+1, well said except for the 'constitutes a level of fraud' part', with which I respectfully disagree. It is only fraud if the firm actively told customers that it was not attempting to fly under the radar. If they said nothing and left it to the customer to figure out if the firm's business model was an attempt to fly under the radar, I don't consider that 'fraud'. It doesn't matter that the whole thing is a witchhunt or that busting them down is absurd and anti-capitalist or that the principles are people who would almost certainly not just rip their clients off. The fact is that they took a calculated risk by trying (yes, just like everyone else) to fly under the radar. Anyone who ends up losing money knew they were taking a risk (assuming the firm did not actively tell the customers that what they were doing was more legit than they knew it to be). Didn't they? My money is at IB and it is at risk. I have other funds at ING Direct and it is also at risk. I have funds on deposit with the Royal Bank of Canada, and those funds are at risk; however, the risk there is vanishingly small.
from what I was told, we should have checks and wires by next week. Some got them today, some will get checks tomorrow and the rest of next week, along with more wires....
I'm not famaliar with the term "capacity of signatory" on the distribution form - can someone tell me what it means?
Pretty sure you would only need to sign the capacity of signatory if it is on behalf of several traders other than yourself.