SEC asset freeze of North American Clearing, Inc.

Discussion in 'Wall St. News' started by VoodooMMI, May 30, 2008.

  1. CLassic...you don't even trade equities but your in there swinging for the fences for swift trade and the other prop shops????

    makes sense....why not go to bat for munis and mutual funds while your at it? LMAO....so, your in there arguing about .0000000000001 per share being realistic for equity trading....but now your saying...you don;t even trade equities? ROTFLMAO..
     
    #21     Jun 4, 2008
  2. cstfx

    cstfx


    Tell me jackass where this is true.

    Search feature - upper right -cstfx + Swift:

    http://www.elitetrader.com/vb/searc...=2404797&sortby=lastpost&sortorder=descending

    Simple search brings up discussion about banking Swift Codes, and a brief mention about Swift Canada. Show me the swinging you moron. Are you this fucking incompetent even in your day job? No wonder why they failed employing people as , ah, shall we say, challenged as you?

    You are not even a fucking trader - you are nothing but a scumbag salesman first with this outfit and now peddling used bd's. Like working at Sears. Or working the streets in fishnets. You bad mouth everybody in this business, throwing around your narrowmindedness and your homophobic rants. When I spoke with you last year I knew what an asshole you were, trashing people like Don whose ass you publically kiss on this board yet trash off it

    Elite trader my ass. More like idiot.

    You're still a Jackass
     
    #22     Jun 4, 2008

  3. Such anger yet I have no idea where it comes from....Now your saying im trashing Don??? Actually, NACI failed weeks ago yet nobody knew it and i sent Don a private message about it...I've been gone for a long time and left for a variety of personal reasons.....yet your so angry...wny? Im guessing business is bad...hey, its the economy not my fault and all info i have given on here has been the real deal.....In fact...

    .........did you know there is another well know clearing firm that caters to prop firms that is literally holding its breath as they unwind this ??? ya see ..there are two sides to every trade dimwit....that 7 million los in a BB stock has two sides..long...and short....we shall see what happens but obvioulsy NACI cannot deliver the shares so that leaves the other side short.......tick tock tick tock.....do you knwo what tat means? Try buying in 7 million shares of a OTC stock once word on the street gets around your short...ya think MM's are gonna sell to them...or buy for their own inventory knowing that evey buy in will push te stock higher????good luck to you even though your all over my ass for enlightening the board about the way the industry really works
     
    #23     Jun 5, 2008
  4. TM, How do you know they havent closed the trade? Do you know what stock it is? Do you know who knows what stock it is? SEC dream to watch those insiders... no?
     
    #24     Jun 5, 2008
  5. First of all...NACI was closed down by DTC...AS i have said many many times before..DTC is the real clearing firm of everybody...DTC threw out NACI actually weeks ago...The sec came in after the fact...In fact, the reciever has alreaady said that there is sufficient capital....but there are TWO types of capital....For Ex: You could show FINRA that you have 5 million in EXCESS net capital...But you could be under 'reserved' at DTC by 10 million dollard due to trade requirements...when you are under reserved DTC can put a stop to you...RE the trade...if they ( dtc) is not accepting BUY orders or SELL orders Nor are they accepting Transfers of any kind, it would appear that the trade could still be open. I do not know the stock nor would i mention it if I did...I do know however that there are some sweaty palms out there and this may be one of the reasons nobody is taking on the accoutns at this point. Lastly, It is not inside info ...the fact that a firm is short a large position is not inside info about the stock itself...Martha Stewart found out IMCL lost FDA approval and sold before it was public...this however is merely a short position and many many firms have been put under by these types of scenarios.

    i hope it all works out for everybody in the end
     
    #25     Jun 5, 2008
  6. so basically, NACI is Tim Sykes?
     
    #26     Jun 5, 2008
  7. zdreg

    zdreg


    they are shivering waiting for your suit. you sound like a yahoo finance poster:D
    as to sipc protection you don't want to wait months for the process to work out while your funds and positions are frozen. in this case the securities were not frozen because sipc is not yet involved.

    martha stewart was never accused of insider trading. why mention her name.
     
    #27     Jun 8, 2008
  8. 1000

    1000

    it's not the economy, it's rape

    creating dumb-ass $20,000 check-out jobs in place of $200,000 highly specialized Engineering ones

    the question is, will the Chinese stand by the people, or will they allow the rape to continue?

    it's your call Ms. China-woman
     
    #28     Jun 8, 2008
  9. More on the North American Clearing failure....

    SEC Charges Finra Board Member With Fraud
    http://www.securitiesindustry.com/news/22463-1.html

    It is interesting that the Founder of North American Clearing is also a board member of Finra (Financial Industry Regulatory Authority), which is suppose help regulate the financial industry and prevent these type of problems. Is the fox guarding the hen house?
     
    #29     Jun 9, 2008
  10. Euler

    Euler

    TM_Direct,

    Would you mind sharing which clearing firms you feel are on the edge? Or maybe a rough, subjective ranking/grouping (by risk) of the clearing firms typically used by traders here?

    Thanks!
     
    #30     Jun 9, 2008