Rajesh Gill, ‘7 to 7’ day trader, awarded £20m for City fraud
One of Britain’s most successful City traders, who was fooled into thinking he was making millions when he was really suffering huge losses, has been awarded £20 million after a judge ruled that his broker defrauded him.
Rajesh Gill was repeatedly told by Matthew Bomford, a senior futures broker, that his investment fund was worth nearly £10 million when it had plummeted to just over £2 million.
In a High Court ruling Mr Justice Flaux said that Mr Bomford, of Man …
One of Britain’s most successful City traders, who was fooled into thinking he was making millions when he was really suffering huge losses, has been awarded £20 million after a judge ruled that his broker defrauded him.
Rajesh Gill was repeatedly told by Matthew Bomford, a senior futures broker, that his investment fund was worth nearly £10 million when it had plummeted to just over £2 million.
In a High Court ruling Mr Justice Flaux said that Mr Bomford, of Man Financial, now MF Global, was “a persistent and inveterate liar” who deceived Mr Gill to keep making money from his trades.
After telling Mr Gill that the account was “blindingly excellent”, the company received £2.5 million in commission directly from Mr Gill’s trades and Mr Bomford personally pocketed more than £500,000 in bonuses.
Mr Gill, a day trader, was known in the City as the “seven-to-seven man” because he turned £7,000 into £7 million in two years.
