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- 👀 Topstep vs Influencer Lawsuit Escalates - Subpoenas Sent
👀 Topstep vs Influencer Lawsuit Escalates - Subpoenas Sent
Lets get ourselves prepared for the week ahead!
Kieran Gohil
November 03, 2025
Hi guys, it’s Kieran. Another week is upon us and the markets are open, so lets get into it.
📢 Prop Firm Industry News
Back in July it was revealed that Topstep is suing social media influencer Patrick Wieland for breaching a release agreement he signed after parting ways with the firm. They claim breaches of confidentiality, non-disparagement as well as deliberate defiance, and are seeking millions of dollars in damages. Last week, additional information came to light including a raft of subpoenas sent to various firms, platforms and another influencer (strangely).
🚨BREAKING: Topstep sends subpoenas in Topstep v. Wieland
Recipients:
MyFunded Futures, LLC
NinjaTrader Clearing, LLC
Tradovate, LLC
Market Clubhouse, LLC— Jmu (@jmutrades)
3:12 AM • Oct 29, 2025
Just to be clear, Topstep is not suing the subpoena recipients, they’re likely just being asked to produce information relevant to the case.
Patrick Wieland’s response:
I wonder why TS would want to Subpoena Ninja Trader and Tradovate?
This whole Lawsuit is TS trying to fuck with all of its competitors nothing more.
Topstep lawyers told us they wanted to settle outside of court but now they're trying to attack all of their competitors through
— Patrick Wieland (@WielandTrades)
10:16 AM • Oct 29, 2025
Some background:
This is from an interview I did with @MichaelPatak in 2023
As @Topstep claims in their legal complaint that I misrepresented myself while I was an affiliate with them.
I claim that they misinterpret themselves as having traders best interest in mind when clearly MP states
— Patrick Wieland (@WielandTrades)
3:15 PM • Oct 25, 2025
From Payout Junction, here are the firms who paid out the most over the last 7 days 🏆️.
🔥 Monitor prop firm payouts LIVE on Payout Junction - https://payoutjunction.com.
🕜 Red Folder News
Here are this week’s red folder news events. US Government shutdown continues, so lots of ‘tentative’ events on the calendar including non-Farm payrolls which would have been the biggest event of the week. We’ll still get some US data though with ADP Non-Farm jobs on Wednesday and ISM Manufacturing later today.
Time in CET
📈 The Macro View
Nasdaq closes up for the 7th straight month
Something it hasn’t done since 2017.
Mag 7 v the rest
This is of course a result of the massive overperformance of the Mag 7 stocks relative to the rest of the market.
Mag 7 stock prices vs earnings
A word of caution on buying Mag 7 stocks at these levels. Prices are massively overshooting earnings. Historically these sharp overshoots revert to mean at some point.
Market Sentiment
Even at these extended levels, participation in this rally is low, particularly from institutions. Overall market sentiment remains ‘fearful’, which is typically a good contrarian indictor to buy, however nothing works 100% of the time so keep an open mind.
OK guys that it from me, have a great week!
Kieran
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