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desert CA
Experience: Intermediate
Platform: NT7, various
Broker: various, TDA
Trading: NQ,ES
Posts: 2,124 since Jul 2011
Thanks Given: 2,396
Thanks Received: 1,748
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https://www.tampabay.com/business/how-tampas-james-cordier-went-from-high-roller-to-youtube-apology-after-losing-150-million-20190206/
"His clients included doctors, lawyers and professors, yet he had only a high school diploma. "
"Liberty's new broker was Iowa-based Peregrine Financial Group, commonly known as PFG. Cordier bonded with the broker's CEO, Russell Wasendorf Sr. "
"In a deposition, Gross called PFG's collapse a "tremendously traumatic event'' for him and one that nearly "blew up'' Liberty. "
"Cordier's clients not only lost all of the money in their accounts, they also owed FCStone, the broker, a total of $35.3 million it had loaned them to make trades."
"For all his touting of options, for all of his success in getting others to invest in them, Cordier never put any of his own money into options."
( https://www.bloomberg.com/news/articles/2018-11-29/broker-seeks-millions-from-customers-of-wiped-out-fund-manager )
( "On November 15, 2018, they informed their investors that not only was all their money lost but that clients would likely owe more money. Wow, let that sink in: they had a loss of more than 100% and clients are left with debts they have to cover now! " : https://earlyretirementnow.com/2018/12/18/the-optionsellers-debacle/ )
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