What if you dont get your $ back?

Discussion in 'Prop Firms' started by econometrics, Jul 15, 2009.

  1. what if i deposit 5k with some canadian firm (golden, lion, global market, title..) and trade remote from Hong Kong. How do I know my deposit is safe? What can I do if the firm just suddenly stop replying my emails/answering my calls??
  2. pspr


    Well, you may get the RCMP to prosecute them for fraud but most likely you will need to file a small claims case in a Canadian court.

    I've learned the hard way that even foreigners must individually go to Canada and personally file a small claims case for any dispute under $25,000. No attorney is allowed to help you.

    Stay far far away from putting money into a Canadian enterprise or with any individual you would not trust with your life.
  3. PSPR - i'm not 100% sure but i think you are wrong. Small claims in canada is 10K and less and you CAN have an attorney represent you, but why would you spend 2-4K on a lawyer for a 5k dispute. I'm also sure that your contract is pretty clear with regards to getting your funds back. I know that my contract has no hold time if i close my account i will get my cash back with my next payout.
  4. Your contract is worthless if the principals decide to keep your money. The OP was asking what happens when the phone lines get turned off, the website gets taken down and they disappear.
  5. Are you crazy? stay far away from a Canadian firm? maybe its because i'm Canadian and live in Canada, but i'd much rather deal with someone who is a legal entity in the country and not have to chase them to some island like WTS (cayman) or Nevis trading (obvious) or even some LLC (JC or Ocean) in the US.
  6. Well due diligence has to play a factor in any deal. and with regards to the phone lines etc....MADDOFF!?!? nobody suspected that did they?
  7. You're missing the point. You cited your contract as protection. The OP was asking a question about what his options are if the vendor reneges upon the contractually agreed upon terms of service.
  8. No, my point was that if I have to go to court I'd rather have to deal with a canadian firm being a canadian rather than some offshore firm.
    If someone wants to screw you they will no matter where you or they are located.
  9. Wow, that's very dishonest.

    That was your point in a later post. First you posted this
    Here you're saying that your contract states that you can get your money out on the next payout date. No doubt this is true, when the company is functioning nominally. The OP isn't talking about this. He's talking about what happens when the principals flee the country taking all funds with them.

    If you're wrong, just admit it. It's not a huge deal. You basically misread the OP. I've done it too. If you're a trader, as you claim to be, you know that you don't hold a losing position. You admit you were wrong and get out.
  10. Not sure where I'm being dishonest.....if the op is referring to a firm that went lights out, who is it as I haven't read anything or heard anything? At least not a prop firm. That's why you think I'm wrong?
    With regards to my thoughts and statements, my contract with my firm is very clear that if I choose to close my account I get my refund next payout. Not trying to pick a fight regarding this, but the op did specifically mention a canadian firm (I trade with one) and I think I'm entitled to my 2 cents.....
    #10     Jul 16, 2009