Who these two stupid brokers are? Why they are so naive as to fund an account if they haven't cashied the check yet? At least they only got scammed for $1M. This could well have happened with $500M+ and get them out of business.
Whenever I funded an account with a prop firm, even when they knew who I was and I was referred from a reputable source whom they knew, they always waited for my $5k check to cash before opening me up... on one occasion I got $10k in BP with a $100 max loss to test the platform until my check cleared. I'm curious who these broker dealers were and how Mohammad sniffed out such gross negligence.
guys, if you are really interested, just click on the link in the article and it gives you the sec complaint, it was etrade and bank america securities who got scammed.