A Comprehensive Review of "Day Trade The World" - A Closer Look at Select Vantage Inc., its Connections, and Regulatory Settlements
Day Trade The World (DTTW) is a trademark of Select Vantage Inc., a proprietary trading firm that has been gaining attention in the financial world. In this review, we will dive deep into the company's background, its management, the controversy surrounding its connections, and regulatory settlements related to its associates. It is crucial for traders and investors to be aware of such details to make informed decisions. This review aims to provide a balanced perspective and encourage readers to exercise caution when engaging with trading companies like DTTW.
Background:
Select Vantage Inc., the company behind DTTW, is led by CEO Daniel Schlaepfer, who has been part of the trading industry since the 2000s. Before establishing Select Vantage Inc., Schlaepfer worked for Swift Trade, a company that has since been banned and fined by both US and UK regulators for market manipulation. Swift Trade's founder and former CEO, Peter Beck, has also been personally banned from operating in the trading industry.
Controversial Connections:
Peter Beck now runs Ralota Technologies, which shares the same office address as Select Vantage Inc. in Toronto. This connection raises eyebrows and could potentially be illegal, as Beck is prohibited from being involved in the trading industry. It is essential to consider this relationship when evaluating the credibility and legitimacy of DTTW and Select Vantage Inc.
Regulatory Settlements & Actions:
In addition to the Ontario Securities Commission (OSC) settlement that resulted in Peter Beck paying $400,000 and being reprimanded, there have been other regulatory actions involving Beck and his former company. Beck and his brokerage firm Biremis were fined by the Financial Industry Regulatory Authority (FINRA) for failing to supervise an individual who became statutorily disqualified from the securities industry. Beck was fined $10,000 and suspended for six weeks in a principal capacity.
The Securities and Exchange Commission (SEC) also charged Beck, Biremis, and Charles Kim for failing to supervise overseas day traders who engaged in layering manipulations using Biremis' order management system. Layering is a manipulative trading practice where traders place orders with no intention of executing them to trick others into buying or selling stocks at artificial prices. Biremis' registration as a US broker-dealer was revoked, and both Beck and Kim were given permanent industry bars and had to pay a combined $500,000 to settle the SEC's allegations.
In 2012, Japan's Securities and Exchange Surveillance Commission (SESC) uncovered a manipulation scheme involving nearly 90 Japanese stocks by traders from Select Vantage Inc. The SESC recommended fining the firm 60,000 yen ($590) after discovering attempts to manipulate the price of shares in Torishima Pump Mfg Co and Hoshizaki Electric Co Ltd by placing large buy orders and canceling them before they could be executed. A total of 88 stocks saw similar manipulative trading. Fines in Japan for financial regulatory violations are very low by global standards, although reputational damage can be a major concern for penalized institutions.
Day Trade The World – An Overview:
DTTW is a global proprietary trading firm that provides traders with access to international markets, trading platforms, and technology. They claim to offer a unique opportunity for traders to capitalize on various market conditions and achieve financial success. While DTTW may appear to be an attractive option for traders, it is vital to weigh the risks and benefits carefully.
Concerns & Red Flags:
The connections between Daniel Schlaepfer, Peter Beck, Select Vantage Inc., and Ralota Technologies are troubling, given the history of Swift Trade and the subsequent ban and fines imposed on Beck. Furthermore, the various regulatory settlements and actions against Biremis, Beck, and Select Vantage Inc. raise concerns about the company's commitment to compliance and ethical trading practices. Traders must be cautious when engaging with DTTW and similar companies, as they may face potential risks and reputational damage due to these connections and past regulatory issues.