I lost my deposit with Jasper. I know about 15-20 other guys that were left holding the bag there too.
I was with V&V at Generic for around 3 years. In that time, I've had many dealings with Vlad and never had an issue with money or credibility. Vlad made it a point to differentiate himself from other fly-by-night llcs by paying monthly checks and capital withdrawals in a timely fashion.
I think this thread is getting derailed...I'm not here to question the credibility or culpability of these people. The facts are what they are: 1) V&V misrepresented my account telling me all the way up to the day that they closed the account that my money was fine 2) They told me the money was used to cover other trader's losses and that me getting my money depended on if they could recover it from those traders I'm not out here to blast anyone's rep. If they deserve it, then good. I am just laying out facts. The point of this thread is to ask people who have been in a similar situation (perhaps Jasper people) where they lost their deposit in a similar shady manner, what kind of things they have been able to do to recover it or to nail whoever was involved.
it's guys like hypo that make these types of sec crackdown's a reality. dude, hypo, how about taking some responsibility for yourself and your own actions? did you have a lawyer look at your agreement? could your firm legally draw against your deposit? did you even assess the risk or look at their financials, or even come to the conclusion that other trader's losses would blow out your acct? if you agreed they could draw, you got skunked, sorry man... your bad for not doing your dd. even if they couldn't, and they did, you got skunked because you didn't assess the risk correctly, including the very obvious one that your money was pooled with other traders... again, your bad. asking the sec to help you the poor little victim is very very weak. considering the fact that i'm sure you knew what you were doing when you were attempting to get around their regulations in the first place with your < 25k acct. this is a perfect example of what's wrong with this country. too many people aware of and willing to take risks initially in their quests to be entreprenuerial capitalists, but crying like little socialist victims to big brother when it doesn't work out. be a man, take it on the chin, and move on.
I know the situation well but I have not traded with them in awhile. I never understand why guys were foolish enough to put up 20k with them. You have no case in getting your money back. They pool all your money and volume to make a deal with a firm. They make there money on the spread of there firm rate and the rate they give you. I donât think they had bad intentions but itâs a doomed system.
Well let me clarify some things. This thread was meant to ask people what they have done to seek financial and/or legal retribution. My post was made because what happend at Tuco was very similar to what happend with me at V&V. The issues I have are with V&V and the way they misrepresented what was going on. Almost all of my interaction was with Vinh and NOT with Vlad. Vlad apparently left V&V before alot of this stuff happend.
I've already moved on. But obviously people still don't see the point of this post. I'm asking other traders who have had similar experiences what their successes or failures are about getting their deposits back. And legal action if any is there against people involved. so spare me the soapbox speech. I understand the risks. now more so then ever unfortunately. I am just asking the community what theyre experiences are on getting money back or legal action. Whats so wrong about that?
I just told you that you have no shot its commingled funds. Youâre an investor once you give your money. It would be like trying to sue a hedge fund that busted.
this is why the sec got involved i think. a ton of hypo type investors who either lost there 5k and have sour grapes are money was taken. how can the sec allow this to continue when they can't montior these llc's? if you can't put 100k in a trading account you shouldn't be trading and if you're really that good i'm sure someody will front you for a %.