Terra Nova Trader Screws Up & Loses $2.8 million

[seasideheights]

Near the end of the trading day, the customer initiated a large number of program orders in excess of the customer's financial capacity. As a result of this activity, the customer incurred losses of approximately $2.8 million.

http://biz.yahoo.com/iw/081017/0444089.html

 

[W4rl0ck]

That customer must have pissed his pants.

 

[stock777]

Glad to see it.

I'm sick of these bastards and their computer generated market rapeage.

We need a few more like this to put the fear of god into them

 

[jeb9999]

Looks like Terra Nova never bothered to properly test their API software.

Wonder how many other brokers are just as stupid and/or lazy.