Monday, April 27, 2020 2:13:26 PM
As a business owner....back in the old days, if I had GBM or BANAMEX....EDUARDO NAVARRO....Mi MATADOR!!!!
or BANCOMER ((LUIS GARIBAY))....all my equity traders from the banks and brokerage firms where my clients......sometimes, my customers...who were my BEST FRIENDS...would ask me to take trades away from them. Sometimes they asked me for the favor, and I would make a decision YES or NO...many times it was yes, because in business I understood the "loss leader" marketing....I marketed my services as a broker to the most POWERFUL TRADING MACHINEs of Mexico.
Only because the customers which paid me about $1,000,000.00 or more in Commissions a year, traded a lot, .....and if they lost money, as a COURTESY, I did.....25 years ago....would take the trade off the client, and put in my 101 account....FIRM ACCOUNT.....and take risk on my own.....RISK CONTROL....yes, I would have a position exposed......
Imagine holding short 10,000 TMX or 25,000 TV or even worse I took a $100,000.00 loss for G Norte....it was LUIS asking me to take a SHORT of 100,000 CX. Luis is who asked me for BRIBES and threatened me in 2007....that was 13 years ago, and I lost my FINRA license to trade. GONE.
I would walk into my Compliance officer's cage, and ask to approve the move and BUSTING of the trade, and then go to the GENERAL PARTNER MARIA....and sweet talk my way into carrying a position.
https://brokercheck.finra.org/individual/summary/1952963
Guys, I am not a criminal, nor anything but just someone who today is very HAPPY.
Sometimes I made money trading the house account, and sometimes I lost money,,,,and had to BUST the trade from the customer account....and carry the position....and put it in the firm account.
This always made me very nervous, because in addition to providing value added service and trading "looks" from the NYSE floor....all day long. I would be on a 20 minute Economic outlook from David Malpass from BEAR Latin America Research.
You see, back in the beginning if a client that paid me mucho dinero in commissions, yes...of another BAD BOG trader that asked me to take a trade was Casa de Bolsa FIMSA. The were the original IXE! GIL CANTU...he was my boy for a while too from BONY and then went off to manage hedge funds. One of my friends from Bear to take risk for the firm was CLAUDIO HONIGMAN.
"Member Firm Official Disciplined for Artificially Influencing Price of Security
Claudio Honigman of New York City, a former managing director on the emerging markets desk of a member fi....sactions that had the effect of artificially influencing the price of a security and caused books and records violations. The company whose stock is the subject of this matter is Compan.....ezuela, a major Venezuelan telephone company whose Class D shares traded on the stock exchange in Venezuela and on Venezuela's electronic exchange. The American Depositary Shares (ADSs) of the Class D stock of the company trade on the NYSE. An NYSE hearing panel found that on Dec. 17, 1997, Honigman effected sell transactions on the stock exchange in Venezuela that had the effect of artificially influencing the price of a stock and resulted in an approximately 10% drop .........on that would have the effect of causing the price of the company's shares to decline significantly. The panel found that Honigman then contacted a second broker dealer in Venezuela, resulting in a sale at the close of more than 195,000 Class D......at successively lower prices for a drop on the close of approximately 10%."
https://mondovisione.com/media-and-resources/news/nyse-announces-disciplinary-actions-against-member-firm-and-17-individuals/
The NYSE imposed a penalty of a censure and $30,000 fine. Honigman consented to the penalty.
Those early days on the NYSE were crazy. I remember when the QUOTATION system in the early 90's the limit to show the quote was 999 for size. The famous triple 999's. We traders had no idea how big the floor book was, so that is why the Mexican Banks and Brokerage firms, needed looks all the time.
Do any of you remember Quick and Reily clearning or QRC? That was my counter party many times.
Oh man, I had a client 25 years ago....because I lost my license in 2007 by FINRA. He threatened me, lost about $5,000,000.00 on a AMX short trade, and DK'd the trade on me, and I saved all my text messages where he authorized the trades, so in the end....FINRA was cool with me, and this was the Sr Officer that disciplined me, and investigated, and CLEARED me...
https://www.ulmer.com/attorneys/michael-a-gross
We all have gone through many trials and tribulations over the years. This was a long time ago, but I remember it very vividly. The Venezuelan stock "Claudito" was VNT on the NYSE...lol.
