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Boss 'lied about my profits to boost his take'
Tim Stewart12.03.09
A City trader who is suing his former broker for £35million said he was duped into believing he had "a golden touch" when he was actually losing millions.
Rajesh Gill, 37, claims firm MF Global systematically deceived him about his performance to boost its own commission payments.
In taped conversations played to the High Court, Mr Gill's account manager Matthew Bomford boasted to his girlfriend he was telling Mr Gill he was "making blinding profits" when he was in fact "haemorrhaging money".
Harvard University and London School of Economics-educated Mr Gill said Mr Bomford "fed my self-confidence to an unrealistic level - he made me believe I had a golden touch".
Married father-of-one Mr Gill, of Euston, said in October 2001 Mr Bomford told him his balance was £9million, when it was less than £3million.
Mr Bomford claimed he may have got the figure wrong because he was in turmoil at the death of his father. But a certificate showed his father died eight months later.
MF Global earned £2.7million from Mr Gill in commission. Mr Gill said he was relying on Mr Bomford for a running tally of his profits and losses and was "astonished" to find in March 2002 his balance was barely £500,000.
He is suing MF Global and Mr Bomford for fraudulent misrepresentation and breach of fiduciary duty, demanding £35million for losses and lost investment opportunities.
The firm and Mr Bomford deny all the allegations, saying Mr Gill was a "compulsive" trader who ignored warnings.
The case continues.
