I started a thread on a prop firm which had it's platform shut down for a day, according to them it was because of a platform error, then people began to comment on the prop firm going though financial troubles and the sec shutting it down. Was this thread deleted because things were getting out of hand? Did someone from the firm claimed these rumors were false? Just wanted to know since I do use that firm. On a personal note it doesn't appear that the firm is going through any type of difficulty, I spoke with the top guys there and everything seemed to be cool, but sometimes the traders are the last to know.
Yes, that thread got completely out of hand, and yes, the principals said those rumors were completely false and unfounded.
What did they say about their claims that Genesis' Laser platform was down that day? I used Laser to trade that day and had no issues at all. Neither did anyone else I know who uses Laser (about 10 traders). If I had to guess, I'd say they didn't have some paperwork done properly and half their accounts couldn't trade for a single day. So they invented some story to blame it on Laser. FAIL
If you want an explanation of what happened, then I suggest you call them directly. The point is simply that when a thread starts a bunch of rumors about a company going under when the company is perfectly fine, I can't just leave that up.
Agreed and fair enough. But this whole episode brings-up a really important issue: WHO monitors the Prop firms ? Isn't it FINRA ? That's why I mentioned about an investigation....you really can't believe the principals in something like this where money could have been lost. They're not going to "fess up" to it....human nature.
CY Group is just an LLC acting like a broker dealer. They are the same exact structure that Tuco and Warrior Fund were and the SEC shut them down. Tuco and Warrior Fund were unregulated and unregistered and deemed illegal. Bright Trading, Echo, JC Trading, Hold Brothers, and many others are REAL BD's. Some are FINRA BD's and regulated by FINRA, others are regulated by the PHLX, CBSX, or Chicago Stock Exchange. They are all registered with the SEC.
After the Madoff affair, that's no great comfort..... Especially since Aguilar is very unproven right now.