Blue Index was banned by FSA

[CFDplayer]

did anyone overhear some story behind? It was a big name in the city and had more than 100 advisors in the office.

 

[GammaJammer]

sounds like a bucketshop to me

 

[GammaJammer]

yep - bored so googled it. Boiler room operation, bloodsucking fraudulent scum basically. And having 100 monkeys in a room cold calling doesnt make it a 'big name in the city' either.

 

[CFDplayer]

GammaJammer,

Could you explain why this scam could be regulated by FSA for about 8 year and also get full support from CMC,City Index and IG Markets?

 

[CFDplayer]

and the client's money are all held in THESE Big Names:CMC,City Index and IG Markets accounts,not Blue Index.

Without these firms give their permissions to bule index,how can those 100 monkeys play so happy and so confident and get client's trust?

 

[Directional]

Alarmed at the speed of his losses, Dave called Blue Index. Don't panic he was...

 

[hooflungdung]

I went to school with one of the two owners of this co. - havent seen him for 10 years. Never did like him much, real smarmy bloke...I do wonder what went on - quite heavy going shutting down the firm like that.

 

[GammaJammer]

GammaJammer,

Could you explain why this scam could be regulated by FSA for about 8 year and also get full support from CMC,City Index and IG Markets?

Because, in a nutshell, our regulatory and legal system aren't perfect.

Doesn't mean I'm wrong just because FSA gave them a license at one point. And just because their money is held somewhere reputable and segregated, doesn't mean it's not ill gotten gains. Even arms dealers and child sex slave importers have bank accounts somewhere you know.

 

[CFDplayer]

Because, in a nutshell, our regulatory and legal system aren't perfect.

Doesn't mean I'm wrong just because FSA gave them a license at one point. And just because their money is held somewhere reputable and segregated, doesn't mean it's not ill gotten gains. Even arms dealers and child sex slave importers have bank accounts somewhere you know.

if things goes like you said,then are you suggesting people only trade on execution-only basis and not on advisory basis?

these CF21 holders (now turned into CF30) are still working for other firms provide advisory service,and very easy to find out what's their new business names in FSA website,then who should we blame? the owner or the FSA ?

 

[A Dashing Blade]

if things goes like you said,then are you suggesting people only trade on execution-only basis and not on advisory basis?
. . .

Any "advisor" who was any good would be trading pa. Simple really. They are salesmen, nothing more, nothing less.

What's the phrase . . . . "where are the client's yachts?"

 

[arabianights]

Even arms dealers and child sex slave importers have bank accounts somewhere you know.

Natwest

 

[John B]

did anyone overhear some story behind? It was a big name in the city and had more than 100 advisors in the office.

I looked at Blue Index a while ago, they never had anywhere near 100 advisors, about 20ish were registered when I looked months ago, just looked now and of course only the 2 owners are on there.

I'm interested in the markets and been sitting on the fence for a long time but the biggest most successful fund managers in the world are exactly that fund managers, not prop trading with their own money. I haven't been convinced by anybody yet but surely firms are out there making money for clients??

 

[CFDplayer]

I looked at Blue Index a while ago, they never had anywhere near 100 advisors, about 20ish were registered when I looked months ago, just looked now and of course only the 2 owners are on there.

I'm interested in the markets and been sitting on the fence for a long time but the biggest most successful fund managers in the world are exactly that fund managers, not prop trading with their own money. I haven't been convinced by anybody yet but surely firms are out there making money for clients??

sorry,what i am saying is there were more than 100 staff in the past 8 years working for blue index and more than 70 were advisors.

 

[shortofstock]

Because, in a nutshell, our regulatory and legal system aren't perfect.

Doesn't mean I'm wrong just because FSA gave them a license at one point. And just because their money is held somewhere reputable and segregated, doesn't mean it's not ill gotten gains. Even arms dealers and child sex slave importers have bank accounts somewhere you know.

GammaJammer you are indeed wrong, no boiler room bucket shop would get FSA regulation. You should know that, with your wealth of experience.

It was insider trading not boiler room selling.
As is standard with an insider trading scenario, ALL assets are frozen and individuals are given a weekly 'allowance' to live off.

They got greedy, and belived their own hype!

 

[GammaJammer]

I know of at least one boiler room operation that was FSA registered, so yaa boo to you.

And my guess is you're a multinick whoever you are...

 

[shortofstock]

I know of at least one boiler room operation that was FSA registered, so yaa boo to you.

And my guess is you're a multinick whoever you are...

Sorry you have lost me on 'multinick'

I am new to this posting stuff.

That is indeed true, but what goes around, comes around and PC are no more. Many were stung by them...

But I dont think BI stung their clients with the insider ideas..they stung themselves.