worldco has not declared bankruptcy. any prop firm can hold your money for awhile after you are gone check your agreements. have any of you checked firm capital before concluding that you are not getting your money back
i will treat people to a dinner at st. maggie's on wall street if worldco trader are not reimbursed. in 2004. if they do you treat me. any takers out there? you can private message
If they are going to be fully reimbursed in 2004, why didn't they just pay in 2003 when they shut the door? If the money was available why did they hold it up? Were the Brauns expecting a larger fine from the NASD? Who is paying the NASD fine levied on the firm? Will it come out of the proceeds that are being allocated to creditors or will it affect the total reimbursement percentage? Read the NASD finding; what a bunch of self dealing slimes. Once again the Brauns leave someone else (John Miller) holding the bag for their misdeeds.
i think that you are getting excited over a small amount of money how much are you trying to recover? worldco traders had a nice ride for quite a few years john miller was well paid for his role which he understood from the beginning.
I don't think you guys understand the way the NASD works.....they are barred and suspended and fined...blah blah blah....so what? They may or may not pay those fines...and if they don't they are not allowed to re-apply for nasd membership....given the nature of what happened I find it hard to believe they would want to.....so....what if they decide to just sell used cars in New jersey???? Unless the SEC gets involved and uses fed power to force them to pay, they will most likely never get a dime....Do you know how many guys I know who lost 200k arbitrations and were fined 50k and then just quit and never paid a dime?...and if they declare personal and corp . bankruptcy.....its over...nothing to recover.
bruan family has been in wall street since world war 1. they will pay fine out of pride. (personal fines are out of worldco capital which was part of agreement on world co fine)
You wrote this on January 13th? So what, was he in Thailand on the 13th, but not yet on the 5th? Wow! And if the facts are not straight, then Worldco employees shouldn't be saying that Walter is in Thailand before he is in Thailand (assuming you are right that on Jan 5th he wasn't). And so when did Walter run day-to-day operations, SHORTLY AFTER the beginning of a firm that was around for how many years? Wow, you are good.
Although you were responding to someone else, I'm wondering who the hell you are to tell someone what a "small amount of money" is, especially when you don't even know how much it is. Worldco traders had a nice ride for quite a few years? That depends on how many years they were there. Remember that Worldco was bringing people in (with money down) within a week and two of closing down. And some good traders from other firms came over to Worldco within days, months, a year, etc of Worldco closing down. So which member of management do you represent?
that's just the tip of the iceberg unfortunately....usually after something like this the IRS comes waltzing in to check whether they were 1099's, considered employees ect.........Hey, i hope everything works out and they stick around but i would be concerned for my $$