Futex - company's financial situation

This is a discussion on Futex - company's financial situation within the Trading Firms forums, part of the Trading Career category; Originally Posted by vanillaman That is a little presuming indeed.... It is possible that current assets that they post publicly ...

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Old May 31, 2016, 8:26am   #17
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That is a little presuming indeed.... It is possible that current assets that they post publicly are not part of the actual fund itself which may well be locked up in some BVI shell, I am guessing that most of us have life experience and no how to make the tax man uncomfortable, so in my opinion that is a poor judgement measure for any company. Public record is normally full of holes.
Well considering what has just happened there then maybe not
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Old May 31, 2016, 9:47am   #18
 
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Well considering what has just happened there then maybe not
What just happened?
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Old Jun 1, 2016, 9:20am   #19
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http://www.profit-loss.com/articles/...ading-at-futex

Can't find any more info. Have emailed the person I know there but lost his number as my new phone dropped a whole bunch of them as they weren't saved to the SIM on my old phone.
A mate of mine who knew someone who used to work there has been told that they have 'gone bust' but could not get any more info other than that this ex-trader at futex said "they book sh*t." An interpretation of that=they don't book decent profits which explains their courses to make income. So it's all smoke and mirrors.

Judging from the info it appears a trader tried to take money out and found out that he/she couldn't, most likely due to lack of funds in the comingled accounts (I don't think trader funds were segregated at the futex level, but were segregated at the Clearer (Marex) level). Hence the injunction. Shocking stuff.

Last edited by bootsyjam; Jun 1, 2016 at 9:26am. Reason: new info
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Old Jun 1, 2016, 11:38am   #20
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Originally Posted by bootsyjam View Post
http://www.profit-loss.com/articles/...ading-at-futex

Can't find any more info. Have emailed the person I know there but lost his number as my new phone dropped a whole bunch of them as they weren't saved to the SIM on my old phone.
A mate of mine who knew someone who used to work there has been told that they have 'gone bust' but could not get any more info other than that this ex-trader at futex said "they book sh*t." An interpretation of that=they don't book decent profits which explains their courses to make income. So it's all smoke and mirrors.

Judging from the info it appears a trader tried to take money out and found out that he/she couldn't, most likely due to lack of funds in the comingled accounts (I don't think trader funds were segregated at the futex level, but were segregated at the Clearer (Marex) level). Hence the injunction. Shocking stuff.
You could ask trader dante via social media, he must know people who work(ed) there
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Old Jun 1, 2016, 5:13pm   #21
 
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You could ask trader dante via social media, he must know people who work(ed) there
A whole bunch of them post on twitter under futexlive handle, only one I know still active is brannigan @bjb_futexlive .....though they are still sending out marketing emails for trader courses, now at 70% discount ffs.

It's not even as if anyone lost a chunk it was just being siphoned off if what has been said so far is true. A modern day ponzi. That's why Marco was so hard to get hold of.
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Old Jun 1, 2016, 6:37pm   #22
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Old Jun 1, 2016, 8:28pm   #23
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I guess selling training courses is a good indicator that the previous business model doesn't work so well these days.
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Old Jun 2, 2016, 5:49pm   #24
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I guess selling training courses is a good indicator that the previous business model doesn't work so well these days.
I don't know what the model is unless it's embezzlement. Not having the money to pay a trader his earnings? Hmmm if they were knowingly operating whilst insolvent that makes the directors personally liable.
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