Did our Wasp pull a fast one ?

BSD

BSD

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Just found this here:


"I feel almost dissapointed in myself for starting such a thread but its just something that is on my mind alot, worsened by the whole 'wasp saga' amongst other things. (the fact that one of the generally accepted trading idols 'may' just be a charlatan)"
http://www.trade2win.com/boards/general-trading-chat/76224-trading-luck.html#post933994


And then I remembered that he went soliciting funds at some point:
http://www.trade2win.com/boards/general-career-advice/44650-investment.html


In fact he sent me some pics of trades too with some unproven claims about performance, but he didn't offer any records or tax returns or an independent audit or anything professional like that so it would obviously never have been an option for me to invest with him anyway.

And I found his constant harping on about trading just price without indicators rather silly anyway and not anything I've ever really witnessed amongst other professional traders doing this for a living, and to be honest the trade charts he sent me with alleged trades of his seemed pretty woulda-coulda-shoulda 20/20 hindsight stuff.

But who knows, so whats the "wasp saga", did anyone invest with him ?

Am I wrong and he did great ?

What's the story ?
 
You missed the lulz while you were away.

I heard the orginal pool was about 10 people at £500 each,
then there was something about a few friends and family of pool members who put in thousands.

An ex T2W adviser apparently gave him 10s of thousands.

Some of the early pool members sniffed that things weren't right and actually pulled out with a profit..

Confession email stored here:

http://www.trade2win.com/traderpedia/Pool_Lulz

Last update i saw was this post on from elitejets on jan13, which mentions the FSA and CPS:

http://www.trade2win.com/boards/gen...w-post1031122.html?highlight=hero#post1031122
 
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Hi thanks Donald,

well, that's certainly pretty sad, I actually quite liked wasp when he was posting here, seemed a fun and nice guy, we'd even made some plans to meet up at the october festival at some point which never happened then.

One just can't tell can one.

Could he trade ?

Had he ever traded profitably ?

I mean he was jetting around the world quite a bit before that episode above wasn't he, the money for that must have come from somewhere.

Maybe he just couldn't handle the pressure of trading OPM, other peoples money, and that's when things started going wrong and he entered a downward spiral he couldn't find a way out of ?

Hmm.
 
I think he registered as petersmitty or somthing after the ban?
He also registered another name after that i think?, where he basically said that it had not all been one huge scam, but that in recent (then) months, he felt that for the first time in years he didn't seem to be able to make sense of the moves like he had been able to for previous years or something.
God knows.....
 
Hmm all rather confusing.

I sure hope that he gets his act back together and manages to pay back his investors, provided he whole thing wasn't based on bad intentions from the outset.

But that doesn't really seem all that likely somehow does it, I mean invest years building up a reputation on boards for pocketing what sounds like at max several tens of thousands of pounds ?

Ruin your reputation and face God knows what consequences for that ?

Not really too probable, what ?

Seems to me that maybe things were working for him trading for himself, but he couldn't come to terms with the pressure and scrutiny trading OPM brings with it.

At least I'd hope that's what it was, as he really came over as a likeable chap.
 
BSD said:
Hmm all rather confusing.

At least I'd hope that's what it was, as he really came over as a likeable chap.
Click to expand...

I think most scammers initially come over as likeable chaps.

Otherwise people wouldnt give them money in the first place.
 
donaldduke said:
I think most scammers initially come over as likeable chaps.

Otherwise people wouldnt give them money in the first place.
Click to expand...

Thank you .Some like to remain hated ,obnoxious and true traders fighting all against scams.The people you hate most could be the true friends of traders.

O D T
 
BSD said:
Just found this here:


"I feel almost dissapointed in myself for starting such a thread but its just something that is on my mind alot, worsened by the whole 'wasp saga' amongst other things. (the fact that one of the generally accepted trading idols 'may' just be a charlatan)"
http://www.trade2win.com/boards/general-trading-chat/76224-trading-luck.html#post933994


And then I remembered that he went soliciting funds at some point:
http://www.trade2win.com/boards/general-career-advice/44650-investment.html


In fact he sent me some pics of trades too with some unproven claims about performance, but he didn't offer any records or tax returns or an independent audit or anything professional like that so it would obviously never have been an option for me to invest with him anyway.

And I found his constant harping on about trading just price without indicators rather silly anyway and not anything I've ever really witnessed amongst other professional traders doing this for a living, and to be honest the trade charts he sent me with alleged trades of his seemed pretty woulda-coulda-shoulda 20/20 hindsight stuff.

But who knows, so whats the "wasp saga", did anyone invest with him ?

Am I wrong and he did great ?

What's the story ?
Click to expand...

Gave him £500 got my dough back. But plenty didn't. Arabian and Brutus made some on the deal. He's vanished in to thin air now along with the whatever money was left.

He "seemed" to be the real deal but hey it's an internet forum !

Rumour has it he's being taken to court and is going to get bankrupted. I don't know of the T2W advisor that gave him "thousands" but the FSA are investigating.

In my humble opinion I don't think it started off as a scam, he probably couldn't trade as well as his T2W image/ego and ended up in a bit of a Nick Leeson scenario. Gambling more to recoup losses until the game was finally up.

A former member of this site told me this when I parted with the cash "If he was gonna give you an XXXX% return why would he need your money" Also on the conversations I had with him where he claimed to make £50k a week. The member who checked the guy out said "why would anyone who made that kind of dough live with his mum in a £130k house on the outskirts of Brighton" Enuff said.
 
