Dear T2W: Why is Depth Trade STILL soliciting funds here WITHOUT registration ?

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BSD

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DepthTrade: Why can he solicit client funds WITHOUT trackrecord / Registration ?

Half a year on and this is what his profile STILL clearly states:

"Hello and welcome to T2W.
Professional, legal currency management.
Please see my profile for more information."


Not only does that give the impression that he is somehow involved with T2W, but more relevantly there is still NO mention of any CTA registration of his that is legally necessary for him to solicit public funds, NOR of any audited track record that is equally mandatory.

This is clearly illegal and certainly not what I want to keep seeing on a site such as this, particularly not after Madoff et al.
 
Q:
Hypothetically speaking, if I should decide to manage accounts for a small client base at some point in the future, and charge a fee for my services, what are the necessary requirements from a legal point of view?

For example, in order to trade US futures for UK based client accounts, using an Interactive Brokers Professional Advisor set-up, will I require anything asides from an FSA registration?

I believe the terms CTA and RIA are used in the US, with the series 3 and series 7 qualifications being pretty much the norm for professional advisor's. However I don't know the UK equivalents to these terms/qualifications, so if anyone would enlighten me I'd be grateful.



A:
Sam,

On every point, you will need FSA authorisation. Look at their web-site. Uk equivalent qualifications are (or were) Futures and Options Rep's exam (plus Compliance paper) and Registered Securities Rep's exam.

http://www.trade2win.com/boards/general-career-advice/22841-managing-other-peoples-money.html

Where is DT's FSA authorisation ?
 
DepthTrade: Why can he solicit client funds WITHOUT trackrecord / Registration ?

Half a year on and this is what his profile STILL clearly states:

"Hello and welcome to T2W.
Professional, legal currency management.
Please see my profile for more information."


Not only does that give the impression that he is somehow involved with T2W, but more relevantly there is still NO mention of any CTA registration of his that is legally necessary for him to solicit public funds, NOR of any audited track record that is equally mandatory.

This is clearly illegal and certainly not what I want to keep seeing on a site such as this, particularly not after Madoff et al.
Aaawww, you going to shed a tear now? :LOL:

Without me, there is no FX market.
Without me, there is not one profitable trader on T2W nor any other global forum.

Do you understand what I am saying? As far as we know, I am the only on capable of trading the FX market.

I dictate the rules.
 
Aaawww, you going to shed a tear now? :LOL:

Without me, there is no FX market.
Without me, there is not one profitable trader on T2W nor any other global forum.

Do you understand what I am saying? As far as we know, I am the only on capable of trading the FX market.

I dictate the rules.

Can you give us a screenshot of your account activity today? Would be cool to see that (y) Just so's you can educate our dumb ass's.
 
This is the reason why Depth Trade has neither track record nor registration:

"Hi All

My experiment with Depth Trade has now come to an end. As agreed with him the experiment was to last 6 months or 30% DD.

Although the account was down by over 20% at one time Depth Trade was successful in making the account grow end up with a slight profit.

The following is a record of week's end results since the start. Please note that these results include all open positions at that time. If anybody is interested in a complete history of all transactions including interest fees all trades let me know I will forward you the excel file.
Depth Trade Results
Start Date Jan-14
Deposit Amount 1000.00
Week Start Date 5-Jul-08
Week End Date 13-Jul-08
# Weeks 26
USD Start of Week 883.71
USD Ending Amount 1011.20
P/L for Week $ 127.49
P/L % for Week 14.43%
P/L since Start $ 11.20
P/L % since Start 1.12%
Expected ROI yearly 2.24%"

There will also be one more Fee to be deducted for the month of July. I believe it will be about USD 3.50.

Putz"


MoneyTec 2.0 - View Single Post - Any honest profitbale signal provider ?

In other words, Depth Trader risked 20% to make 1.12% in SIX months !!!
 
Aaawww, you going to shed a tear now? :LOL:

Without me, there is no FX market.
Without me, there is not one profitable trader on T2W nor any other global forum.

Do you understand what I am saying? As far as we know, I am the only on capable of trading the FX market.

I dictate the rules.

He speaks the truth.

I secretly think this is Sharky or Arabian.
 
BSD, sit and spin buddy! I am exempt.
I deal with adults that are capable of making there own decisions and we have lawyers to back there decisions.


"Agent has furnished Customer with a
signed written statement explaining Agent’s exemption from applicable registration and disclosure documents requirements of the
Commodity Futures Trading Commission, the National Futures Association, and/or approvals, licenses, registration and permits
from other applicable government or regulatory authorities."


