Today the market gap opened above yesterdays high, you would have made over 10pts on the S&Ps if you had taken Larry Williams Oops system sell signal. But, creating false documents. If so he deserve to go down.
Bingo! http://www.elitetrader.com/vb/showthread.php?s=&postid=1007920&highlight=larry+williams#post1007920
================ Amen. YHOO reported the Sydney Judge granted 1 million bail. And also have one of his books. Never have been to his seminar, he shares trading profits some with attendees, so probably has more seminar business exspenses than most. Its also a fact the IRS tends to fine tooth comb a celebrity or corp; same reason usually a crowded restaurant 's food is better.
Yes. http://www.elitetrader.com/vb/showthread.php?s=&postid=1036028&highlight=larry+williams#post1036028
Indeed. Where would Larry be without his true believers? Sometimes you need a good leap of faith to jump over all that nasty reality.
On the actual topic of this thread: [DISCLAIMER: I have no knowledge of the specifics of Larry's case, so this is just my supposition.] I'm pretty sure that what Larry is accused of is related to widespread abuse of the Economic Development Commission program here in the Virgin Islands. There are many here in the Virgin Islands, including quite a few traders well-known and otherwise, who have been under close scrutiny for pretending to be Virgin Islands residents while actually residing in the mainland U.S. This is relevant because there is a tax provision that many (including Larry Williams) have applied for, which allows one to exempt 90% of income provided one meets certain restrictions. The Feds cracked down on abuses to this program just over a year ago. The program was put in place to stimulate economic development and to help move the Virgin Islands economy off of its dependency on tourism. The idea was that companies would hire 10 Virgin Islands residents and meet other conditions including buying from Virgin Islands businesses in return for a 10 year exemption on income taxes distributed to partners. On the advice of the experts on this program many joined partnerships as individuals for a fee, moved to the Virgin Islands and then claimed this exemption. They were told they would only need to spend 60 days in the Virgin Islands to qualify as residents. Now, I am certain Larry was advised that this was perfectly legal by the top tax lawyer here who happens to be a Harvard educated lawyer from the states. I and my partners had been advising those who came down that this was insanity and would open them to problems in the future. Specifically, we advised traders not to join a large partnership whose sole purpose was to help its partners avoid taxes. We also advised them that a jury would be very likely to find that they were not, in fact, residents if they spent 250 days in California and 72 days in the Virgin Islands as this violates the "smell test". Nevertheless, many many people were too enamored of the 90% tax exemption to be prudent. If this is indeed the trouble Larry has gotten himself into, then he was foolish but had clearly been advised by competent council that it was perfectly legal. Now if he falsified records to try to document that he had been in the Virgin Islands more than he actually had or something along these lines, that may be what prompted the Feds to action. It may also be that the Feds simply want to make high-profile trouble to scare people away from the EDC program here, and that they have no real intention of prosecuting Larry. They won't have a strong case if it is simply a matter of differing interpretation of what a "resident" means given his accepting the advice of a well respected local lawyer. - Curtis
Stick to the topic or I will close this thread. As to the explanation, I emailed you yesterday, check your inbox.
My apologies. I seldom check that e-mail account. I had been expecting a PM. I trust you received my response.