Complaint Review: Timberpoint Capital LLC - Smithtown, NY 11787 New York

joined Timberpoint Capital LLC trading group beginning 2008 after being referred by a friend.   I am an active day trader and was looking for a US based prop firm to trade stocks/options with.  Opening and funding account was a breeze.  Upon opening an account got a personal phone call from Craig T Feltz.  Seemed very nice, helpful, even send me a gift around Christmas as I am a very active trader and was bringing lots of trading fees to his firm.

First 3 years were mostly uneventful, making money and getting paid with no issues.  Was upset wires would take 2 days but they would always come.  After about 3 years wires started taking a week.  Pain in the a*s but they would still come.  Another 6 months later it started taking 2 weeks or longer.  Then July 2012 another customer who I referred did a check request and weeks went by.  No check.  In that time frame I did a wire request which took 2 months making fall behind on my mortgage.  My house been paying off for 12 years got put in foreclosure.  That wire request did come although 2 months late, yet check request for the other client no sign 3 months later.  Made lots of money October and starting early November put out over $23,000 worth wire requests.  Could have got my house out of foreclosure and been safe.  No wires. Upon inquiring whats the deal with funds.  "relax, they been sent."  "wires are on the way"  " the funds should have already hit"  Beginning of December.  Nothing.  All the sudden Christmas.  NOT A PENNY.  Was suppose to move to CO before new years.  Couldn't, no funds.  At this point can't even pay back taxes.  Scraping change for ramen noodles.  Now this going on to end of January and fed up started threatening with SEC and made up a file with all agreements, account statements, skype messages.  Not much choice left as can't get a hold of Craig on the phone, all the sudden emails start bouncing too.  Threat of legal action finally did something.  Little but at least something.  Started getting occasional $500, 1,000 little chunks here and there.  Great at least can pay taxes now and be broke. 

Around this time was chatting with Craig on skype and I kept trying to get to the bottom whats going on.  He tried to imply that he had some new PMA or some sort of fund account open where he has unlimited buying power and needs certain capital requirements to keep it going etc.  He asked to work with him and give him time or otherwise everyone will be out of money.  Without much choice gave him a chance, although his excuse that he is gambling my funds for his personal fund venture while I am losing everything I worked for my whole life is not right.   Funds again have stopped coming, majority of funds from November have not come to this day.  Friend still waiting for his check since July 2012.  Amazingly all these funds have been pulled from our accounts but never received.  Same old excuses.  "working on it"  "funds should be there"  "I am busy taking my kid to practice" "my kid is sick I got to stay home today"  "my kid is sick I am in the hospital"  lately don't even get any kind of response. 

Wondering if any other traders out there have had similar experiences with Craig T Feltz.  To be fair there was a time when my work was going tough and he helped me out.  Only reason I went along quietly as long as I did.  But its gotten to a point where I am stranded on the road, have no funds and don't have any other options left other than seek legal action.   I have 120 page complaint file getting ready to pass on to SEC and FINRA.  If anyone else wants to join on or have any additional info please let me know.   For your own sake don't send this firm/guy any money, chances are you'll never see it again.