P
postman
I am 120 points up in my FTSE JAN long....
Excellent.
I am 120 points up in my FTSE JAN long....
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8575868/Day-trader-who-exploited-City-Index-spread-betting-loophole-fined-700000.html
Day trader who exploited City Index spread betting 'loophole' fined £700,000
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8575868/Day-trader-who-exploited-City-Index-spread-betting-loophole-fined-700000.html
Day trader who exploited City Index spread betting 'loophole' fined £700,000
It should go down now.
When will the FSA look into the 'loopholes' the SB's use to take money from us poor innocent traders. :innocent:
I think that story is a load of journalism tosh!
...
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8575868/Day-trader-who-exploited-City-Index-spread-betting-loophole-fined-700000.html
Day trader who exploited City Index spread betting 'loophole' fined £700,000
Quote from newspaper "It is understood the FSA was initially pursuing both criminal and civil charges against Mr Alexander. The criminal charges were dropped after a six month investigation. By cooperating with the investigation Mr Alexander saw his £1m fine reduced to £700,000."
They had no power to fine the guy, it didn't even make court, he should have not paid the fine as it wasn't imposed by a court of law! IMO
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They had no power to fine the guy, it didn't even make court, he should have not paid the fine as it wasn't imposed by a court of law! IMO
Give it a go - let us know how you get on.
If they dont send you to prison I'll give it a go as well.
They had no power to fine the guy, it didn't even make court, he should have not paid the fine as it wasn't imposed by a court of law! IMO
Give it a go - let us know how you get on.
If they dont send you to prison I'll give it a go as well.
Haha,
FSA can't fine you, nor can they send you to prison.
I'm afraid this is the UK and here in the UK the only institution that can sen you behind bars or impose fines are the local authorities (fines) and a court of law (prison and fines) as you know, the FSA can only take you to court and present their evidence and case at the same time where you present your defense.
They have no power over an individual or joe public, only the court can find you guilty or not guilty and impose a fine or prison.
He should have went to court and presented his case, he would likely have won!
You might want to read this first...
http://regulatorylaw.co.uk/The_power_of_the_FSA_to_prosecute.html
1. The Court of Appeal has held that the FSA are able to bring private prosecutions under the Proceeds of Crime Act 2002 (POCA).
Haha,
FSA can't fine you, nor can they send you to prison.
I'm afraid this is the UK and here in the UK the only institution that can sen you behind bars or impose fines are the local authorities (fines) and a court of law (prison and fines) as you know, the FSA can only take you to court and present their evidence and case at the same time where you present your defense.
They have no power over an individual or joe public, only the court can find you guilty or not guilty and impose a fine or prison.
He should have went to court and presented his case, he would likely have won!
he was facing criminal charges?
cityindex are dumb enough to offer a product with a loophole why punish the poor punter?
anyone remember the cityindex trading competition where the cityindex "gurus" "trained" novices in how to spread bet. what a disaster.
I have long maintained that traders should create a cooperative society in order to spread bet. a Mutual society for traders.