That is your opinion NW, but here you are not correct. The law states that payments by brokerage firms to unlicensed entities, whether disclosed, or worse, not disclosed, are illegal. Laws are not written for nothing. They are designed to prevent exactly what has occurred here. When every aspect of the broker-client and chat/trading site relationship is colored with the broker/site's intent to defraud traders, then there is a major problem, and the "you pulled the trigger" argument does not suffice.
This argument, the responsibility of traders, I am quite sure will be asserted by the defense. However, when established members of the stock exchange set out to manipulate, scheme and deceive their own clients on a massive scale, then the entire broker/client relationship may be called into question. You may wish to read through the Investment Adviser's Act of 1940, paying especial attention to the subsection concerning Prohibited Transactions of Investment Advisers. This is not about simply random "gurus" defrauding foolish gamblers; no, it is about respected and licensed brokerage firms lying, cheating and stealing from their own clients for years, in a highly sophisticated and organized scheme for their own interest, and damn anyone else's, especially their own clients. You might be surprised one day to hear some of the kinds of language brokerage firm and trading site staff routinely use to describe their clients and members. Call it shocking and you are being generous.
O.A. |
