Day Trader Jailed Six Years For Fraud

T

tireg

Day Trader Jailed Six Years For Fraud
http://www.theglobeandmail.com/servlet/story/LAC.20060620.BCFRAUD20/TPStory/National

AKUSP, B.C. -- Kevin Steele was a lousy day trader, but he had hopes he would get better and dig himself and the hundreds of investors who believed in him out of the mess he created.

In the end, Mr. Steele, 34, left dozens of people in the depressed mining villages of New Denver and Silverton with losses totalling millions of dollars... more in article
 
I don't see a single thing in the article that would lead me to believe he was a "daytrader". Catchy headline, though.
 
truth is 90% of this board is in mr steeles same position in losing it all. that's just the odd's of this profession. heck 85% of this board has less than 10-20k in there accounts and use huge leverage wether borrowed from a prop houses or doing options or futures. if there was no 5k down gigs elite trader would be empty
 
Court heard Mr. Steele spent $2-million of the $10.3-million he bilked from investors over a 2½-year period on Cartier watches, U.S. Open Championship vacations, art, gambling trips and jewellery for his girlfriend.
More...

Well at least that idiot lived it up while he had the chance.

Don't even feel sorry for him, but I also think the people that trusted him to make money for him were a little off in their mind thinking that would happen.

Just goes to show how much people are willing to gamble for the dream of becoming rich.

The markets are very likely one way that a lot of people see it as a "get rich quick" type deal, and probably why so many fail.
 
Quote from bighitter1:

truth is 90% of this board is in mr steeles same position in losing it all. that's just the odd's of this profession. heck 85% of this board has less than 10-20k in there accounts and use huge leverage wether borrowed from a prop houses or doing options or futures. if there was no 5k down gigs elite trader would be empty
More...

True... but this guy isn't the same case because this guy had MILLIONS. Which having millions and pressure to perform controlling millions of dollars with no experience, I'm sure he was already doomed for failure before he even started.


I'm sure if the crazy guy at least took the time to do some research, he could haved started out tiny and then scaled up once he knew wtf he was doing.




But hey, if I had several millions of dollars.... you know where all that money is going? CD's!!! I'll take my 5% happily. :D
 
he used the letterhead....lol


Quote from JMowery1987:

Well at least that idiot lived it up while he had the chance.

Don't even feel sorry for him, but I also think the people that trusted him to make money for him were a little off in their mind thinking that would happen.

Just goes to show how much people are willing to gamble for the dream of becoming rich.

The markets are very likely one way that a lot of people see it as a "get rich quick" type deal, and probably why so many fail.
More...
 
that's what i'm doing right now laddering cd's from 1-3 years to create income. i screwed up in 2000 when cd's were 7% and watched my money markets go to 1/2%. not this time. as rates rise i'll keep laddering
 
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