Nakachalet, I feel your pain. This is the 4th time for me. First was Blinder Robinson, then another small brokerage out of Baton Rouge when I lived there, then there was CMS Forex and now this. I blamed myself the first two times because I knew nothing about finance and trusted the broker. I lost my entire life savings twice! That's when I decided to take control and start learning/teaching myself to trade. I had to start from scratch. I saved every penny so I could eventually have enough to open an account and studied during every spare minute after I came home from work. It took me 15 years to get to this point. I thought doing this myself was the only safe way to insure I had a future retirement. After losing my last job 7 years ago to a corporate buyout, I decided to dive in and trade full time. Now this happens....and I'm no "spring chicken."
Keep your chin up, have faith and don't give up. We're all in this together.
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Neil was my broker and I've spoken to him twice since the shut down. He said he was forming his own company and
asked if I could wait a couple of days until he got everything set up.
He was still there answering his telephone on Tuesday and he gave me his direct line if I needed to contact him. I never spoke to Neil since I opened my account about 4 years ago until now. I signed up through WCCI. I have to admit I admire the man for still answering his phone after being told he no longer had a job! He also told me he was due about $XX,XXX in commissions but was informed he wasn't going to be paid, but he was still there answering his phone!
Now that, to me, is dedication to his clients. He didn't sound angry, didn't try to put me off and didn't make excuses. He sounded genuinely concerned.
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"One NFA employee lists on her LinkedIn profile interning at furniture manufacturer Allsteel and working at an Iowa bookstore as her only work experience before the NFA hired her as an auditor in 2008.
Another NFA auditor's job before being hired in June 2011 was as a pricing intern for Walt Disney World according to his LinkedIn page."
Makes me sick to my stomach.
"Brownie, you're doing a heck of a job."
Why can't we sue the NFA and CFTC for negligence? Because it would be locked up in courts forever?
That's horrible. Sorry this happened to you that many times. Glad to hear you fought through it. Before I started watching CNBC's "American Greed" I had no idea all these variations of broker ponzis' happened so often and for that much money and with so many clients losing life savings after life savings in all these schemes. It's like it's swept under the rug in the news for the most part or localized. Used to be a million dollars was a dream come true. Now these ponzi schemers go for tens or hundreds of millions or closer to a billion.
Last edited by Cloudy; July 13th, 2012 at 11:27 PM.
That makes two of us. They're very good at making excuses and pointing fingers at each other. There are so many layers in government agencies that there are plenty of others to blame. So rather than expedite a resolution, they waste time placing blame. And a call for Gensler's resignation? It is my understanding he is appointed by the president. I think he should stay right where he is, sit in the hot seat and be forced to endure the humiliation and disgrace....then after his participation in all this is exposed, he should be fired and not be given the opportunity to resign voluntarily. Yes, it would be tied up in the courts forever. Anything to do with the federal government takes twice as long to accomplish. And the attorneys are the only ones who will make out like a bandit.
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In light of the recent news concerning alleged improprieties at PFG, AMP wants to provide our customers with more specific details about our operations.
AMP is one of the few FCM's today that does not engage in any business other than the processing of trades for Futures and Commodity Customers. We are not dependent on interest income or alternative investments for our profitability - we process electronic futures trades for our customers- it's our business.
What we do not do?
No proprietary trading
No Exchange Floor Trading - Positions Reported to Clearing Firm only every 15 minutes
(Only electronic exchange trades by AMP customers - P/L to the tick)
No exposure to mortgage backed securities
No exposure to European debt
No activity in OTC or Off-Exchange Trading (such as Forex)
No Naked Short Options Selling (Unlimited Risk) by AMP Customers
What we do?
AMP reports its financial position on a daily and monthly basis to NFA and CFTC.
Mitigate Market Risk/Exposure:
AMP risk controls are marked to the tick and tradable markets are limited to the major liquid markets - no exotic/illiquid instruments.
We take regulation seriously - Our History:
Zero Regulatory Actions against AMP (IB or FCM, since 2005 inception) by the neither NFA nor CFTC.
AMP Futures: BASIC Details
AMP Trading: BASIC Details
AMP Clearing: BASIC Details
AMP is the entire 24th Floor of the LaSalle/Wacker building in Chicago.
AMP 24 hour Help Desk is fully staffed - 15 agents during US trading hours and 4 agents during non-US trading hours.
AMP 24 hour Trade Desk is fully staffed - 4 agents during US trading hours and 2 agents during non-US trading hours.
AMP 24 hour Risk Department is fully staffed - 6 agents during US trading hours and 2 agents during non-US trading hours.
Should you have any direct questions not answered, please contact me directly via email: email@example.com
From one of my brokers,I keep segregated funds due to the failures we all know to well. Spread out the risk of corruption that is blatant with some and our Gov failing us. Nothing new,faces are different.