Trader Gets $30m After Firm Deceived Him Over Trading Losses

Discussion in 'Wall St. News' started by trader99, May 7, 2009.

  1. trader99


    The Independent reports that a UK High Court has ordered brokerage firm MF Global to pay a day trader $30m compensation, after deceiving him over the amount of losses he incurred when trading.

    Rajesh Gill racked up heavy losses in 2001 and 2002, yet a former manager at MF Global is said to have fixed the trading system (in order to continue to receive trading commissions) to make it look as if Gill's trading was profitable. The trader successfully claimed that he would have changed his strategy if the correct information had been provided to him. The company has said that it will appeal the ruling.
  2. How do you not know if you're making money?
  3. I wouldn't want to know either if I was looking at getting 30mil+.
  4. Who did the actual trading? Didn't he know what his entries and exits were at and did his accounting after? I don't get it.