Like all frauds, this Worldco thing seems to has finally run its course. In watching from afar the one substantive lesson to be learned from this upheaval is to read the fine print. From what I hear many traders have their money tied up in legal hell right now. If your money isn't accessible and immediately liqudatible, don't sign on the line.
But you fail to consider the hundreds of traders who started out at worldco and who either stayed and traded themselves to the millionaire club or moved out on their own to start their own firms. I personally know two traders that started out at Worldco. One is currently at Bear Stearns trading interest rate futures and the other is with Merrill's foreign securities trading department. Worldco seems to have been a great place for beginning traders to start out and for professional seasoned traders to get rock bottom rates. I don't know much about the management of the company but I assume they are no different than the majority of wall street management types: leave the little guy in the plane while we jump out with our golden parachutes. Such is the spirit of Wall Street , unfortunately. You can't come down on a snake for being a snake can you?
Ox, Actually, I very much realize your point. Although it is as immaterial as using the few that win the lottery as justification for the masses that spend their rent to play it. There are several good places for traders to cut their teeth. Yes, Worldco may have taught many traders the "art" of the trade, but don't forget that Enron employed thousands, and help put their children through college, at the end of the day none of that really matters.
Why do you call it a fraud? They simply decided to close their business. Like Ox said, many traders made out pretty well at Worldco during the last 10 years. You just had to register on Elite Trader to post this message?