socialmedian: FT.com / UK - Brokerage may face FSA inquiry

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FT.com UK - Brokerage may face FSA inquiry

Submitted by Priyankagill

Mar 28, 2009

Summary

MF Global, the international brokerage, may be referred to the Financial Services Authority after admitting one of its former employees intentionally and repeatedly lied to a day trader who lost millions placing trades through the company.

The dramatic concession was made yesterday at the high court in a £30m fraud lawsuit brought by Rajesh Gill, a prolific trader whose broker told him he was making vast profits even when he was shedding thousands of pounds a day.

Lawyers for Mr Gill said they would ask the court to refer the file to the FSA and the Crown Prosecution Service for further investigation at the conclusion of the trial. Read the full article

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