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Trader sues broker for £35m over 'hidden losses'
Tim Stewart and Benedict Moore-Bridger06.03.09
One of the City's most prolific traders is suing an international brokerage firm for £35million in one of the biggest lawsuits of its kind.
Self-taught trader Rajesh Gill claims brokers at MF Global concealed his multi-million-pound losses so the firm could capitalise on commissions from his trades.
Mr Gill, 37, a Harvard University and London School of Economics graduate, claims his manager, Matthew Bomford, fraudulently hid the losses because the firm had earned up to £3million in commissions.
The father-of-one - who has been hailed as the "best trader in the City" by industry experts - claims his brokers assured him he was making money "hand over fist" when he had actually lost £3million in a year.
Mr Gill, of Euston, alleges that Mr Bomford repeatedly failed to follow his instructions on trades and even made unauthorised deals with his money.
He is suing MF Global and Mr Bomford through his investment company, Aria Investments, for fraudulent misrepresentation and breach of fiduciary duty, demanding £35million compensation for losses incurred and missed lucrative investment opportunities.
MF Global and Mr Bomford strenuously deny all the allegations.
Reader views (3)
it seems like this guy was trading with his own money - thank god, not other investors lost funds because of this - hope he wins if he's telling the truth....
- Ns, London
I worked with these guys Piers , James and Arron you have finally been found out and thank god for that , i had been saying this for years
- Adam, london
Surely this industry isnt corrupt is it, well blow me...Sure 35 million is enough for you snort snort? Can the people who's money you lost start to sue you?
- Dc, London
