MF Global fraud

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pboyles

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Just read in todays Daily Telegraph that MF Global have been ordered to pay GBP 20 million to a client who they had been defrauding, not much detail in the article as regards how they were doing it. I will post a link if I can find an electronic version of the article.
 
pboyles said:
Just read in todays Daily Telegraph that MF Global have been ordered to pay GBP 20 million to a client who they had been defrauding, not much detail in the article as regards how they were doing it. I will post a link if I can find an electronic version of the article.
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I heard of this case a long time ago. All I can say is that I will never trust or use MF Global again and am glad they have to pay compensation.
 
What interests me is how did Rajesh Gill make £7k into £7M in 2 years? Even by the heady standards of the tech bubble that is some performance.
 
tomorton said:
What interests me is how did Rajesh Gill make £7k into £7M in 2 years? Even by the heady standards of the tech bubble that is some performance.
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Indians are renouned for being able to get blood out of a stone......its in the genes...lol
 
tomorton said:
What interests me is how did Rajesh Gill make £7k into £7M in 2 years? Even by the heady standards of the tech bubble that is some performance.
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And if he was able to do that, how come he didn't know that he was losing money on his trades through MF Global?
 
The world is full of people who made a lot of money because they were brilliant inventors or entrepeneurs or authors or even traders. But they didn't know how to manage money so they handed it over to a fund manager. And as Woodie Allen said, a fund manager is someone who will invest your money wisely for you, until it is all gone.
 
tomorton said:
The world is full of people who made a lot of money because they were brilliant inventors or entrepeneurs or authors or even traders. But they didn't know how to manage money so they handed it over to a fund manager. And as Woodie Allen said, a fund manager is someone who will invest your money wisely for you, until it is all gone.
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But that's not what this sounds like. From what I read it was his own trading strategy in question.
 
Rhody Trader said:
But that's not what this sounds like. From what I read it was his own trading strategy in question.
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I seriously doubt that he would have won the case if he was at fault....the legal system in the UK is very fair...you don't necessarily need to have bags of cash to take on gaints like MF Global here in the UK....

I say good on him...I also bet that more cases like Gill's will follow....
 
I never like "scumzine" and I am not surprised what has happened under his watch - these guys need to get burned and spend time in the pokie! :-0
 
MajorDutch said:
the warning signs were there!
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Including the rouge MF Global trader who lost 140 million back in 2008.

But the thing that kept me away from MF Global was the share price chart.. was 90% down from IPO levels well before this all came to light.

If you cant be bothered to read company financials, it is still easy enough to see how any stock is under performing against it's peers.
 
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