i recieved 66 percent of all money owed me.....so did everyone else thats a fact......as a clearing member the dtc held back other money for regulatory purposes....so what am i really waiting for 5 grand...if that.......if walter wants it he can have it ........my gift to him...m.........you guys are so funny really .......the guy does not deserve those uninformed quick snyde remarks.......say somthing really intelligent if you say anything at all ............do you say the same things about george bush or bill clinton......m
none of you were their in 96........he had the whole cake to himself...in 97 and 98 too........i can tell you all joined after their was a lot of air in the bubble......the firms you mention were not in existance back then.......thats why its what hes doing now that really really intrests me ..........the real money is always made early in any cycle.....like a stock its first move is its biggest move...m
your funny what does that news release say read it ..........that appx 20 of worldcos traders out of thousands traded ptjp accts .....a simple oversight.......every big firm on wall st has had problems......they fined him 50 thousand dollars...funny i saw him give personally more than that to various charties.....m
you know everyone likes to complain about the king.....he this he that .......he .....he......he did this to me that to you ........always in any situation.............but he is the king...........ha ha ha......and he has the gold .....so funny
anyway why dont you guys go start a firm like walter did....take your money and loan it out to traders......redy set go.......hmmmm
You did not read carefully. When you are the sourcer of raw goods, you don't have to be in the client country. You could be in the moon for all purposes as long as you have the contacts and good communications network. It's all about the Right Contacts, knowing the right people who control the material and those who know the demand info. It's usually a game of the very well connected and the very rich.
Friday, January 9, 2004 NASD Fines Worldco and Four of Its Owners $1.5 Million for Co-Mingling Operations with a Hedge Fund; CEO Barred, Three Others Suspended Washington, DC â NASD announced today that it had fined Worldco LLC of New York, NY, and four of its owners $1.5 million for failing to separate Worldco's business operations from the business and operations of PTJP Partners, a hedge fund. John G. Miller, Worldco's CEO, was barred from serving as a principal of a securities firm for three years. Peter Bruan, founder of Worldco, was suspended for 1 year, and his sons, Walter Scott Bruan and Christopher Bruan, were suspended for 4 months and 15 days, respectively. Miller was fined $250,000, Peter Bruan was fined $100,000, Walter Scott Bruan $50,000 and Christopher Bruan $30,000. Each of the four is a part owner in the firm and their fines are part the $1.5 million. PTJP is controlled by members of the Bruan family, including, initially, Peter Bruan. Worldco failed to disclose that Peter Bruan had a controlling ownership interest in Worldco when it applied for NASD membership because of Bruan's concern that the hedge fund's ongoing relationships with other broker-dealers would be disrupted if the other firms learned of his ownership of a competitor. Worldco experienced significant growth during the 1990s due to its day-trading business. Worldco had about 200 individuals associated with it in 1997; by 2001 that number had increased to almost 1,150. PTJP used trading systems, computers and technology provided by and, in some instances, owned by Worldco. At times, PTJP shared certain office space, personnel and other resources with Worldco. NASD found that, in the past, Worldco failed to establish adequate separation between its business and PTJP's operations, leading to many of the violations. NASD found that 13 of Worldco's traders and 27 individuals not employed by Worldco, mostly PTJP traders, regularly traded in Worldco's proprietary accounts even though they were not registered, as required by NASD rules. Additionally, at least 35 Worldco traders traded in the PTJP account even though they did not obtain prior written authorization to exercise discretion in a customer account as required by NASD rules. NASD also found that Worldco maintained inaccurate books and records and submitted inaccurate financial reports to the Securities and Exchange Commission and NASD. In particular, as a result of the failure to adequately separate its business from PTJP, Worldco's books, records and reports did not accurately reflect its individual expenses and revenues. Further, for over 21 months beginning in early 1999, Worldco inaccurately characterized commission rebates owed to PTJP as revenue to Worldco in anticipation of a possible IPO, resulting in inaccurate books, records and reports. After market conditions changed and an IPO was no longer practicable, Worldco returned over $5 million to two Bruan family members for the benefit of PTJP and another hedge fund also connected to the Bruan family. NASD also found that Worldco and Miller did not reasonably supervise many of these activities to deter and prevent the violations. In settling these charges, Worldco, John Miller, Peter Bruan, Walter Scott Bruan and Christopher Bruan neither admitted nor denied the charges.
the whole thing looks like a big zero to me..........nothing of import happened at all......surdo is a sour grapes kind of guy i wonder what happened to him to make him so mad at them ....
To ......meg......ad........on......., You sure you're not talking about Steven Schonfeld? Walter is no better than Phillip Bennett (Refco). Perhaps they'll share a cell one day.
really why is that facts please...........benett ........walt was the dali lama of wall street and probably still is .....why does he owe you 40 dollars...or what....