I'm a Tuco trader. You need to get your facts straight before you start using the terms defrauding as at this point that type of language is straight libelous. I haven't been defrauded, I withrdrew quite a sizable amount just last week as did most of my other trading partners. And will continue to do so as long as we don't get shut down by these pawns at the SEC.
The SEC didn't bother to ask Tuco about it's multiple accounts (which can and do offset each other) and they are not accounting for all the money correctly with their allegations. Tuco is a standup firm with plenty of capital I know Doug and the partners personally and I have a private agreement with them not as a customer but as a class B memeber of the firm. The "money defrauding" allegations are not what this is about. This is about Tuco being bullied for not being a "licenesed" broker dealer and profitting from commissions and assigning leverage which only "registered" broker-dealers can do. Ehem! Very clear example of government "regulation" trying to "protect investors", but which also inadvertantly elimantes competition... hm, I wonder why?!! The only thing being defrauded here is capitalism and private independent traders being able to compete with Ibanks, MM firms, and hedge funds. Traders aren't investors who need protecting, we're smart capitalists and the PRIVATE agreement we entered into under a PRIVATE LLC is no business of the governemnt! Tuco does not represent itself and has never represented itself as a broker, PERIOD!
There was no scheme regarding B/D's. Tuco has a legal non-B/D private acct with Penson... which BTW, the SEC forced to freeze which is direct violation of a court order to allow Tuco to continue doing business for at least two weeks until a hearing could be set. I can't trade my account today because of it and Tuco is being forced to have their lawyers prove to Penson that there actually is a court order allowing us to stay in business. BULLIES!!!! All in all this is bullshit, and I'm pissed that the SEC feels it needs and has the right to protect myself from myself and will violate court orders to do so. BULLSHIT!!!!
So don't take everything you read from the SEC at face value. GS has got those barney's in their right pocket. Their press release was exactly that... PR!!! Quit being a pawn for the SEC and sensationalizing their PR for them. Do your homework first! [C-I Comment]
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