Team Trading (Formerly VCM Capital, VCM Trading, Velez Capital Management)
130 West 42nd Street,
Suite 450 (fourth floor)
New York, NY 10036
Toll Free: 866-598-3539
Phone: (212) 221-3715
Fax: (866) 532-3839
These numbers are out of service!
www.teamtrading.com
VCM Trading was a fee-charging prop training and trading business. Under their “Trade for Life” seven day training programme costing $12,995, prospective trainee’s were taught the company trading methods after which they were given a simulated trading account and permitted to begin trading. Once certain profit and consistency targets were demonstrated to have been achieved, the trainee would commence trading with a real-money account funded by the company. The company insisted on exceedingly restrictive loss limits of only $30 per day after which trading would be halted.
VCM changed its name to Team Trading sometime around the end of 2008. Team Trading notoriously collapsed at the start of 2009 – millions of dollars of Individual Account holders deposits, money that had been deposited for “own account” trading that was supposed to have been held in escrow, allegedly dissappeared, with founders Oliver Velez and Charles Vaccaro both pointing the finger of blame at each other.
Vaccaro went on to form a new entity Element Trading, and Velez formed IFundTraders.
Unconfirmed reports of an SEC investigation into the matter persist, and victims of the collapse have posted voluminous information about this, and an ongoing court case, on Elite Trader forum at this thread. A Facebook support group is available at this link.
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