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Velocity Futures charged Maintenance Fee. Need new broker recommendation
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Velocity Futures charged Maintenance Fee. Need new broker recommendation

  #31 (permalink)
Elite Member
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Well, PFG sent out an email after the MFG situation assuring everyone that they aren't like that. At this point you have to assume that you can't trust anyone, because...well you can't. So make choices based on that. At the very least have more than one broker and don't put more money in your account than you need to.

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  #32 (permalink)
Student Of The Markets
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Private Banker View Post
I simply can't imagine why someone from Velocity would feel obligated to comment on this. Legal ramifications and potentially personal job jeopardy obviously are two things that come to mind.

As I stated on the PFG thread, who is Atlas Ratings? Who are their analysts? What resources are they using? What is their track record? It would be naive to assume what they say is correct given they've provided no evidence of their findings. Furthermore, the PFG situation was fraud. This is something that you simply cannot find within a ratings review and is an unforeseen event.

Velocity appears to have had some arbitration awards against them in the past but I don't see anything else too concerning (at the moment). The thing to remember with arbitration is many firms are confronted with unhappy clients. I guess the difference is many firms settle the case before it goes to arbitration. Not sure why these went all the way. I've worked for 3 of the largest investment banks in the U.S. and have seen and heard all sorts of complaints/arb situations. It unfortunately is just part of the business.

Hey PB,

I agree with what you're saying, however I would have to safely assume that their findings would be correct otherwise they would have one hell of a legality issue against them for defamation against Velocity and other FCM's. I don't feel there is a reason for panic or to make a drastic move, but this merits attention for more information to make an informed decision for those who have their money parked there. What I am really interested in is Velocities Financial well being. Not sure if Velocity is a public entity and if not how does one get the PnL docs?

Cheers
Ryan

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  #33 (permalink)
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itrade2win View Post
Hey PB,

I agree with what you're saying, however I would have to safely assume that their findings would be correct otherwise they would have one hell of a legality issue against them for defamation against Velocity and other FCM's. I don't feel there is a reason for panic or to make a drastic move, but this merits attention for more information to make an informed decision for those who have their money parked there. What I am really interested in is Velocities Financial well being. Not sure if Velocity is a public entity and if not how does one get the PnL docs?

Cheers
Ryan

@itrade2win

Atlas is publishing their opinion ... not making accusations ... not legally actionable

Rosenthal Collins publishes their audited financials on their website. Ask Velocity for a copy of their audited financials, confirm the financials with the auditing firm . Verify that the auditor is legitimate.

Of course if a firm fools their auditor with false info... you are back to square one.

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #34 (permalink)
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ThatManFromTexas View Post
@itrade2win

Atlas is publishing their opinion ... not making accusations ... not legally actionable

Rosenthal Collins publishes their audited financials on their website. Ask Velocity for a copy of their audited financials, confirm the financials with the auditing firm . Verify that the auditor is legitimate.

Of course if a firm fools their auditor with false info... you are back to square one.


So, the data they posted is their opinion? Does this mean I can create a spreadsheet with financial data and say its only my opinion? That doesn't make sense too me.

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  #35 (permalink)
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Guys,

I think a new thread should be created for this Atlas report, and we should talk about it there.

One of you can do that, post the link and the report (I have the attachments in the PFG thread), and then lets move the Atlas discussion to that new thread since it applies to more than just Velocity.

Mike

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  #36 (permalink)
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I simply can't imagine why someone from Velocity would feel obligated to comment on this. Legal ramifications and potentially personal job jeopardy obviously are two things that come to mind.

@Privatebanker, I think an answer on the forum is not enough or maybe like @ddnut said even not the right way to go. but we do need an answer.
MFG is potentially the beginning of a shift of this industry and PFG is not the end. every broker should consider talking to their clients on such moments, regardless of their rating.

-- The rest is silence
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  #37 (permalink)
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I had no idea they were down the street from me. Guess I could stroll over there during lunch and ask them questions face to face

Velocity Futures, LLC.
1220 Augusta, Suite 600
Houston, Texas 77057

The founder has an interesting background.

Founder Bio

Jack E. Earnest, Jr., Founder & CEO

"From building trading floors and systems from scratch to developing custom software and risk solutions for use in new markets, Jack brings robust utility to complex trading operations. Especially in new and complex markets it is functionality that makes traders comfortable and potentially more profitable."

Jack E. Earnest, Jr. is the founder Velocity Futures LP., a Futures Commission Merchant registered with the CFTC and the NFA to address the needs of active commodity traders.

Prior to founding Velocity Futures, LLC. , in 1995 Mr. Earnest founded Momentum Securities, Inc., an NASD and SEC registered broker/dealer and CSI.NET, a software development company which developed several diverse products for high frequency trading in the equity markets. Momentum went on to become one of the largest professional equity trading organizations in North America, second only to Charles Schwab in terms of daily transaction volume. In 1999, Momentum and CSI.NET were acquired and are now owned and operated by E-Trade under the name E-Trade Professional. Prior to founding Momentum Securities and CSI.NET, Mr. Earnest worked as an accountant with KPMG Peat Marwick.

In October 2007, together with Mark Schwausch, Mr. Earnest formed Velocity Merchant Energy LP, a private investment manager dedicated to providing investment management globally to institutions and sophisticated investors specifically in the areas of North American power and natural gas. In March of 2006, Mr. Earnest became a founding partner of Velocity Energy Trading, a private energy trading firm, and is the architect responsible for developing the trading floor, proprietary software, technology and risk management used by Velocity Energy Trading today.

Jack holds a BBA from the University of Texas at Austin in Finance with a second major in Accounting.

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #38 (permalink)
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From Julie at Velocity to me:
Atlas ratings was just created less then 10 months ago and they make no explanation of their rankings or methods. All our financial information is filed and public record. Based on the information available so far it seems PFG is a case of outright fraud. --

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  #39 (permalink)
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kareninsc View Post
From Julie at Velocity to me:
Atlas ratings was just created less then 10 months ago and they make no explanation of their rankings or methods. All our financial information is filed and public record. Based on the information available so far it seems PFG is a case of outright fraud. --

@kareninsc

Other than the maintenance fee, how has your experience with Velocity been?

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #40 (permalink)
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Great, no complaints, no problems, Velocity customer service always very responsive.
I'm not the one who was complaining about the maintenance fee, BTW. It seems reasonable to me and is waived with 50+ trades a month, even cheap ones like the micro euro ($1.66/RT), or if you use X-Trader.
I also like Sierra, although it may not be as user-friendly as other platforms, kind of a steep learning curve but lots of capabilities.

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