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CFTC Reparations
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CFTC Reparations

  #1 (permalink)
Los Angeles, CA
 
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CFTC Reparations

Hello.

Curious if anyone has any experience with filing a reparations claim with the CFTC and what that process was like. I am collecting data on a wrongful liquidation claim on an FCM that is very widely used, especially on this site.

If you want to discuss offline, PM me.

Thanks.

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  #2 (permalink)
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  #3 (permalink)
Bay Area California
 
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No first hand experience here, but I've known one person who's gone through this process. I don't remember if they won judgement or the fcm settled, but the fcm had auto-liquidated an exchanged based spread position through the legs and ended up filling way out of market.


Mind sharing what happened to you?

.
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  #4 (permalink)
Market Wizard
Boca Raton
 
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Your account might have been liquidated if your account balance has exceeded a certain percentage loss of the account.
These measures are there in an attempt to protect your balance against going debit.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

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  #5 (permalink)
Site Administrator
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Greenmoose View Post
Hello.

Curious if anyone has any experience with filing a reparations claim with the CFTC and what that process was like. I am collecting data on a wrongful liquidation claim on an FCM that is very widely used, especially on this site.

If you want to discuss offline, PM me.

Thanks.

I don't know who the FCM is, but I believe it would be in the public interest for the FCM to be named -- or if you can point to a case file on the CFTC website...

Mike

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  #6 (permalink)
Market Wizard
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Greenmoose View Post
Without details, maybe. That said, that is why margin calls exist. This FCM liquidated while the account had a positive balance.

You are right, I don't know all the details. But, a positive balance in itself does not entitle you to hold positions if a certain threashhold (equity/balance) was broken.

I advise you to contact your broker for full trade details/logs and a copy of all account documents.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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