what type of bus was tuco running? latest letter

Discussion in 'Prop Firms' started by monstercat, Mar 28, 2008.

  1. lol its a mess and it sure don't sound good. looks like the tons who vouched for them were blind. you make up your own mind. its on the receivers site
  2. Daal


    this is just bullsht excuses by the receiver to make more money. I bet this guy will delay this up to 2020 so he can keep collecting fees, talk about conflict of interest. its like the car mechanic who says you need a new engine and transmission when you just want to install a solar panel the difference is this time the scumbag is in charge of your wallet, sickening
  3. all i know is i read the complaint/summary and i know it is all bullshit. sect 10 and 15 of the act of 34 had nothing to do with tuco's business model. this was one big shakedown.

    is this the link? which doc are you referencing? they are all old as far as i can tell:

  4. However, I expect to propose an interim distribution to the Court in the coming weeks so that some amount can be distributed to members prior to April 15, 2008. At this time, we do not know what the amount or the percentage of such a distribution would be.

    odd that the receiver would refer to the Tuco traders as members? i thought they were clients or customers like the ones at E Trade? I mean.. that's the way the SEC sold the whole case with sect 10 & 15 of the 34 act. how odd.

    well i guess the law doesn't matter as long as the SEC made money and took the members' contributions. we call that protecting them for their own good. LOL LOL LOL
  5. just for you ratboy came out tonight

    Tuco Members,

    Since my appointment by the Court as temporary receiver (which has since become a permanent appointment), I, along with my forensic accountant, have been working diligently to analyze the business of Tuco Trading, summarize the company's books and records, and reconcile those records with statements and reports received from banks, broker-dealers and other outside sources. The company's books and records were not kept up to date, and therefore substantial work is required to update and reconcile them. As a result, we will not be able to prepare and file the 2007 tax return for Tuco Trading as of the April 15, 2008 deadline. I have obtained an extension from the IRS until October 15, 2008 for Tuco's 2007 tax return. K-1 statements for each Tuco member will be issued when the 2007 tax return is filed. Please plan accordingly with respect to your own tax returns and consult with your accountant on these matters.

    We will continue to work diligently on a full accounting of the company and preparing the 2007 tax return. I will keep you informed on the status of these tasks.

    We are also working diligently to secure funds in the Tuco accounts at the various broker-dealers that Tuco used, including GLB Trading. Due to unexpected complications in closing out remaining open positions in the Tuco accounts at GLB, there will be a delay in the release of these funds. We are working with GLB and the clearing firm, Penson Financial Services, to resolve these issues. Nevertheless, our request for authorization to make an interim distribution must be temporarily postponed. It is still possible that an interim distribution could be proposed and approved in sufficient time to make payments to members prior to April 15, 2008. It is also very possible, however, that a distribution will not be made until a later date. The percentage of member balances that we would propose to distribute depends on the outcome of our current efforts to resolve pending issues, as well as ongoing forensic accounting analysis of the company's financial condition. Accordingly, we do not currently know what amount we would be able to propose be distributed.

    Again, I will keep you posted on these and other relevant issues as we know more.


    Thomas F. Lennon
    Receiver for Tuco Trading, LLC
  6. any time the govt gets involved where they shouldn't be they make a huge mess out of things. not only are they not keeping their previous word it now appears they will continue to loot the member's contributions. telling them "they are on their own" regarding the k1's is very sad indeed.

    i hate this obvious conflict of interest... and i feel for the Tuco traders.... now remind me who the SEC was protecting? oh yeah thats right the very people they are now hurting. think of the thousands of dollars they have cost good honest people like you and me? sad indeed.. this reminds me of something Hillary would endorse.
  7. "The company's books and records were not kept up to date, and therefore substantial work is required to update and reconcile them."

    The above can be taken two ways. Either tuco really was a screwed up place with incompetents running it, or this receiver is just running up the dime on the money available to him.

    Personally, I see no reason whatsoever why they cannot get the books up to date in fairly short order. Why on earth would it take so long.
  8. they are running up some major expensives .. all on Tuco's dime, you tell me!

    i am guessing for each $5000 that members contributed to the LLC.. they will get back $3000 to $2500, not due to tuco's books but to expenses. thanks SEC... way to serve the public.

    protect = take their money
  9. i think the problem the "forensic" accountant is having is how the hell do you manually match up 10-20k monthly statements? its really impossible. hell try to do that with a 20 page statement

    At least 75% of a traders contribution could have EASILY already been given back to each trader involved - looks like this receiver group is going to use the Tuco set up as their milk cow for the next year (hey guys, lets just camp out here at Tuco to suck off this company while we pretend that it is REALLY HARD to figure out their accounting "mess" - wink, wink, nod, nod).
    #10     Mar 29, 2008