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The Story of a trader who lost $56.5 million in two weeks
- Thread starter sfwind
- Start date
Lesson learned - be honest and don't lie about your losses, so you don't break the SEC rules. Then at least he'd get to keep the $3M in fees earned so far (he was up 70% for 2013). Now he's going to lose that, at least whatever he didn't spend / reinvest in his fund. Also, when you blow all your personal assets trading like he did in 2012, maybe that should be a hint to look for a different line of work.
Although it looks like that long option position he took was a pure lotto play, OTM few days left. but instead of 90 bucks, they spend millions on it, only to it expire OTM. 100% loss.
What he did showed he did not care one bit about his customers money and took a pure hail mary gamble and rolled the dice.
What he did showed he did not care one bit about his customers money and took a pure hail mary gamble and rolled the dice.
Good points, [MR more leverage]; not that he needed ''more leverage''LOL
Seems like the SEC did not care too much for the'' fraud + breach.....'' + %% he put into ''short dated, long options''LOL
Seems like the SEC did not care too much for the'' fraud + breach.....'' + %% he put into ''short dated, long options''LOL