We all have made mistakes. I just wanted to drop in, today and say HI to the gang, and thank you for the WELCOME BACK!
Patrick
or BANCOMER ((LUIS GARIBAY))....all my equity traders from the banks and brokerage firms where my clients......sometimes, my customers...who were my BEST FRIENDS...would ask me to take trades away from them. Sometimes they asked me for the favor, and I would make a decision YES or NO...many times it was yes, because in business I understood the "loss leader" marketing....I marketed my services as a broker to the most POWERFUL TRADING MACHINEs of Mexico.
Only because the customers which paid me about $1,000,000.00 or more in Commissions a year, traded a lot, .....and if they lost money, as a COURTESY, I did.....25 years ago....would take the trade off the client, and put in my 101 account....FIRM ACCOUNT.....and take risk on my own.....RISK CONTROL....yes, I would have a position exposed......
Imagine holding short 10,000 TMX or 25,000 TV or even worse I took a $100,000.00 loss for G Norte....it was LUIS asking me to take a SHORT of 100,000 CX. Luis is who asked me for BRIBES and threatened me in 2007....that was 13 years ago, and I lost my FINRA license to trade. GONE.
I would walk into my Compliance officer's cage, and ask to approve the move and BUSTING of the trade, and then go to the GENERAL PARTNER MARIA....and sweet talk my way into carrying a position.
https://brokercheck.finra.org/individual/summary/1952963
Guys, I am not a criminal, nor anything but just someone who today is very HAPPY.
Sometimes I made money trading the house account, and sometimes I lost money,,,,and had to BUST the trade from the customer account....and carry the position....and put it in the firm account.
This always made me very nervous, because in addition to providing value added service and trading "looks" from the NYSE floor....all day long. I would be on a 20 minute Economic outlook from David Malpass from BEAR Latin America Research.
You see, back in the beginning if a client that paid me mucho dinero in commissions, yes...of another BAD BOG trader that asked me to take a trade was Casa de Bolsa FIMSA. The were the original IXE! GIL CANTU...he was my boy for a while too from BONY and then went off to manage hedge funds. One of my friends from Bear to take risk for the firm was CLAUDIO HONIGMAN.
"Member Firm Official Disciplined for Artificially Influencing Price of Security
Claudio Honigman of New York City, a former managing director on the emerging markets desk of a member fi....sactions that had the effect of artificially influencing the price of a security and caused books and records violations. The company whose stock is the subject of this matter is Compan.....ezuela, a major Venezuelan telephone company whose Class D shares traded on the stock exchange in Venezuela and on Venezuela's electronic exchange. The American Depositary Shares (ADSs) of the Class D stock of the company trade on the NYSE. An NYSE hearing panel found that on Dec. 17, 1997, Honigman effected sell transactions on the stock exchange in Venezuela that had the effect of artificially influencing the price of a stock and resulted in an approximately 10% drop .........on that would have the effect of causing the price of the company's shares to decline significantly. The panel found that Honigman then contacted a second broker dealer in Venezuela, resulting in a sale at the close of more than 195,000 Class D......at successively lower prices for a drop on the close of approximately 10%."
https://mondovisione.com/media-and-resources/news/nyse-announces-disciplinary-actions-against-member-firm-and-17-individuals/
The NYSE imposed a penalty of a censure and $30,000 fine. Honigman consented to the penalty.
Those early days on the NYSE were crazy. I remember when the QUOTATION system in the early 90's the limit to show the quote was 999 for size. The famous triple 999's. We traders had no idea how big the floor book was, so that is why the Mexican Banks and Brokerage firms, needed looks all the time.
Do any of you remember Quick and Reily clearning or QRC? That was my counter party many times.
Oh man, I had a client 25 years ago....because I lost my license in 2007 by FINRA. He threatened me, lost about $5,000,000.00 on a AMX short trade, and DK'd the trade on me, and I saved all my text messages where he authorized the trades, so in the end....FINRA was cool with me, and this was the Sr Officer that disciplined me, and investigated, and CLEARED me...
https://www.ulmer.com/attorneys/michael-a-gross
We all have gone through many trials and tribulations over the years. This was a long time ago, but I remember it very vividly. The Venezuelan stock "Claudito" was VNT on the NYSE...lol.
We all have made mistakes. I just wanted to drop in, today and say HI to the gang, and thank you for the WELCOME BACK!
Patrick
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