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Broker to pay $350,000 in stock market losses after client fled
FOOLED by new client's posh appearance Broker to pay $350,000 in stock market loss after client, who drove Jaguar and lived in condo, vanishes By Tay Shi'an November 23, 2008 / Source : The Electric New Paper THEY are sometimes referred to as brokers. For one remisier, however, the word has taken an awfully literal meaning. Reason: She may soon go broke having to make up for a rogue client's losses. The client, a Malaysian woman in her 60s, had seemed financially reliable. She lived in private property. Her family gets around in a Jaguar. And she had put a US$50,000 ($76,600) deposit to begin trading. The remisier, who has been in the industry for more than five years, said: 'I thought this client was able to trade and able to pay.' But then the client lost US$227,000 after taking huge risks on the US stock market, betting on shares such as AIG and Fannie Mae.And she vanished. Now, the remisier, who is in her 30s, will have to settle the debt with her brokerage firm if the client cannot be found. That's beca
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