Dorman Trading's Hal Dunne quits company, Dorman's capital shrinks 25%
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The following 12 users say Thank You to Big Mike for this post:
I find it disconncerting that as a Ninjatrader Brokerage (ex Mirus) customer of some years I have not been given the courtesy of being sent this letter by Dorman or NinjaTrader.
I have significant funds there and this is not the first time I have questioned Mirus/Dorman about poor communications.
@Big Mike Iam not sure if you received this letter as an account holder with Dorman/NinjaTrader Brokerage or because of your ownership of this forum, but I do think it is poor form of @NinjaTrader that account holders have not been communicated with.
I would not have known about this if it were not for Big Mike's post.
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I understand that a decrease in excess capital gives traders reason to pause (or firms a reason to create fear and uncertainty), but this was simply a personal decision for a long-time partner to retire and nothing more. Dorman Trading remains strongly committed to their customers. Dennis Dormanís lifelong friend and long-time business partner decided to retire. The partnersí buyout agreement was the reason for the decline in excess capital.
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The very same regulatory requirements of making full disclosure cover all financial institutions, whether banking (under different regulatory agencies) or Futures Clearing Merchants (FCM's). So in short, yes, one's house bank or local banker (where one maintains an account) would be required to make similar material disclosures of significant changes in ownership.
At least Domestic US regulated accounts would naturally expect to be notified, not just happen upon some change in the website and some posted notice on same.
After all, your account opening process and their due dilligence efforts look into every legal aspect of their prospective account holders' lives and financial relationships.
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