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With regard to the recent postings viz-a vis Advantage, I myself know nothing
of Advantage but with regard to one of the more recent postings regarding what
happens when a IB goes belly up, well it just so happens that very recntly I
had several accounts with a very well known IB in London and what happened yes
you guessed it they were forced to go into liquidation. Fortunately for myself
I had recently transferred my main accounts to another broker due to bad fills
etc when I heard through the grapevine that they were about to be shut down by
the SFA ( Securities and Futures Authority). I immediately instructed them to
close my outstanding accounts and return the funds but alas too late liquidation
was in progress.
I did recieve all of the outstanding funds with interest and fortunately for me
it wasn't my main fund accounts because it took over 3 months to get the money
back. Now i'm sure that there are quite a few traders whose main trading
accounts are with theses guys still and they are probably going nuts with the
frustration of having to wait for moneys to be returned. So I guess I was very
lucky but with regard to getting funds back from smaller IB's I do not know what
the answer is, my suggestion is always pick a relatively large broker who is not
going to go belly up so check around ask people and most importantly don't be
afraid to ask its your cash and if trading is your full time occupation if you
have to wait for 3 months before you can trade would you have sufficeint cash to
trade elsewhere or sufficeint cash to live!!
Good Luck
JMB wrote:
> On Thu, 18 Jun 1998 20:11:08 -0700, you wrote:
>
> >Does anyone know what has happened to Advantage? All their phones have been
> >disconnected.
> >
> >Thanks,
> >Kim.
>
> Kim,
>
> Several months ago I posted a message that "I was looking for an LFG /
> LEO-WEB Broker."
>
> I got a tremendous response from "Omega Listers", with a large
> percentage of people who said they used.... Advantage Trading Group!
> I mean a LOT!!
>
> I didn't go with them, because "they seemed too good to be true", if
> you know what I mean! You know... one of those famous sayings your
> mother used to tell you!
>
> Actually, my concern about this situation would be a hypothetical
> question regarding IB's in general for those who may know?:
>
> 1) IF an IB were to "go belly up", what would happen to their
> clients' accounts? Both short & long term??
>
> 2) Could those clients be harmed financially??
>
> Needless to say, I feel sorry for ALL those "clients", that may be or
> could be "burned" if something "terrible" were to happen to this or
> any other broker!
>
> PS. YES, I did FIND a broker that I am extremely happy with, so
> please NO BROKER RESPONSES TO THIS MESSAGE, Thanks!
>
> JMB
> TraderGuy@xxxxxxx
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