Day trader awarded £20m compensation.....this doesn't make sense

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Old May 7, 2009, 2:24am   #1
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Default Day trader awarded £20m compensation.....this doesn't make sense
Rajesh Gill, ‘7 to 7’ day trader, awarded £20m for City fraud - Times Online

If he's such a hot day trader than turned £7k to £7m in 2 years why does he have MF Global managing his account for him?

If he's that hot a trader why's he letting somone else provide him with average returns?
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Old May 7, 2009, 2:31am   #2
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Default Re: Day trader awarded £20m compensation.....this doesn't make sense
fishier than an cod's armpit this one methinks.
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Old May 7, 2009, 2:38am   #3
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Default Re: Day trader awarded £20m compensation.....this doesn't make sense
Quote:
Originally Posted by foredog View Post
If he's such a hot day trader than turned £7k to £7m in 2 years why does he have MF Global managing his account for him?

If he's that hot a trader why's he letting somone else provide him with average returns?
It’s a little easier to trade £7K with stunning returns than it is £7M. And while £7M is hardly a King’s Ransom, he may have preferred the 20% on £7M to 1000% on £7K.
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Thanks! The post above is recommended by: Lord Flasheart
Old May 7, 2009, 2:48am   #4
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Default Re: Day trader awarded £20m compensation.....this doesn't make sense
foredog started this thread Just think if he'd been trading for that long he might have taken an interest in what MF were doing, maybe the odd statement of account showing what he's invested in etc.
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Old May 7, 2009, 3:34am   #5
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Default Re: Day trader awarded £20m compensation.....this doesn't make sense
Quote:
Originally Posted by foredog View Post
Rajesh Gill, ‘7 to 7’ day trader, awarded £20m for City fraud - Times Online

If he's such a hot day trader than turned £7k to £7m in 2 years why does he have MF Global managing his account for him?

If he's that hot a trader why's he letting somone else provide him with average returns?
Why don't you ask him...he is a member of this forum!
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Old May 7, 2009, 3:36am   #6
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Default Re: Day trader awarded £20m compensation.....this doesn't make sense
Is he? what's his nick?
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Old May 7, 2009, 3:36am   #7
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Default Re: Day trader awarded £20m compensation.....this doesn't make sense
foredog started this thread Give him a few days, probably sleeping off all the champagne!!!
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Old May 7, 2009, 4:46am   #8
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Default Re: Day trader awarded £20m compensation.....this doesn't make sense
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Originally Posted by foredog View Post
If he's that hot a trader why's he letting somone else provide him with average returns?
From the article it seems he made it during the dot com boom.
And then transferred his account to MF Global after the crash.
Very good timing.

Ok, i can understand not wanting account statements if you are travelling or for privacy.
But im suprised they didnt have an internet site for him to view his account information though??
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