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Managed Account Lost 90% in three trades

Discussion in 'Scam Alerts' started by MarkH, Jan 24, 2008.

  1. MarkH

    MarkH Recruit

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    I will post a scam for this guy once I finish trying to collect something back. Three big trades completely out of the ordinary, all within a week, bet 90% of the funds on the trades. He averaged into losing trades as though there was unlimited liquidity - then he closed trades when accounts down to nothing. Of course, the market eventually turned around. Blew away half my IRA and then some.

    The kicker: he receives commissions from the broker - he profited when I and his 42 other clients lost big.

    He is still getting commissions on accounts I trade with the broker. I have no problems with the broker. If anybody out there is a Series 3 NFA and would like to get paid for doing nothing, let me know and we'll switch the commissions to you. I am an active full time trader who trusted someone who I thought knew better than me. Lost $40k in total.
     
  2. jolewis1

    jolewis1 Recruit

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    Are you talking about Josh Nyland?
     
  3. MarkH

    MarkH Recruit

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    Managed Account Lost 90%

    No, not Josh Nyland. Before I put this guy's name out there I'm going to see if he's honest enough to try and make some restitution. Give me a couple of weeks.
     
  4. BEENDONE

    BEENDONE Recruit

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    I know who you are talking about, I was in there and lost the same (90%) Interestingly the office lady here invested only one week before it happened with only two trades open, but still lost the same amount.
    Something smells. Look forward to see what you can find out.
     

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