NRI trader awarded 20 million pounds compensation for fraud
The High Court has awarded an Indian-origin financial trader 20 million pounds in compensation after he was systematically deceived by his account manager in their brokerage company.india Updated: May 07, 2009 14:12 IST
The High Court has awarded an Indian-origin financial trader 20 million pounds in compensation after he was systematically deceived by his account manager in their brokerage company.
Considered one of the most prolific traders in London’s financial circles, Rajesh Gill, 37, studied at Harvard and the London School of Economics and used to make over 100 transactions a day, ‘The Daily Telegraph´ reported today.
His account manager, Matthew Bomford, fraudulently concealed Gill’s multi-million-pound losses as their brokerage company, MF Global, was earning 2.7 million pounds commission from Gill’s investments with Bomford himself earning more than 500,000 pounds bonuses a year, the paper said.
Calling Bomford a “fraudster” justice Flaux said,“ He had acted fraudulently throughout, I suspect deceiving not only Mr Gill but his own senior management.”
Gill was awarded provisional damages of 19.75 million pounds for fraudulent misrepresentation, of which 5 million pounds must be paid by MF Global within a month. The company is also facing an additional payout of up to 10 million pounds, including its own and Gill’s legal costs.
“I feel both elated and hugely relieved it is over. This trial has put a horrendous strain on me and my family. Yet I would still urge individuals to stand firm and act in the face of deliberate and sustained misconduct,” Gill said outside court.