I hate to give an asshole like this guy publicity, but give me a break!! His whole business model is: if you have lost money in the markets, call me and I will sue whoever you want, for a cut of the action!! Well, guess what? It's called a stop loss- if you are too stupid to take one, that is your own damn fault!! Why sue a broker, clearing firm, etc, for your own stupidity?? Sleazy lawyers like this guy just make me sick- it's like suing McDonald's because you ate their food everyday and turned into a fat ass!!
Is trading and investing easy? The firms and exchanges make millions off of us, they write the rule books (and change them, if you do find a way to make money), bust trades against us, don't allow you to bust under similar circumstances, run to the politicians to arrange issues in their favor, and on and on and on. Now the individual shows up with a lawyer against them, which is like a pea-shooter against a canon. And it's still too much for you. And you're a trader! Gawd! If I read your post sitting in the executive offices of, say, Merrill Lynch, I'd think, "We've devoted our lives to grabbing the trader and investor by the nuts - and they don't even have the sense to use the few tools available to them!"
I agree there is some crooked stuff that goes down on Wall Street, no doubt- and in those cases legal action is appropriate. But to encourage a sue-happy culture of mom and pop unsophisticated retail investors that cry b/c they made a bad trade or two is just rediculous, IMHO. There are already so many frivolous lawsuits out there with absolutely no merit- they only are means for the investors and lawyers to enrich themselves at someone else's expense.......Most (not all) lawyers are crooked bums who are concerned more about their paychecks than ethics.
actually, i have heard that close to 90% of the lawsuits filed are by corporations suing other corporations. not gonna lose sleep over it myself.
Haven't seen him or read about him, but it sounds like he's a guy I could have loadsa fun with on a party After the Ipo-burst, there was some lawyer they showed on the tellie. He was the mother of all sleaze bags! He admitted that he worked for Investment banks and boiler rooms, and after the bubble burst, he suddenly realized that all he did was wrong and helped individual investors sue his former clients
http://www.thememoryhole.org/corp/finance/sec_amex_report.htm I've posted this link before, but check it out. Most U.S. option exchanges, and the attached specialist firms, have consistently violated the SEC mandate that their quotes be firm to all investors (except fast markets, and tech problems). The exchanges and specialist firms (many of the same specialist firms who have *already* been found dirty at the NYSE), then try to get out of it. One exchange has even been caught red-handed submitting false reports to the SEC. That is unreal. Even Edward D. Jones, once considered one of the most honest firms on the Street, was recently caught in extensive securities violations. There is not one securities firm that hasn't been caught doing something that would put you in jail.