UK NRI Raj Gill independent trader sues MF Global Ltd.'s London brokerage unit

LONDO, March 15, 2009
Ranu Singh

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 million pounds

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 undertook
• We only provided broking services and was not any advice to the trader

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 trading strategy.
• 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, Tangent Investments

• Independent trader, running a private fund. Trading on the London stock exchange, specifically CFDs, currencies, commodities, options, futures and stocks.
• Education
  London School of Economics and Political Science
  M.Sc, 1993 — 1994
• King's College London, U. of London
  B.SC, Business management, 1991 — 1994