I got to tell you the loss does make you not sleep Not the loss of the money, but the loss of an amount you thought you couldn't lose, a paradigm shift
He might not have lost it all. Depends on how much margin IB were asking for. I reckon he lost at-least $55K out of $77K
And you guys actually believe IB lost 100 million? to some other FCM on the other side of the trade. Futures is a zero sum game activity. for every loser there is winner. IB and the FCM paid the end of day settlement and now suing the exchange for the money back and this litigation can go on for years. The only loss is the guys $77,000. also, it's highly unlikely they he would pay 1 million dollars and IB know he won't pay. And no judge or collection can collect on the 1 million he supposedly owes either. Gambling debts in casinos are the hardest to collect and casinos get no sympathy from the law. In the 'old exchange rules' back in the days of floor trading and no algos and in this bucket shop. trades busted if any 'erroneous trades'.
and you gullible niave public actually believe the paid media fake news about not storage for oil.?? are you kids who believe in santa clause too?
This week's most viewed topic: https://www.elitetrader.com/et/threads/found-that-dude-trading-cl-with-an-ib-account.344495/
I am really impressed with IB as well. I have been a customer since 2007. Talk shit all you want, but Peterffy is probably one of the few guys who has made retail finance progress in the last 30 years. Are they only forgiving negative balances or reimbursing losses due to negative pricing to liquid clients?
By the way, if the dude accumulated more than 200 contracts with a 77K$ account, he deserves a good part of what he got. I was watching the book when it turned negative. there was some big bids @ 0 and 0.25. I was thinking :" You are pretty confident, folks..."