Turning a starting fund of £7,000 into £7m in just two years

Discussion in 'Professional Trading' started by OddTrader, Jun 4, 2009.

  1. "Trader wins £20m in ‘lost profits’ case

    By Megan Murphy, Law Courts Correspondent

    Published: May 6 2009 20:10 | Last updated: May 6 2009 23:13

    An independent day trader has won £20m in damages after being systematically defrauded by one of the world’s largest brokerages – in a landmark ruling likely to reverberate through the industry."


    "Before moving his account to MF Global – then known as Man Financial – Mr Gill generated consistent and substantial profits, and was labelled the “7 to 7 man” by a rival brokerage for turning a starting fund of £7,000 into £7m in just two years."

    How could that be possible?

  2. The damning ruling is a serious public relations blow for MF Global, which has sought to improve its image following a $141m trading scandal in the US last year.

    reminds me of UBS, which had recommended to some clients that they could hide diamonds in toothpaste, to get them out of the country :D
  3. powerful stuff :D
  4. kxvid


    "The brokerage argued at trial that Mr Gill was a compulsive trader who would have continued to lose millions even if he was given accurate information about his trading."

    Are you kidding me MF? Haha you are one terrible firm gland you crooks don't have any of my $.
  5. :D “The verdict serves as a serious reminder that we have zero tolerance for any conduct that is not in the best interests of our clients, period,” Bernard Dan, the brokerage’s chief executive, said in a memo to staff. :D

    i thought the verdict served as a serious reminder of the opposite

    nothing beats interactive brokers, where the risk of 'human help' is, thankfully, minimal
  6. Aaron


    Ha! That's the best spin on their customer service I've heard!
  7. bennie83


    I would not touch MF Global with a barge pole. Expensive and dishonest. Enough said.
  8. vilas


    Man Financials was supposed to be one of the oldest firm in business (200 years / not so sure about this). The minimum they asked for FX trading was 20,000 dollars which was more than Banks asked for. Such being background, the bosses who were in charge during this period of shame must have been idiots not have known what was going on. This is happening most places but half the trouble lies with the Investors. I know one such: has 2 million dollars portfolio. I advise him and charge money for that, his broker from what I see, fleeces him and makes money from that ! But everytime I point out something that is not right about the broker, he tell me - that is not my problem !! One example, the broker short-sells his stock at dividend-payment times, the dividend goes to the other guy and then the broker tries to get it back.........when ? I am sure the broker prays that the investor forgets the whole thing and he has a made a nice packet out of the other guy who held the shares during this perios. Not unthinkable that it could be a "nice arrangement" between the two !