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When it comes to trading everyone dreams of becoming the next multi-millionaire guy. However statistics says that there are only a handful of people who achieve superior returns in this business. When you lack skills in the game, greed can push some peoples do illegal stuffs in order to achieve your goals. Today's story is about a former National Australia Bank foreign exchange trader who managed to turn $1k into $7M in less than 1 year.
You may think this guy may have some extra talent and have an innate ability for this game, unfortunately this is further from the truth as the only "asset" this guy had was to know the right guy from Australian Bureau of Statistics, which provided him with inside information. This is a classic insider trading scheme where our fellow trader was receiving in advance the AUD key economic data, and with this kind of information he was placing his trades in front of this key news data in front of everyone else beating enormous sum of money. The profits where guarantee and he was making hundreds of thousands of dollar in a matter of few minutes.
Too bad he was caught and now he has been sentenced to 7 years and three months jail. Moral of the story is do not let greed get over your head
You can find more about this story here: NAB inside trader Lukas Kamay sentenced to seven years
Best Regards,
Daytrader21
You may think this guy may have some extra talent and have an innate ability for this game, unfortunately this is further from the truth as the only "asset" this guy had was to know the right guy from Australian Bureau of Statistics, which provided him with inside information. This is a classic insider trading scheme where our fellow trader was receiving in advance the AUD key economic data, and with this kind of information he was placing his trades in front of this key news data in front of everyone else beating enormous sum of money. The profits where guarantee and he was making hundreds of thousands of dollar in a matter of few minutes.
Too bad he was caught and now he has been sentenced to 7 years and three months jail. Moral of the story is do not let greed get over your head
You can find more about this story here: NAB inside trader Lukas Kamay sentenced to seven years
Best Regards,
Daytrader21
