Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | Brokerage breaks silence against former customer and former partnerBy: Optionable And in a New York minute, it was gone. According to a July 2013 statement released on Optionable’s website, the company claims that their reversal of fortune was no accident. Optionable asserts that each for their own reasons, their two most important partners profited by taking deliberate and destructive actions against them which has left Optionable permanently unable to generate revenue as a brokerage firm. Why did they do it? Optionable claims that the Bank of Montreal had been incurring trading losses while still reporting profits to the Securities and Exchange Commission. When the losses could no longer be concealed, the Bank hired a crisis management agency that advised the Bank to publicly blame Optionable, as their CEO had an unrelated previous criminal record, which would serve as a smoke screen for the Bank’s failed risk management practices. Optionable also claims that NYMEX “piled on” to the Bank of Montreal’s bad acts so that they could launch a competing product through the Chicago Mercantile Exchange (CME) and thereby laid the groundwork for their own ten billion purchase by CME the following year. Optionable states that they have filed significant counterclaims against CME and that they will not cease to fight for their beleaguered shareholders until BMO and CME are held accountable. October 2013 depositions of Bank of Montreal personnel have been scheduled. Optionable's first public statement in six years can be found at optionable.com End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|