Tuco Update

Discussion in 'Prop Firms' started by Daal, Sep 4, 2009.

  1. Daal


    Lennon tried to pull a fast one

    "Thomas F. Lennon, Court-appointed permanent receiver for Tuco Trading, LLC
    ("Receiver"), hereby gives notice and corrects his Final Fee Application for Approval and
    Payment of Fees and Costs to Thomas F. Lennon, Receiver, and supporting documents.
    On or about August 20, 2009, the Receiver's counsel learned that the Receiver had
    advanced funds to his company, Thomas F. Lennon, Inc. ("TFL"), from the Tuco receivership
    estate against the pending fee application of the Receiver. The total advanced was $60,101. Upon
    learning of the advances, the Receiver was promptly advised that such advances were prohibited
    without prior Court approval. The Receiver has returned the advances to the Tuco estate together
    with interest that would have been earned on the amounts advanced."
  2. what a joke. sad really.
  3. Daal


    Guess he believes in Dow 10K and wanted to fill up his IB account
  4. Was that advance just the fees that he thought that he would receive from the whole process?

    If that is the case and Tuco really had all the traders money, then people with Tuco accounts should get most of their money back.
  5. lg33


    TUCO traders are expected to get appx. 70%. I wonder where the other 30% went?
  6. Daal


    Apparently the POS owner(whom many ETs praised as an honest and reliable guy) allowed traders to trade with negative equity, a good chunk was lost there. Lennon is getting his cut too, all kinds of fees
  7. lg33


    Anyone that steals trader money is not an honest guy or a reliable person.
  8. This underscores the necessity of an experienced compliance
    officer and absolute adherence to the law and the LLC charter.
  9. jazzsax


    Then line up all the market makers and shoot them.

  10. So with traders getting 72% of their money back, what happened to the rest of it?
    #10     Sep 20, 2009