UK NRI Raj
Gill independent trader sues MF Global Ltd.'s London brokerage unit
LONDO, March 15, 2009
NRI Raj Gill, an independent professional trader sued Bermuda-based
MF Global, a leading brokerage firm because their account manager,
Matthew Bomford deliberately lying, fraud and damages of up to 30
MF Global is the world’s leading broker for exchange-traded
futures and options and a leading intermediary in the markets for
other major financial instruments around the world. They provide
access to the world’s largest and fastest growing financial
markets through offices on five continents and affiliations with
more than 70 financial exchanges.
The representative of MF Global said:
- The allegations, and maintained that he was involved in highly
complex trades ‘akin to even bets on a roulette table
- Mr. Gill is unfortunately trying to use today's market backdrop,
where serious cases of fraud have impacted many lives, to revise
the history of his flawed trading strategies
- It is unfortunate that this individual has decided to use the
court's time and resources in an attempt to shield himself from
the risks and transfer the responsibilities that he knowingly
- We only provided broking services and was not any advice to
NRI Raj Gill though his representative said:
- Mr Bomford told him that he had over GBP 9 million when he had
only about GBP 2 million in October 2001.
- The tapes recording conversations of members of MF Global’s
broking desk have been introduced.
- He has alleged his broker deliberately deceived him, making
him believe he had a golden touch, when in reality he was making
huge losses, to earn hefty commissions.
- Had he known he was losing money, he would have revised his
- On the first day of trial at London's High Court that between
April 2001 and February 2002 his account manager at MF Global
lied about the results of Mr. Gill's trading and failed to follow
instructions, causing him to wipe out a trading account containing
almost £10 million.
- He had been a successful trader before and after he traded through
MF Global and that he lost a considerable amount only during his
association with the firm between June 2000 and February 2002
The trial in the London High court started on March 09, and continue
for about five weeks.
Raj Gill Trader-Current Trading Advisor at Parabola Investments,
- Independent trader, running a private fund. Trading on the
London stock exchange, specifically CFDs, currencies, commodities,
options, futures and stocks.
London School of Economics and Political Science
M.Sc, 1993 — 1994
- King's College London, U. of London
B.SC, Business management, 1991 — 1994