. Filing a complaint to the SEC followed by a law suit will be next for me.
I am a potential new client to this firm. I talked with Thomas about your complaint while researching his firm. He said that you are upset because you lost money from your trading activities. He also said that you signed an agreement with a broker/dealer that has a one year lock-up on your capital. He further stated that you tried to get your money out by moving and/or changing your location to try and deceive the broker/dealer into giving your money back before the lock-up period ends. Please state all the facts when you are complaining about this firm. Thomas claims he has many traders that are happy with his firm. If the facts I was told by Thomas is not correct, then please respond to this post with what actually happened in your situation.
Wow, he really said that? That's disappointing. I am aware of the 1 yr lock up period. I originally started with $3k and things were up and running. Then he told me he needed more capital to continue or he would return my money. So I sent him more but the funny thing is my trading account never got opened for whatever reason. So I demanded my money back since nothing was happening. I have all the emails, I don't know why he's saying these things. I really don't want to hurt his business since it seems like he's running into difficult times, I just want my money back, that's all. Thomas, if you're reading this and it really is the 1yr lockup period fine, then just tell me, pay a small portion back for good will and I'll wait, don't give me every excuse in the book and spread mis-information. He even sent me a fake check, YES, that's right, he sent a check that bounced and caused all sorts of problems for me. I guess I'll go ahead and file the complaint with the SEC. I wanted to give him the benefit of the doubt since he continues to say "the money is coming" but I guess not. The next obvious step is to file a lawsuit in either small claims court or regular Special Civil. And then after the judgement levy his bank accounts or attach liens against any of his assets. I guess I'll have to restart my activities, I'll keep everyone posted.
if your account was never opened ? that is Theft & you should file criminal charges for fraud now you stated the facts , that is a different story then not getting your deposit back that is a total screw job , take criminal & civil action if that is the case