Lol so IOW we have to make him pay sumtim otherwise we look like clowns - done. DECISION: ON JUNE 8, 1990, NFA'S APPEALS COMMITTEE ISSUED A DECISION IN WHICH IT ACCEPTED THE SETTLEMENT TERMS NEGOTIATED BETWEEN NFA AND WILLIAMS. THE APPEALS COMMITTEE MADE NO FINDINGS AND IMPOSED A $13,000 FINE UPON WILLIAMS.
Hello tony.m, I know, that would have been amazing if he could have made another 11,000% the next year. I am curious how he made that 11,000%. Do you know? That is VERY impressive.
William Gallacher's book, "Winner Take All," detailed the account of Williams's "trading." I read Gallacher's book in the '90s. In the early 2000s, and out of sheer curiosity and no other reason, I spoke with an enforcement attorney at the NFA who confirmed the numbers and the conclusion. NFA Findings and Conclusion: There is no question that Mr. Williams's personal trading accounts had a material effect upon his composite trading performance. The record reflects that for the first quarter of 1987, Mr. Williams's composite performance showed a loss of $6,122,281, while at the same time Mr. Williams's personal accounts experienced a gain of $902,599. The Panel finds that the fact Mr. Williams was making significant gains while managed customer accounts were suffering considerable losses would be a material fact which a potential customer would need to know in order to make a fully reasoned decision. I addressed this matter years ago under a previous user name:
A few problems I see with Larry's story is he says his Daughter followed his Hotline for trades initially then the Broker took over as she was too busy 1. Why didn't everyone else using his Hotline have a stellar performance. Good publicity for his Hotline too. 2. Why did Larry's clients lose Money while he made that huge return at the same time? Different trades, why?
%% LOL i remember that , long lasting battle royal with IRS. I may have a slight bias for him, I get his emails + remember how once he called the ''v'' DOW[DIA] bottom, but i seldom trade that so, not a real big bias LOL He also mailed me a free book , cheap self published book , not a real big book, so i dont have a real big bias for him . SOME Key stock-ETFs market concepts from one of Larry's book \ free; Moving Averages/ Forecasting\ When to use market orders, dont remember what he noted /i use them on exits some\ 10week moving average, seldom use that; but i use a 50+ 200 dma , to each his or her ........[Delayed EDIT/ IBD use$ 10 week ma some] He has titled one something like why not to use yesterdays close; i use that close , monthly close all the time................................................................... So may not get tax advice from him; but he has some wise help + God bless him + family. Dave Ramsey like funds, 5 funds Real[royal] Estate + limits single stock selection to 10% max AUM .........................................................................................
As I understand it, the fine was largely imposed because Williams did not segregate the results of his personal trading from the accounts he was managing for others. That was evidently proven because the fine was imposed. However, against the background of his account making money while his clients simultaneously suffered significantly larger losses and without proper account segregation suggests that something didn't quite pass the smell test. They could not actually prove wrongdoing, but the numbers spoke for themselves. So much so, that the NFA was impelled to warn potential investors in their findings. I don't recall Williams ever achieving notable personal trading performance while NOT also simultaneously handling other people's money. Perhaps I am mistaken and someone can correct me. But it would appear that his personal trading performance is better reflected in the results posted by late apex, which I reposted earlier in this thread.