Some Sobering Stats

[BlueHorseshoe 10]

The order, entered on May 29, 2012, requires the defendants jointly and severally to pay a $461,100 civil monetary penalty and restitution of $232,200. The order also imposes permanent trading and registration bans against the defendants and prohibits them from violating the Commodity Exchange Act and CFTC regulations, as charged.

 

Federal Court in Illinois Orders Defendants Richard C. Regan and Pro Trading Course, LLC to Pay More than $600,000 in Restitution and Civil Monetary Penalties to Settle CFTC Anti-Fraud Action

 

Almost a net profit of $400,000 then.

 

So the next question is - are CFTC fines tax-deductable?

 

BlueHorseshoe

[SIUYA 11]

Almost a net profit of $400,000 then.

 

So the next question is - are CFTC fines tax-deductable?

 

BlueHorseshoe

 

I am pretty sure most of the bank fines actually go back into the local treasury to reduce the costs that are charged to police the banks in the first place.....

A bit like the criminals funding the police......when they are caught they pay a fine and then continue on their merry way.

[bakrob99 11]

Almost a net profit of $400,000 then.

BlueHorseshoe

 

I doubt it. His legal fees are probably that much. Not to mention the cost of running his 3 person boiler room operation. I think he's been hit and hurt.

 

But you still have to wonder at the gullibility of the trainees. And here's the missing question - Did Regan make a profit in his SIM account? Was the profit only because he got fills that no one else could? Were there any traders who follows his rules exactly?

 

I don't expect to ever get answers to these questions.

 

This should be a Number 1 rule for anybody in any sort of trding education room environment - if you can't communicate with other participants - then get out quick.