Friday, June 13, 2008
ODL SECURITIES SCAM CASE
If you trade the news there's no point opening an account here.
After two weeks of successful trading, i received an email informing me that my style of trading was not welcome at ODL.
This aside, the trading platform was dated, most orders go through brokers which slows down the whole process, and the charting is poor.
All in all. Stay away.
ODL SECURITIES SACM WARNING
These brokers has not got an interest in the small account holders i.e. - less than $10,000.I had a live account with them and got too many "Dealer Being Allocated" notices when trying trade.
The dealers are seriously in it for themselves and let you in the market when they feel like they will make profit.
I even had one of my fellow traders not be let out of the market when profit was on the table. Their software is very dated compared to what is out there now. Keep away folks...You have been warned
ODL SECURITIES SCAM CASE
they have been fined by the NFA:
NFA orders ODL Securities, Inc. and its principal to pay a fine of $165,000
September 26, Chicago - National Futures Association (NFA) has ordered ODL Securities, Inc. (ODL) and its principal, Brian P. King, to jointly pay a fine of $165,000. ODL is a Futures Commission Merchant and Forex Dealer Member located in Chicago, Illinois. Raymond A. Dubuque, an associated person of ODL, was also fined $3,000 and ordered to tape record all conversations with existing or potential customers for a period of one year. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in March 2007, and a settlement offer submitted by ODL, King and Dubuque.
The Panel found that ODL and Dubuque made misleading and deceptive statements in the solicitation of foreign currency (forex) customers. In addition, the Panel found that ODL failed to take applicable concentration charges on transactions with certain forex counter parties, and failed to maintain adjusted net capital.
The Panel also found that ODL failed to implement enhanced supervisory procedures, maintain adequate books and records, and file financial statements within a timely manner. Finally, the Panel found that ODL and King failed to adequately supervise ODL's activities.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.
NFA orders ODL Securities, Inc. and its principal to pay a fine of $165,000
September 26, Chicago - National Futures Association (NFA) has ordered ODL Securities, Inc. (ODL) and its principal, Brian P. King, to jointly pay a fine of $165,000. ODL is a Futures Commission Merchant and Forex Dealer Member located in Chicago, Illinois. Raymond A. Dubuque, an associated person of ODL, was also fined $3,000 and ordered to tape record all conversations with existing or potential customers for a period of one year. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in March 2007, and a settlement offer submitted by ODL, King and Dubuque.
The Panel found that ODL and Dubuque made misleading and deceptive statements in the solicitation of foreign currency (forex) customers. In addition, the Panel found that ODL failed to take applicable concentration charges on transactions with certain forex counter parties, and failed to maintain adjusted net capital.
The Panel also found that ODL failed to implement enhanced supervisory procedures, maintain adequate books and records, and file financial statements within a timely manner. Finally, the Panel found that ODL and King failed to adequately supervise ODL's activities.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.
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