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

[oraclewizard77]

We really don't know his financial situation. But saying he would need to liquidate both his and his wife's 401 k means he has no assets. Also let's assume he has a job, most of the money may go to paying mortgage or rent and food. So yes, he would qualify and it's the right solution since the 401k is protected. He will not able to trade again, but it was not like he knew what he was doing.

Also, you hear about rich people filing for bankruptcy all the time like 50 cents just did. He filed and then a week later was at strip club dropping $ 10,000 on strippers. LOL. If your debts are greater than your assets to cover these due debts then you can file. What it does not cover is student loans and certain court judgements against you like maybe child support which you need to renegotiate with a judge if your financial situation has changed.

The main thing is not to try to hide assets. If 50 cents has multiple cars, he needs to list them in the filing or if someone finds out he did not, he could serve time in jail.

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

 

[marketsurfer]

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.

I'm not surprised---

 

[noddyboy]

We really don't know his financial situation. But saying he would need to liquidate both his and his wife's 401 k means he has no assets. Also let's assume he has a job, most of the money may go to paying mortgage or rent and food. So yes, he would qualify and it's the right solution since the 401k is protected. He will not able to trade again, but it was not like he knew what he was doing.

Also, you hear about rich people filing for bankruptcy all the time like 50 cents just did. He filed and then a week later was at strip club dropping $ 10,000 on strippers. LOL. If your debts are greater than your assets to cover these due debts then you can file. What it does not cover is student loans and certain court judgements against you like maybe child support which you need to renegotiate with a judge if your financial situation has changed.

The main thing is not to try to hide assets. If 50 cents has multiple cars, he needs to list them in the filing or if someone finds out he did not, he could serve time in jail.

I still don't see why he would not be able to trade again. There is no crime here. That is up to the broker to decide. I am sure there are spreadbetting firms in the UK that don't care.

 

[Chewy]

I believe the entire story is a made up fake story and that he received complaints and figured he might get into legal problems for fraud. this story is full of baloney. it does not pan out in the details. I believe the probability it is fake is over 90% and I hope an attorney general investigates and brings charges and puts this con man into jail. he is not serving our community properly.

there should be laws against this kind of thing anyway. I hope that the web site changes it rules and rejects this kind of request in the future.

One good thing is that it has gained huge widespread attention all over the internet and the country. that is what scams do!

It would be nice if someone could check with the broker to see if the story pans out and report back here. If someone has an account at the same firm and asks his broker for a verbal. I am sure if it is true that all the sales people at the brokerage would know if it happened.

this story really makes me angry. this country no one will take responsibility for themselfs any more. they always want the goverment to bail them out. same as happened with hurricane sandy in new jersey not long ago. those people know they are not suppose to live there. and they could have bought insurance. but did not. they waited for it to happen then cried to the government who were only too happy to take money from the taxpayer and give it to the stupid to buy votes with other peoples money. this country is going to the dogs.

 

[HungryMind1200]

Sometimes you have to pay for your mistakes... ESPECIALLY mistakes around GREED and lack of RISK MANAGEMENT.


that's how reality works kids.


zero sympathy

 

[sprstpd]

Instead of setting up a gofundme account for his own finances, he should set up a gofundme account to pay for the public beating of Martin Shkreli. I'm sure he would be overfunded quickly on that one.

 

[kut2k2]

Given the reckless size this guy used, he was/is a blowup waiting to happen. And he's clearly learned nothing about risk management. All he mentions is setting stops "next time". Screw him, he's a lost cause.

 

[galvinlee888]

This is clearly scam. If you can't even smell something fishy here, I doubt you can be a successful trader that require an instinct to smell the big "fish" in Wall Street

 

[newwurldmn]

This is clearly scam. If you can't even smell something fishy here, I doubt you can be a successful trader that require an instinct to smell the big "fish" in Wall Street

There's a saying: if you don't know who the sucker is, it's you.

 

[Redneck]

Whether true or not, this is a good tale of OMGWTF!

Trader took a shot
Whether he thoroughly understood the risks - who knows
Certain he would have taken the profit had it worked out
It didn't - now he must accept the loss

Shit happens

===============

Intelligent people learn from other's mistakes
Rest of us idiots must learn from our own

Human nature being what it is... and such


RN