Meanwhile down under, advisors trading naked options on behalf of clients. I guess the 'helper' was so successful trading his own account and being a kind soul he wanted to spread the loot by helping his clients.
Unfortunately the market doesn't respect visualizations..
From the SMH:
But in the winter of 2004 it all turned sour. Within a year many Ord Minett clients had lost all their money - millions of dollars wiped out in increasingly risky options trading.
ASIC has investigated the claims against Ord Minnett and said in July last year that it would ''not take any further action & at this time''.
Ben Leeden continues to work as a private client adviser in Ord Minnett's Gold Coast office. His former clients say they are still "very hopeful" of recouping some of their losses from Ord Minnett.
"I visualise it every day," Tyson says. "I do a lot of visualisation."
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