Terra Nova Trader Screws Up & Loses $2.8 million

Near the end of the trading day, the customer initiated a large number of program orders in excess of the customer's financial capacity. As a result of this activity, the customer incurred losses of approximately $2.8 million.

http://biz.yahoo.com/iw/081017/0444089.html

 

That customer must have pissed his pants.

 

Glad to see it.

I'm sick of these bastards and their computer generated market rapeage.

We need a few more like this to put the fear of god into them

 

Looks like Terra Nova never bothered to properly test their API software.

Wonder how many other brokers are just as stupid and/or lazy.