Anyone scalping the FTSE Futures??

postman said:
It should go down now.
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postman said:
When will the FSA look into the 'loopholes' the SB's use to take money from us poor innocent traders. :innocent:
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I think that story is a load of journalism tosh!

For one, how can the FSA fine someone when they are not legally regulating individuals but institutions.

From what I understand the FSA have no legal powers or regulation over joe public (who gave them powers to regulate the public, and who gave them the legal rights to impose fines of joe public?), if the individual in question was to be fined, especially £700,000, then it would need to be a court of law that does so, therefore, this case would have needed to be taken to court which it wasn't.

The FSA can't from what I understand, fine any individual that it has no legal authority or regulation over.
 
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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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hereward the wake said:
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
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I did not understand how that was illegal :

"Mr Alexander, a former stock broker, made money by placing small orders for shares on the open market at times when trading was slow. These would typically be at the bottom range of a company's bid-offer spread.

With this price lodged at the London Stock Exchange he would then take advantage of spread-betting firm's price-matching promises to buy shares at the reduced price.

When he came to sell the shares he would operate the process in reverse. He would set a high price by placing an order for a small number of shares on the open market closing his position with the spread betting firm immediately afterwards. "
 
JustSpreadBetting said:
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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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.
 
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JustSpreadBetting said:
..

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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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. :LOL:
 
JustSpreadBetting said:
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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Presumably the penalty was in lieu of proceedings in the High Court where FSA would have asked for a £1m fine.
 
postman said:
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. :LOL:
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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!
 
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JustSpreadBetting said:
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!
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He must have had counsels advice hence he held his hands up
 
postman said:
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).
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You can't have 1 organization being the police, judge and jury and executioner in this country. As I have said, only the court can find you guilty or not guilty, the FSA charges are fluff and meaningless, its just their way of bring you to court, where you have a fighting chance to present your evidence and case.

Once found guilty and only if by the court, should you then pay any financial penalty.
 
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JustSpreadBetting said:
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!
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There are quite a few organisations that can impose penalties in lieu of court proceedings. HMRC being the prime example, if you've ever been caught fiddling your Vat or Income Tax or trying to smuggle in a few bottles of hooch :)
 
SuddenDeath said:
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.
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I agree, we should have some kind of "cooperative society" or Union....
 
FSA are just like private car park owners, they can slap a fine on your window for parking without paying or having an expired ticket, but they can't force you to pay the fine, and they sure as hell can't jail you.

Go to court I say and fight....at the end of the day...what did he do wrong!
 
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