Walter is in Thailand? Is he opening up a day trading firm there? Any place to contact him? I'm a former Worldco trader
it might be a case study on a family business gone overly ambitious +sibling rivalry . What else is new? if you know the "funny shit" maybe you can write the book or at least newspaper article. how much money are you talking about that you are still thinking about it? i am sure that if concentrated on your trading it is less than a weeks pay.
Seems as though the worldco people received at least a slap on the wrist for rules violations. 100K, 50K 30K plus supensions. If they went on "vacation" overseas that seems like a good strategy given that they are suspended .....
missed boat is apropo walter bruan was not in thailand on january 5th- date of your posting day to day operations were not run by walter bruan in beginning. do you believe in getting facts or just shooting the breeze
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.
run don't walk to the nearest oversight institution's regulatory office and bring in as many of the class (as in class action suit) as you can.... the regulators listen to numbers not individuals you're going to find that the licenses that you submitted to getting don't mean crap... you're also going to find that these SRO's don't do crap when it comes to enforcement, protection of client assets or otherwise... you're going to come to appreciate what a lightening rod Elliot Spitzer has been, in rallying his counterparts in N.Carolina, California, Mass, Chicago and a few other city/states in ganging up against the SEC, NASD, PHLX, ChiSx, and a few other exchanges for virtually never enforcing even the rules on their own books... you're in capital boondoggle hell....kiss those bucks ba-bye
hate to say I told you so , but i took a lot of heat from some of these " prop/LLC" groups pushing 10:1 leverage blah blah blah.. if worldco can go under with your money...think Long and hard about some fly by night group that comes pitching their leverage and commission...this is a very sad day for the daytrading industry.