One for the ages: I owe Etrade $106k, ouch.

[RossLL]

This "whole event" is probably more than one guy losing $100k. A large broker like Etrade likely had multiple shorting KBIO, assuming they allowed it in the first place (which I'm still hesitant to believe).

 

[noddyboy]

it is not a scam.
the whole event is an outlier (for the firm) and a black swan event(for the customer)
106k will barely even register on etrades bottom line.

shit happens.

If not a scam, why did he take the page down after making $5k? Seems like he took it down because any more and it would be too much attention and he would be charged with fraud.

 

[syswizard]

Here's a question or two ?
How's his wife reacting to all of this ?
Will his marriage survive ?

 

[Guile]

Here's a question or two ?
How's his wife reacting to all of this ?
Will his marriage survive ?

Why do we accept that women will leave as soon as the man loses money? Yes, this guy is a dumbass but should he suffer an even worse fate at the nadir of his life?

 

[zdreg]

If not a scam, why did he take the page down after making $5k? Seems like he took it down because any more and it would be too much attention and he would be charged with fraud.

I thought that scam was referring to the brokerage firm.

 

[syswizard]

Why do we accept that women will leave as soon as the man loses money? Yes, this guy is a dumbass but should he suffer an even worse fate at the nadir of his life?

Well, I say that he should. The bankruptcy will not be as bad as the divorce.
With all of the legal problems and costs that arise because of the above, he likely won't be able to trade.
And that's a good thing.

 

[Bry]

Also, if the story is true, he could just file bankruptcy. I googled and 401k's are protected by bankruptcy. It is negligence on Etrade's part to not have auto margin calls even in after hours so he is not liable for the loss beyond what he had in the account if he files for protection.

You can only go BK if you have low or no income and assets (most kinds).

 

[EPrado]

Why not contact marty -- he is a nice guy, he may help you out.

Your boy Sykes was short this thing at 2 and covered for only a .50 cent loss. Normally a 25% hit in a stock is brutal, but considering what happened he got out good. I wonder if any of his sheep got slaughtered in this one.

 

[marketsurfer]

Your boy Sykes was short this thing at 2 and covered for only a .50 cent loss. Normally a 25% hit in a stock is brutal, but considering what happened he got out good. I wonder if any of his sheep got slaughtered in this one.

I haven't talked to sykes for awhile. Last time i was at his miami home it was like entourage-- no clue what he is doing now

 

[EPrado]

I haven't talked to sykes for awhile. Last time i was at his miami home it was like entourage-- no clue what he is doing now

Well...if he is looking for a life of booze, hookers, and blow he's in the right spot. I think I saw a video of that house he's renting. Looks like a lot of bad things could go on there.....


It mentioned one of his sheep got obliterated in that stock.