They did not rob anybody and yes, you are going off half cocked .... if they robbed anyone, the principals, or at least somebody, would have been criminally charged. They were not. All that happened was a consultant was not supervised properly and the result was it cost some clients money. The principles made restitution and paid their fine.
If you are looking after your own money and making your own decisions, just using them as a clearing house ... then you were not affected by this at all.
Thank you for taking the time to reply. I do not want the following comments to sound abrasive or combative, but given the perils of typing versus speaking when it comes to tone, I wanted to make that disclaimer.
Assuming for a second that every thing you say is correct, what would preclude High Ridge from failing to supervise client money in the future?
I freely and publicly state that I am not an attorney or well-versed on the intricacies of financial laws and regulations. On the face of it and from a common sense perspective, it seems a little hard to believe that a company can be dissolved for what you seemingly characterize as a minor mistake.
Perhaps, there is some railroading or selective prosecution of some kind. I do not have the intimate knowledge needed to know whether or not this is the case.
With all that said, Jon Corzine has not faced criminal prosecution and the suggestion that just because the principals behind Vision aren't being prosecuted rings a little hallow to me. It doesn't appear that the CTA running ACE is going to be prosecuted, either. In fact, I read an article by Dan Collins that suggested this guy was out trying to raise money once again.
For the record, I did not suggest that Vision stole client money. I did suggest that they helped ACE cheat customers and that may have been a little too heavy handed. However, clearly the funds were stolen...ahem...misappropriated according to the NFA findings.
In summation, I am suspect of arguments that suggest a firm that is shut down by a regulatory agency engaged in minor transgressions or simple negligence. It just seems a little hard to believe, respectfully.
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In this afternoon's article by Dan Collins, I think there's some schadenfreude, especially with the title and the picture, but assuming he has the facts:
- Yu-Dee Chang, the worst of the characters, has received a lifetime ban from the NFA. I suppose he could trade for himself, but he's out of business when it comes to soliciting the public.
- It's not a slam dunk that High Ridge will obtain NFA membership, and if they do, it might take a while.
I'm not an expert at the workings of the market or the regulatory structure, but if the CFTC, NFA, FIA and the exchanges want to remain in business (or have a business to regulate), and if they learned anything from their failures with MF Global and Peregrine, then Vision's daily customer segregation report is probably getting extra attention these days.
If you're interested, they had $19 million in excess net capital at the end of April:
On the NFA BASIC site, you can see additional financial reports, including in time series format - click on more data or less data once you're on the page that contains the report you want. The CFTC site, as far as I know, presents the data as a snapshot only.
Logged into my Optimus account & from there was transferred to VisionFinancial through their envision portal & logged in successfully & account balance is same as it was at end of yesterday. Having no problems whatsoever.
Call your broker.
After all, it's what you learn AFTER you know it all, that counts!
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