I have taken the time to talk to every customer who called and present things in an unbiased manner, so the customer could make an informed decision about his/her trading and/or funds and where to hold them.
I am not the "it's all good" kind of a person and those who know me know that I have address every concern with the most serious attitude.
PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
The following 4 users say Thank You to mattz for this post:
Excellent. And in this matter, clearly it's not "all good." It's one thing to have a series of complaints filed - quite another to lose status with the NFA. For the benefit of the board, are you, @mattz looking at the possibility of offering clients a different clearing option?
The following 2 users say Thank You to timefreedom for this post:
This is pure speculation and I would not expect Matt to comment, but it seems to me the eventual dissolution of Vision would free him from certain contractual obligations. It wouldn't surprise me if the business development people from other FCMs are burning up the phone lines right now because they know that Vision's various introducing brokers are soon going to be in the market for a new FCM.
If I had money at Vision I'd sit tight and let things settle out, but I wouldn't reward High Ridge (the "new" Vision) with my continued business. It's a competitive market and the top dogs at Vision/High Ridge have multiple blemishes in the area of failure to supervise and they should have cut loose the troublesome CTA and IB long ago.
On a slightly redeeming note, the Vision principals were not banned from the industry, they made customer restitution and they paid a pretty big fine. I suspect Vision, as it winds down, and High Ridge, as it starts up, are going to have extra NFA attention so your money should be as safe or perhaps safer than any other place.
The following 2 users say Thank You to CafeGrande for this post:
Just got off the phone with Matt. He took the time to ring me here in Ireland and assured me that my funds are safe. He said if I wanted my funds out I could get a wire transfer Monday if I want. So long as my funds are safe that's all I care about...
The following 2 users say Thank You to smalltrader35 for this post:
I spoke with my IB also and he said basically the same thing. He knew what was going on but was surprised it has been blown out of proportion like this.
He feels Vision is not in trouble and will not disappear any time soon.
Here is the introductory paragraph from the following article:
Please correct me if I am wrong here, but these guys helped a CTA rob customers of their money and now they are simply going to run off and start a new firm? And we are all supposed to blindly think that they would never screw over any customers in the future?
I don't want to run off half cocked, so please let me know if I am misunderstanding any of this. And if I am not, how is it that only the firm is being punished and barred, but the people who actually engaged in the misconduct are allowed to continue working in this business?
I am not educated about the inner workings of these firms to know how any of these findings by the NFA compare to the working of MF Global, but I would think it particularly foolish to give any benefit of the doubt to "High Ridge".