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Pastimes : Brokerage-Chat Site Securities Fraud: A Lawsuit -- Ignore unavailable to you. Want to Upgrade?

To: Brandon who wrote (438)	7/1/2001 4:08:06 PM
From: CountofMoneyCristo	Read Replies (1) \| Respond to of 3143

Brandon, I have been clear in my opinions and so have you and there is little agreement between us. However, I want to commend you on your civil tone. This is why this thread is unmoderated: even if there is great disagreement, a fair debate should always be possible, though I prefer when name-calling and defamation do not play a role. I feel you are either gravely misinformed about the practices of your colleagues or you are not being entirely candid. I would state the latter, as you have been in close contact with many parties who are guilty of what I state. At the very least it should be disclosed so that members know this when taking a trade and can take it into consideration. Yes, and I see Terra Nova has altered its account agreements to include disclosure of order flow. They are attempting to cover up this scandal. Too late. This website and contract alteration and manipulation is deceitful in and of itself, as this firm never admitted this before. However, payment of order flow compensation to unlicensed and unregulated entities is against the law, disclosed or not. The reason is that unless the SEC has the authority to regulate those in this business then the kinds of abuse we have seen can easily be perpetrated. Even brokers that are regulated are difficult to keep within the bounds of legality, as we have also seen. It is not in their clients best interest, and any business person knows that in the end, what is in your clients best interest is also in your own. (This of course depends upon whom your client really is I guess, but for the sake of this discussion I am assuming traders are the clients). Not the most important. The main client is the brokerage firm itself and the chat sites. The interests of traders are tossed right out the window. If they are producing profits for there members using a more active style, that is great and they should be commended for it. This point is sure to come up after the illegal deals are proven in court - that is cause. If, contrary to public performance claims made by brokers and sites, a vast majority of traders were financially ruined as a result of these deals, or these deals materially contributed to this ruination, then we have effect,/i>, and punishment for this behavior is in order. Olivier