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

[foredog]

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?

 

[gooseman]

fishier than an cod's armpit this one methinks.

 

[TheBramble]

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.

 

[foredog]

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.

 

[SSINGH]

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!

 

[foredog]

Give him a few days, probably sleeping off all the champagne!!!

 

[donaldduke]

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??

 

[arabianights]

Why don't you ask him...he is a member of this forum!

He probably can't discuss it if the legal case is still on going.

Of course he's welcome to PM nosy people like me (in confidence, and I have no connection with anyone involved with this case... hint hint) with what has been going on

 

[Citizen2007]

Doesn't make sense at all.

If i have bought into something and i check the market daily, i can see how my selections are performing, whether I am up or down. Even more careful with that kind of money at stake.

Him and the broker are probably on a beach in the Bahamas laughing all the way.

 

[NetTecture]

I have to agree. Someting on the story sounds fishy.

THAT SAID - it must not be him. I wuold really like to read the court documents (they are public, or?). There must be a lot more arguments in there. I can not understand how one can not know ones account for a long time. But then, maybe the criminal activity was graver? The court documents would be interesting. Anyone has a link to them?

 

[theroguetrader]

7k into 7m in 2 yrs

Can someone please explain how thats possible..??

 

[foredog]

If it was during the dotcom boom the things double overnight so if you were long £5k of E-BY_GUM.COM

at 50p suddenly they are £1 you've got £10k and repeat.

Crazy times, bring back the dotcom boom

 

[bottomdollar]

Some trading psychology - our perceptions of limitation

 

[montmorencyt2w]

Crazy times, bring back the dotcom boom

Booms are like buses. You don't see one for ages, and then three come along in a row.