karennma
8,057 posts
msg #69195
- Ignore karennma
modified |
11/12/2008 7:43:23 AM
http://www.marketwatch.com/news/story/terra-nova-financial-group-inc/story.aspx?guid=%7BECBF34EE-C257-4C68-9120-9F241AA02BCA%7D&dist=hppr
I was going to open an account w/ this firm but I can't help wondering ....
How can a trader incur a $3 million loss, NOT have the money, and the brokerage firm does not have software in place to prevent this?
If URL doesn't work, try googling ....
PRESS RELEASE
Terra Nova Financial Group, Inc. Provides Financial Information
CHICAGO, IL, Oct 17, 2008 (MARKET WIRE via COMTEX) -- Terra Nova Financial Group, Inc. (TNFG:terra nova finl group inc com new
TNFG 0.95, +0.15, +18.8%) , a specialized financial services firm that through its subsidiaries provides brokerage services and trading technologies for professional traders, hedge funds and money managers, today announced that Terra Nova Financial, LLC, its wholly owned broker dealer, had experienced unusual trading by a single customer during the third quarter. Near the end of the trading day, the customer initiated a large number of program orders in excess of the customer's financial capacity. As a result of this activity, the customer incurred losses of approximately $2.8 million.
|