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Reuters blog archive

from Unstructured Finance:

The law catches up to TL Gilliams

By Matthew Goldstein

Tyrone Gilliams Jr. wanted to live a larger than life story--with much of it playing out last year in videos he had produced and plastered all over the Internet. A year later, Gilliams true life drama has him fighting to maintain his freedom.

On Oct. 5, federal authorities arrested Gilliams and charged him with wire fraud in connection with a $4 million investment scheme that Reuters chronicled in a Special Report in May. As noted in yesterday's arrest story, U.S. prosecutors in New York didn't begin looking into Gilliams until Reuters reported that he allegedly had used some of his investors' money to reinvent himself as a Philadelphia-area philanthropist.

Some might dismiss Gilliams as the architect of bizarre but  small-time scheme--especially when so many people across the country are suffering economic hardship. But as I point out in the below video, which  our ace online production team put together,  the sage of TL Gilliams may say more about our culture than we'd like to admit.

All these years after Madoff and Stanford, investors are still seeking higher than normal returns. And with the stock market tumbling and Treasuries offering almost no yield, the odds are great that more investors will fall for too-good-to-be true investment schemes.

from Blogs Dashboard:

Remember the Philly trader?

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Back in May, Matthew Goldstein wrote about commodities trader and hip-hop promoter Tyrone Gilliams in the special report “A fame-seeking Philly trader’s rap falls flat.”

Today Gilliams was arrested on charges of running a $4 million investment scam.

Time to re-read the original story, which detailed allegations by Ohio businessman David Parlin that Gilliams used some of Parlin's money to sponsor a glitzy black-tie charitable event in Philadelphia attended by rappers and local politicians.

from Unstructured Finance:

Deutsche’s he said/she said derivatives mystery

By Matthew Goldstein

Valuing derivatives--especially complex ones tied to esoteric assets--is always a tough proposition. And maybe that's what a previously unknown whistleblower action involving Deutsche Bank is all about.

The other day I wrote about a big settlement Deutsche reached in that matter with a former trader, who claims some of the bank's most esoteric derivatives were improperly valued to hide trading losses. Deutsche denies the allegation and says an internal investigation found no substance to the trader's charge.

from Reuters Investigates:

A one-woman Enron

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roqumoreOur latest special report, "Was a Houston energy trader a one-woman Enron?" examines the case of an obscure energy trader in Houston who prosecutors say managed to scam $6.8 million from major energy companies.

Stephanie Roqumore was pretty much unknown in the natural gas trading community, but somehow she was able to make million dollar purchases of natural gas on credit, according to court papers.

from Summit Notebook:

If you know a trader, buy him a drink

askari.jpg "You know, I've lost more money in smaller positions and made more money in smaller positions in the last year than I have in 12 because of the spikes. Volatility has been unbelievable," Firas Askari, head of foreign exchange trading at BMO Capital Markets, said at the Reuters Investment Outlook Summit.

With that in mind, "If you know a trader, buy him a drink!" he said. 

Click here for the sound clip. 

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