Power of Attorney for FXTrade™ Managed Accounts
Email to [email protected]
Or fax to +1 212 208 4356
The undersigned FXTrade customer (“Customer”) authorizes ___________________________________________________ (“Agent”)
to act as Customer’s agent and attorney-in-fact with full power and authority to manage and trade Customer’s allocated funds from
FXTrade Managed Account number _________________ (“Account”) with OANDA Corporation (“OANDA”) in Customer’s name, and
for Customer’s account and risk, and with the same authority and effect as Customer acting personally. This authorization shall include,
without limitation, trading in over-the-counter foreign exchange contracts and other commodities and/or options thereon in the Account,
on margin or otherwise.
Customer authorizes OANDA to follow Agent’s instructions in every respect concerning the Account. Customer hereby ratifies
and confirms any and all transactions in the Account that are made based on such instructions, either prior to or subsequent to the
execution of this Power of Attorney (“POA”). Customer further authorizes OANDA to make available to Agent all information
pertaining to the Account.
Agent represents, and Customer acknowledges, that Agent has provided to Customer the disclosure document concerning Agent’s
trading advice and strategies which Customer has read and understood or, in the alternative, Agent has furnished Customer with a
signed written statement explaining Agent’s exemption from applicable registration and disclosure documents requirements of the
Commodity Futures Trading Commission, the National Futures Association, and/or approvals, licenses, registration and permits
from other applicable government or regulatory authorities.
Customer understands and agrees that OANDA makes no
representation as to the qualifications, experience or regulatory authorization of Agent or lack thereof, and will not control
Agent’s actions. OANDA does not, by implication or otherwise, endorse the operating methods of Agent. Customer further
understands and agrees that Agent is the agent of Customer and not of OANDA. Customer acknowledges that Agent may also act
as agent for other parties and may not be the exclusive agent of Customer unless otherwise agreed between Customer and Agent.
Customer confirms that he/she has agreed directly with Agent as to the amount and payment terms of compensation for Agent's
services including, without limitation, all management or maintenance fees, performance or incentive fees and/or advisory fees
(collectively “Fees”). Agent acknowledges that it is not authorized to withdraw any money, securities, or other property from the
Account either in its own name or in the name of the Customer or otherwise, save and except for the agreed upon Fees. Customer
authorizes OANDA to pay Fees, as calculated by Agent, to Agent from the Account without the need for independent verification
by OANDA. Customer releases OANDA from any and all loss, costs, damages, expenses or disputes arising out of or related to
the calculation and payment of Fees.
Customer hereby releases OANDA, its directors, officers, shareholders and employees (the “OANDA Parties”) from any and all
liability to Customer, and anyone claiming through Customer, with respect to any and all losses, damages, liabilities and/or
expenses of any kind or nature whatsoever (“Damages”) sustained or alleged to be sustained as a result of: (i) OANDA following
Agent’s instructions; (ii) all actions of Agent regarding the Account; and/or (iii) any other matter arising out of the relationship
between Agent and Customer, even if resulting from Agent’s default, gross negligence or willful misconduct, and Customer shall
indemnify the OANDA Parties from any and all Damages arising therefrom.
Even though Customer has granted Account authority to Agent, Customer should be diligent and frequently scrutinize the status
of the Account. Customer has the right to request from Agent statements on Account status and details regarding the overall
management of the Account, and Agent agrees to provide, upon Customer's request, such statements and details.
Customer acknowledges that the risks of trading foreign exchange and other commodity instruments is high and that only genuine
"risk" funds should be used in such trading. If Customer does not have capital that Customer can afford to lose, Customer should
not trade in these markets. No "safe" trading system has ever been devised, and no one can guarantee profits or freedom from loss
or to limit the extent of losses.
This POA is a continuing one and shall remain in full force and effect until revoked; (i) by Customer or Agent upon written notice
to OANDA sent to the email address or fax number at the top of this document, or (ii) by OANDA upon notification to Customer and
Agent at the e-mail address on file with OANDA. Revocation shall not affect any liability in any way resulting from transactions
initiated prior to such effective date. This POA shall inure to the benefit of OANDA, its agents, successors and assigns.
Each of the undersigned agrees to be bound by this Power of Attorney. Customer acknowledges having received, read and
understood this POA and the risks described herein, and certifies that he/she has the financial resources to enter this POA.
This POA supersedes any oral or written communications, representations or agreements between Customer and OANDA
or between Agent and OANDA and is governed by the laws of the State of New York.
Customer Signature _____________________________ Print Name _________________________ Date ________________
Agent Signature ___________________________________ Print Name ____________________________Date _________________
OANDA Corporation Power Of Attorney August, 2008
 
I really do not understand why DT does not get banned.

He is NOT authorised by the FSA as required by UK law:

He does NOT have an audited track record:

=======> he is clearly breaking the law.

Having been gone for half a year I have no idea what happened with wasp whom I always liked and respected, but how can it be that he got banned, and a total lunatic like DT who has never contributed anything of any value here gets to stay, a guy who is clearly breaking the law, a guy who clearly couldn't trade his way out of a paper bag if his life depended on that and is abusing this sites own rules by illegaly soliciting client funds here.

I really have zero interest being followed around by a crook like DT every time I come here.

I'd really like to hear from Sharky why someone who is not only breaking UK laws but also his own sites rules gets to stay here while a long time contributor and outstanding trader like wasp gets kicked out.

This is supposed to be a site for traders, not incompetent crooks breaking the law.


Hey rath hows tricks mate ?

:D
 
Classic.

It really is always the same, from the above article on investment ponzi scams:

TIME: Beyond Madoff, Ponzi Schemes Proliferate
...Most Ponzis Addelman sees are unregistered funds, so it's often "too late for us to stop the major damage."


Which is exactly why T2W should not tolerate unregistered, unauthorised, unaudited crooks trawling this site with only one intent, soliciting dumb money.

Anybody with results that can be shown would not hesitate one second to do what is required by the law anyway, provide potential clients with the best sales pitch you could possibly offer, an audit of your performance history.

The only reason people do not have proof of marketed capability is if they are crooks, if they cannot furnish evidence of their claims.

Sharky, why is such a blatant breach of the law being tolerated on T2W in view of these obvious facts ?
 
why suddenly BSD picking up on DepthTrade? theres nothing wrong if able to trade over Power of Attorney. trade by yourself doesnt mean you wont lose, if you cant take any risk (no matter what you do) better think twice before lurking on this trading forum.
 
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