Let's say I have an LLC with a registered broker-dealer and this LLC is a customer account $25,000. 1. Am I allowed to receive overrides on traders if they trade through my LLC customer account? 2. Would traders be able to trade excess leverage then 4 to 1 through a customer account in any case? 3. What are the rules/regulations regarding having a customer account LLC (trading group) even if I have my series 7 license. 4. Is this even legal? Thanks
From my perspective, not legal advice: 1. No. and they cannot have "customer" accounts, neither can you. No "customers." 2. See number one. 3. See number two, LOL. 4. No There are legal ways to work with a trading group, but now how you outlined. I can't go into here of course. Don