MF Global fraud

This is a discussion on MF Global fraud within the Brokerages forums, part of the Commercial category; Just read in todays Daily Telegraph that MF Global have been ordered to pay GBP 20 million to a client ...

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Old May 7, 2009, 10:38am   #1
Joined Oct 2006
MF Global fraud

Just read in todays Daily Telegraph that MF Global have been ordered to pay GBP 20 million to a client who they had been defrauding, not much detail in the article as regards how they were doing it. I will post a link if I can find an electronic version of the article.
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Old May 7, 2009, 1:41pm   #2
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Bloomberg had an article on it yesterday.
MF Global Told to Pay U.K. Trader About $30 Million (Update3) - Bloomberg.com
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Old May 11, 2009, 9:09pm   #3
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Originally Posted by pboyles View Post
Just read in todays Daily Telegraph that MF Global have been ordered to pay GBP 20 million to a client who they had been defrauding, not much detail in the article as regards how they were doing it. I will post a link if I can find an electronic version of the article.
I heard of this case a long time ago. All I can say is that I will never trust or use MF Global again and am glad they have to pay compensation.
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Old May 11, 2009, 11:09pm   #4
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What interests me is how did Rajesh Gill make £7k into £7M in 2 years? Even by the heady standards of the tech bubble that is some performance.
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Old May 12, 2009, 9:17am   #5
 
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Originally Posted by bennie83 View Post
I heard of this case a long time ago. All I can say is that I will never trust or use MF Global again and am glad they have to pay compensation.
Wait, this sort of thing came as news to you?
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Old May 12, 2009, 12:05pm   #6
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What interests me is how did Rajesh Gill make £7k into £7M in 2 years? Even by the heady standards of the tech bubble that is some performance.
Indians are renouned for being able to get blood out of a stone......its in the genes...lol
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Old May 12, 2009, 1:36pm   #7
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What interests me is how did Rajesh Gill make £7k into £7M in 2 years? Even by the heady standards of the tech bubble that is some performance.
And if he was able to do that, how come he didn't know that he was losing money on his trades through MF Global?
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Old May 12, 2009, 3:20pm   #8
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The world is full of people who made a lot of money because they were brilliant inventors or entrepeneurs or authors or even traders. But they didn't know how to manage money so they handed it over to a fund manager. And as Woodie Allen said, a fund manager is someone who will invest your money wisely for you, until it is all gone.
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Old May 12, 2009, 5:05pm   #9
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The world is full of people who made a lot of money because they were brilliant inventors or entrepeneurs or authors or even traders. But they didn't know how to manage money so they handed it over to a fund manager. And as Woodie Allen said, a fund manager is someone who will invest your money wisely for you, until it is all gone.
But that's not what this sounds like. From what I read it was his own trading strategy in question.
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Old May 12, 2009, 5:39pm   #10
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But that's not what this sounds like. From what I read it was his own trading strategy in question.
I seriously doubt that he would have won the case if he was at fault....the legal system in the UK is very fair...you don't necessarily need to have bags of cash to take on gaints like MF Global here in the UK....

I say good on him...I also bet that more cases like Gill's will follow....
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