Oh i think you're totally off base. Penson is actually the most strict clearing firm that I've dealt with.
1) split shares are NOT given out early. The specific brokerages do that, NOT penson. Penson is known to be a bitch to receive the shaers
2) The MGND route is not a scam but a consolidated way for them to try to get some order flow and to help them clear stuff easier to their preferred market makers
3) trading crazy stuff? like what? penson has nothing to do with it, it's the individual brokerages and market makers.
Remember, Penson is purely a clearing firm. But FINRA is need of a scapegoat to blame for the decay of our economy and the markets. This is yet another witch hunt to kill off the penny markets which they feel will make the normal ignorant public applaud. The real crooks are of course these high frequency trading firms and banks themselves. But the rich control the world so....
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