Insta-SCAM: 'Get rich quick' Instagram trader, 20, 'empties accounts of more than 1,000 investors

diamount · 10 Jan 2020 at 09:12

G-MAN2004 said:
Is "limey" racist then? I get called that all the time on an American forum. I should call the police.

No, because being called ''limey' has nothing to do with the colour of your skin.

wolfie138 · 10 Jan 2020 at 09:15

"People screamed “I don’t believe it”, “you’re an angel” and “you’re the best person in the whole world” after being surprised with an unexpected tenner or even more"

ffs. if they react like that to a tenner I hope they never win the lottery.

wolfie138 · 10 Jan 2020 at 09:18

Psycho Sonny said:
So who gets to decide what is okay and what is not?

everyone does. or are you saying no one is allowed to have an opinion?

wolfie138 · 10 Jan 2020 at 09:20

diamount said:
No, because being called ''limey' has nothing to do with the colour of your skin.

it does, in that it was specifically used about British sailors.

G-MAN2004 · 10 Jan 2020 at 09:20

diamount said:
No, because being called ''limey' has nothing to do with the colour of your skin.

Do we 100% know he called him curry because of the colour of his skin though? His surname is Singh, so even if there were no pictures of him it's pretty obvious he's Indian.

randomshenans · 10 Jan 2020 at 09:23

Is everyone in a ****** mood because the holidays are over? Jeez

As for the dude in the article that "works in IT security" and got done over... lol

Psycho Sonny · 10 Jan 2020 at 09:40

wolfie138 said:
everyone does. or are you saying no one is allowed to have an opinion?

Having an opinion doesn't make it right or wrong. Some peoples opinions are it's okay to sleep with your cousin / sister, it's okay to behead homosexuals, it's okay to be racist.

Laws ultimately decide what is okay and what is not.

And I believe that racism is a hate crime in law.

Regardless of the intention of the individual its the effect it has that matters. So pleading ignorance isn't a defence.

Maccy · 10 Jan 2020 at 09:42

I really don't want to close this thread, so back on topic please.

A2Z · 10 Jan 2020 at 09:45

Where is the racism in this thread? I don't see any.

Back on topic, good for him. If people are stupid enough to give him the money then they should learn the hard way from their mistake.

413x · 10 Jan 2020 at 09:54

Don't really have much sympathy for those who have thrown their money at this.

dowie · 11 Jan 2020 at 01:23

Back on topic - some indication of how he kept the scam going for a while... mostly draw attention to/market it based on the realised pnl and let any losing trades just carry on running with unrealised losses... well until there was no money left and the broker closes all the positions. Ergo he was able to show supposedly consistent profits initially (if you ignore all the open positions).

https://metro.co.uk/2020/01/09/rich-kid-instagram-trader-scammed-hundreds-victims-4000000-12033385/

Although the group had access to some data tracking their fund, they argue they were duped into thinking it was doing better than it was. They were pointed to an app monitoring completed trades, showing consistent profits for months. But another app monitoring the amount of money still in open trades told a different story. Losses of a few thousand pounds crept up and then started snowballing into the millions from October. Metro.co.uk has seen screenshots of investors being discouraged by GS3 marketers from checking the second app or believing what it says. Its existence is not mentioned in any marketing material and the log-in details were tucked away in the small print of a contract investors signed.

Sankari · 11 Jan 2020 at 02:32

I should start scamming people with Ponzi schemes, it looks like there's still plenty of idiots out there just dying to hand over their cash.

Unbelievable.

StriderX · 11 Jan 2020 at 04:21

So what can he reasonably get done for legally?

Hotwired · 11 Jan 2020 at 05:29

Basically fraud isn't it.

Lied about his credentials then deceived the investors.

dowie · 11 Jan 2020 at 20:13

Evangelion said:
I should start scamming people with Ponzi schemes, it looks like there's still plenty of idiots out there just dying to hand over their cash.

Unbelievable.

It isn’t actually a Ponzi scheme, that does refer to something rather specific but people tend to just use it in relation to any financial scam these days.

StriderX said:
So what can he reasonably get done for legally?

Presumably fraud also he was carrying out regulated activities - he’s not authorised to manage investments/not an FCA approved person.

TNGL · 12 Jan 2020 at 00:34

Well at least this is likely to stop him from ever working as a doctor. Imagine having a narcissist like this with lives in his hand.

dowie · 12 Jan 2020 at 00:57

TNGL said:
Well at least this is likely to stop him from ever working as a doctor. Imagine having a narcissist like this with lives in his hand.

That's the sad thing, the absolute muppet has lost overall from this - if he'd stayed honest then perhaps he'd have completed his BMS or whatever med school reject degree he was on, redeemed himself academically and got onto a 4 year graduate medicine course as intended.... now that career path (rather a lucrative one) is cut off to him and ditto to some other professions too with his criminal record - good luck becoming an accountant, solicitor etc.. too or indeed any grad scheme at a respectable company with convictions for financial crime and a name all over the press associated with it + hundreds of victims who won't be compensated and some of whom will likely, in years to come, still want to see what he's up to etc.. post on forums about hm etc...

So he's maybe made a few hundred grand at most from this, some of that could be confiscated - his career prospects are ****ed. He's probably cost himself a million or two in lifetime earnings at least. No doubt he'll be back on insta in a few years wearing fake designer clothes and posing in some brand name second hand car but he'll be confined to some high stress dodgy sales jobs to try and fund it and the prospects won't be anything like if he'd just been honest and gone to med school as planned.

TNGL · 12 Jan 2020 at 14:06

dowie said:
That's the sad thing, the absolute muppet has lost overall from this - if he'd stayed honest then perhaps he'd have completed his BMS or whatever med school reject degree he was on, redeemed himself academically and got onto a 4 year graduate medicine course as intended.... now that career path (rather a lucrative one) is cut off to him and ditto to some other professions too with his criminal record - good luck becoming an accountant, solicitor etc.. too or indeed any grad scheme at a respectable company with convictions for financial crime and a name all over the press associated with it + hundreds of victims who won't be compensated and some of whom will likely, in years to come, still want to see what he's up to etc.. post on forums about hm etc...

So he's maybe made a few hundred grand at most from this, some of that could be confiscated - his career prospects are ****ed. He's probably cost himself a million or two in lifetime earnings at least. No doubt he'll be back on insta in a few years wearing fake designer clothes and posing in some brand name second hand car but he'll be confined to some high stress dodgy sales jobs to try and fund it and the prospects won't be anything like if he'd just been honest and gone to med school as planned.

Ah, that makes more sense. I didn't realise he was studying biomed.

This will have lifelong effects as you say. I think the psychological effects of coming down from such a high and now being widely hated will definitely take a toll on his mental health

kindai · 12 Jan 2020 at 14:16

No sympathy lol. If they're that stupid they deserve to lose it.

Psycho Sonny · 12 Jan 2020 at 16:54

TNGL said:
Ah, that makes more sense. I didn't realise he was studying biomed.

This will have lifelong effects as you say. I think the psychological effects of coming down from such a high and now being widely hated will definitely take a toll on his mental health

widely hated? there will be at best like 500 people who hate him. and in 6 days time nobody will know who he is.

Insta-SCAM: 'Get rich quick' Instagram trader, 20, 'empties accounts of more than 1,000 investors

Sgarrista