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I think four original members have their initial stakes back, most have not and anyone who invested more than the original amount have not been repaid (some paid thousands, one paid 30,000GBP).
I tried to leave last September with Firewalker. FW got paid and I did not so I have been waiting a while. The pool should have paid out in December and did not. The statements we got were all altered and the Dukascopy account that he said our money was in turned out to be a demo account.
The rumours of the FSA and court stuff are true but nothing is resolved yet.
He might show up with money and surprise us all but I don't know anyone who believes that now. I will update when its resolved.
 
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BSD said:
Just found this here:


"I feel almost dissapointed in myself for starting such a thread but its just something that is on my mind alot, worsened by the whole 'wasp saga' amongst other things. (the fact that one of the generally accepted trading idols 'may' just be a charlatan)"
http://www.trade2win.com/boards/general-trading-chat/76224-trading-luck.html#post933994


And then I remembered that he went soliciting funds at some point:
http://www.trade2win.com/boards/general-career-advice/44650-investment.html


In fact he sent me some pics of trades too with some unproven claims about performance, but he didn't offer any records or tax returns or an independent audit or anything professional like that so it would obviously never have been an option for me to invest with him anyway.

And I found his constant harping on about trading just price without indicators rather silly anyway and not anything I've ever really witnessed amongst other professional traders doing this for a living, and to be honest the trade charts he sent me with alleged trades of his seemed pretty woulda-coulda-shoulda 20/20 hindsight stuff.

But who knows, so whats the "wasp saga", did anyone invest with him ?

Am I wrong and he did great ?

What's the story ?
Click to expand...

He didnt look professional to me either , also at his last days here he was trying hard to get banned ...
 
He did, but without breaking too many confidences let's just say he went to court over it and is presently bankrupt. additionally to set the record straight arb-directional had nothing to do with it and on numerous occassions I implied he did. For this I feel very guilty.
 
ceydababy said:
In my humble opinion I don't think it started off as a scam, he probably couldn't trade as well as his T2W image/ego and ended up in a bit of a Nick Leeson scenario. Gambling more to recoup losses until the game was finally up.
Click to expand...

Were any of the statements, even one, that were sent out to the pool legit?

Arab or maybe someone else once posted on Trade2win some of the very first IG Index statements he sent out to the pool members.

I have had an account for 7 years with IG index. Those very early iG pool statements didnt look quite right to me as soon as i opened them, they looked doctored.
 
elitejets said:
I think four original members have their initial stakes back, most have not and anyone who invested more than the original amount have not been repaid (some paid thousands, one paid 30,000GBP).
I tried to leave last September with Firewalker. FW got paid and I did not so I have been waiting a while. The pool should have paid out in December and did not. The statements we got were all altered and the Dukascopy account that he said our money was in turned out to be a demo account.
The rumours of the FSA and court stuff are true but nothing is resolved yet.
He might show up with money and surprise us all but I don't know anyone who believes that now. I will update when its resolved.
Click to expand...

How do you know ,that the guys who got their money back were not his accomplices?

Have you ever seen 3 card tricksters on the street?They work in groups of about 5,they act as members of the public making bets and getting paid out, to make the suckers believe they are really paying out to public!The poor suckers get caught and get nothing.
 
donaldduke said:
Were any of the statements, even one, that were sent out to the pool legit?

Arab or maybe someone else once posted on Trade2win some of the very first IG Index statements he sent out to the pool.

I have had an account for 7 years with IG index, those statements didnt look quite right to me as soon as i opened them, they looked doctored.
Click to expand...

Not sure. Didn't go through with a fine tooth comb. He went from IG to ODL (definitley faked) and then to Dukas (although he never opened the account yet claimed he did).

He got caught on the ODL statements because his faking was a bit slap happy as were his timings. At the time his statement said he had closed out at a price that gave him 300 pips profit the actualy market was nowhere near (often 100+pips away). One member of the pool contacted ODL and spoke to their head of trading. The head of trading then went straight to compliance. Interestingly ODL contacted this former member and asked if he would mind if the FSA spoke to him. So not sure if ODL compliance informed FSA or another pool member.
 
oildaytrader said:
How do you know ,that the guys who got their money back were not his accomplices?
Click to expand...

We all thought that at some point or other, but it's pretty clear now that that is not the case and they were not accomplices.
Wasp was pretty good at the divide and conquer thing. Any sharing of information got you ostracised.
For example the confession about blowing up in the lulz thread was only sent to a few members. Several days later favoured pool members got glowing reports about the pool's health.
I'm not sure if we will ever know what really happened.
 
you missed all that BSD? what drama. what opera.

imo there was a some good that came out of that chatzy as i learnt quite a lot from the different inputs.

like i now know what a cougar is.

also to see a scheme at work up close is priceless.

i remember someone did say right at the beginning it would all end in tears.
 
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Lots of peeps making noise and no one is fully conversant of the facts.
Only the pool members can post with any knowledge and authority on what they know as FACT. Everything else by pool members or outsiders just giving their two pence worth, may border on slander, so be careful on what you write.
Assumptions are not proven facts.
For instance. I heard a whisper that Arab and Wasp planned this from the first night they met up. Arab knew the fsa would cause problems and there was a fair chance that no one would get their profits from the fund and only their investment. They planned to split the money down the middle and no one could do anything about it.

Now there is no way I would post that on here, as it's second hand unsubstantiated talk, and couldn't be proven.

Seeing as everything is known in advance I will tell you that next month sees the end of this saga, and all will become apparent.
 
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