Trading ban for former ING trader
1 Jan 2013
It wasn’t a great year for Bob de W.
Early March the former trader (44) was arrested for fraud during his work for ING Bank between 2009 and 2011 (link, Dutch). He traded 19.245 contracts in illiquid contracts on the CME Globex platform against his wife. She made a tidy profit of a quarter million US dollar against her husband’s employer.
Bob got caught, but question remains why it took so long. Can’t imagine a culture where stealing from your employer and perhaps indirectly from your fellow ING traders could go uncovered for more than a year.
On the last day of 2012, the Chicago Board of Trade decided to hand out a permanent trading ban against Bob. Reason : to engage in dishonest conduct.
- London Gregoire: Meijer shouldn't shave until TOM overtakes Euronext in the dutch options [...]
- TOM to expand in Europe - amsterdamtrader: [...] Euronext sues TOM on AEX Options [...] [...]
- Aad: Same shit over here. And really, we have al the specs to be fast enough. [...]
- ghostrider: truely tragic. condolences. [...]
- vikr: Hats off to RoCo. [...]
- VdM: Allmost on the same day another well known person from the trading community in Amsterdam passed awa [...]
- NRC: Advertisements in newspaper NRC: https://dl.dropbox.com/s/uwbjka8dgg26exh/20130406_NH_selectie_2_12. [...]
- anonymous: Agreed [...]
- anonymous: let's go to IMC since they pay good bonuses there [...]
- anonymous: Tibra is not doing well, and when the CFO, who knows everything about their finances, leaves this i [...]
21 Responses to Trading ban for former ING trader
anonymous
January 1st, 2013 at 8:16 pm
First!
Anybody got a transcript, dutch or english, for the link in this article –
http://fd.nl/Print/krant/Pagina/Ondernemen/712156-1203/beurshandelaar-ing-opgepakt-om-fraude_bron_fd_krant
anonymous
January 1st, 2013 at 8:18 pm
there was a similar sort of situation with SIG a while back, one of the grad traders started leaving wide bid and offers on less volatile contracts and use to fill them up from SIG at the end of trading day when more competitive bid and offers disappeared, haha, the ingenuity and the lust of the week and the greedy.
anonymous
January 1st, 2013 at 8:54 pm
Can’t access the fd article, but going by the information in this post I don’t find it that surprising that this can go on for a long time without being noticed. Trading 19245 contracts means a profit of about 13 dollar per contract. No clue what he traded, but with say EUR/USD options/futures this would be about 1 tick. Not exactly amounts that immediately get noticed.
anonymous
January 1st, 2013 at 9:06 pm
Why do Ducth companies not give a rates fat arse about US rules? Another hammer falls!!!
anonymous
January 1st, 2013 at 9:10 pm
Its called VOC mentaliteit
anonymous
January 1st, 2013 at 9:58 pm
its VOC mentaliteit my ass, there are prosecutions and rules being broken everywhere, US markets are by far the biggest and most diverse in the world and thus there are more avenues and opportunities for mis-trading, nothing to do being a bloody dutchchie cheapstake
anonymous
January 1st, 2013 at 10:48 pm
But bloody dutchie cheap stakes are overwhelming trying to push the ethics boundary. History and recent facts have proven that.
anonymous
January 1st, 2013 at 11:58 pm
lol, you are one of those dutchchies aren’t you, feels good to defend your tight arse by trying to steal more and then getting caught?
anonymous
January 1st, 2013 at 11:59 pm
what’s the ratio of fines on non-dutch firms/dutchchies firms in US markets?
anonymous
January 2nd, 2013 at 6:09 am
Wiedermal zo’n gefrustreerd misbakken buut’nlander, zal wel van dat eiland komen waar we vroeger onze misdadigers dumpten..
anonymous
January 2nd, 2013 at 7:54 am
He needed the money to start his shop in wedding dresses..
anonymous
January 2nd, 2013 at 8:39 am
is that a sarcastic joke, about the wedding dresses?
anonymous
January 2nd, 2013 at 8:41 am
Wiedermal so frustrated misbakken buut’nlander, will probably come from that island where we used our criminals dumped ..
Google Translate ain’t an artificial genius as yet, somebody help with the translation?
anonymous
January 2nd, 2013 at 9:28 am
Not to spoil the party, but I don’t see many Dutch firms in this list. American firms, on the other hand…
http://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission#List_of_major_SEC_enforcement_actions_2009-2012
anonymous
January 2nd, 2013 at 1:56 pm
any news on IMC?
anonymous
January 2nd, 2013 at 2:54 pm
@8:39
Nope, google his wife and trace the company.
anonymous
January 2nd, 2013 at 10:00 pm
well he wouldn’t have stolen the money for a bloody wedding dress company, his wife would have nagged him for it once she saw the broker statement of 250k in her name, lol
anonymous
January 2nd, 2013 at 10:03 pm
‘any news on IMC?’
there is bloody news overload on IMC, what more do you want, god damm HR to come and give you the firing list on this blog?
Just sit tight.
anonymous
January 2nd, 2013 at 10:04 pm
‘Nope, google his wife and trace the company.’
which one is it?
anonymous
January 2nd, 2013 at 10:08 pm
‘Not to spoil the party, but I don’t see many Dutch firms in this list. American firms, on the other hand…’
nice link, dutchchies should very well get reminded that they are small timers old skool traders trying to show off their massive size with a fine of few million. they seem to have forgotten hundreds of millions that the bulge bracket has paid out over the years and with a healthy stream even now. has to be dutch brainwashed jackass to think if they are causing even a ripple in US financial markets, lol.
anonymous
January 2nd, 2013 at 10:37 pm
here’s some VOC mentalitiet off my ass
VOC Capital Partners
http://www.voccp.com