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Mr. Chong $5.7million debt

SimonTan

By SimonTan,
in Lite & EZ

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SimonTan

SimonTan

2nd Gear

Ok...those experts in stocks and shares please comment.

 

How much contra or contract or deals must a person transect/execute to lose so much as $5.7million like Mr. Chong?

 

Can we assume that the person MUST be a millionaire or super big time trader with special cash backings in order to play until so big.

I mean you need lots of liquid MONEY to play shares/stocks in the first place right?

 

 

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Blackyv

Blackyv

Turbocharged

Sorry, but who the heck is Mr. Chong?

 

BTW, I don't read the Propaganda Times.

 

 

since u dont know who Mr chong is, then this thread is not for u,... [laugh]

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SimonTan

SimonTan

2nd Gear
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Its ok if you dont know him.

Less you know...the more you will enjoy your driving bliss.

 

 

Sorry, but who the heck is Mr. Chong?

 

BTW, I don't read the Propaganda Times.

 

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Albeniz

Albeniz

Turbocharged

Sorry, but who the heck is Mr. Chong?

 

BTW, I don't read the Propaganda Times.

 

Mr Chong is the bankrupt who got away scot-free after vandalising Adrian Li's car.

The police only gave him a stern warning.

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Jp66

Jp66

5th Gear

Mr Chong is the bankrupt who got away scot-free after vandalising Adrian Li's car.

The police only gave him a stern warning.

Then Turboflat4 will ask "who the heck is Adrian Li" [lipsrsealed]:D

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Albeniz

Albeniz

Turbocharged

most pro short the market or play forex Kenna burn big time.

 

Very likely involved in high-leverage trading activities.

One needs to have very little money to win a lot of money.

 

As in Mr Chong's case, he needs to have a little money to lose a lot of money.

 

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Kiddy

Kiddy

Neutral Newbie

Ok...those experts in stocks and shares please comment.

 

How much contra or contract or deals must a person transect/execute to lose so much as $5.7million like Mr. Chong?

 

Can we assume that the person MUST be a millionaire or super big time trader with special cash backings in order to play until so big.

I mean you need lots of liquid MONEY to play shares/stocks in the first place right?

 

 

All I know is OCBC securities is dumb enough to give him so much trading credit. Perhaps Chong was a big flyer then and he is the brokering firm's high net worth client. Perhaps the loss made him a pauper which is why he staying in a HDB flat now.

 

Losses could range in anything. Equities, forex, commodities etc...

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Albeniz

Albeniz

Turbocharged

Then Turboflat4 will ask "who the heck is Adrian Li" [lipsrsealed]:D

 

Mr Adrian Li is the owner of the car which got vandalised by Mr Chong.

 

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Parkingidiot

Parkingidiot

1st Gear

I think this kind of thread must have a list of FAQ so that all the noobs can get updated immediately:

1. Who is Adrian

2. Who is Chong

3. Who is AGC

4. Who is Chong's wife

5. etc.

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Parkingidiot

Parkingidiot

1st Gear

Ok...those experts in stocks and shares please comment.

 

How much contra or contract or deals must a person transect/execute to lose so much as $5.7million like Mr. Chong?

 

Can we assume that the person MUST be a millionaire or super big time trader with special cash backings in order to play until so big.

I mean you need lots of liquid MONEY to play shares/stocks in the first place right?

 

 

Leeson lost billions... so this 5.7million is like pocket change..

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Vroomtattat

Vroomtattat

2nd Gear

Mr Adrian Li is the owner of the car which got vandalised by Mr Chong.

 

Chong is a bankrupt and goes round vandalising people's car?? :blink:

 

OMG!! How come this faggort is not jailed or has he got "connection" with some Elites? :o

 

Where he stay?

 

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Zangetsu77

Zangetsu77

Clutched
(edited)

Ok...those experts in stocks and shares please comment.

 

How much contra or contract or deals must a person transect/execute to lose so much as $5.7million like Mr. Chong?

 

Can we assume that the person MUST be a millionaire or super big time trader with special cash backings in order to play until so big.

I mean you need lots of liquid MONEY to play shares/stocks in the first place right?

 

Possibly a remisier? Sometimes remisiers may be the CK for certain stocks, so they take on very large positions, with lines granted directly by the brokerage (typically they are the top remisiers).

 

On rare occasions, a company share can really really fall. Either because of sudden bankruptcy (e.g. CEO "hedge" wrongly against oil price, or some China co money suddenly all disappear in China etc.etc.) or controlling block under margins and get forced sold into open market (typically goes down to like 1-2 cents).

 

The retail investors won't take large single counter positions (you probably need S$15m position to incur a S$5.7m debt even if counter tanks), and margins financing will also limit the single counter exposure to protect their risks as well.

 

That's why my remisiers always tell me, their money is very "Pai Tan"... [smallcry]

 

Forex trading can lose very large sums, but to my understanding (as i don't trade forex), your collateral is wiped out automatically with your positions closed once you hit the threshold, which results in loss of capital. Even lose S$1B is still S$1B of paid up collateral. Nothing owing. And because the forex market is the largest, you can always sell at any given price, unlike local small caps which once they tank, the buyers may completely disappear.

Edited by Zangetsu77
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1fast1

1fast1

Supersonic

Then Turboflat4 will ask "who the heck is Adrian Li" [lipsrsealed]:D

 

No, that one I know about. [:p]

 

Sorry, did not clearly recall the perpetrator's name. Anyway, why bother to dignify him with a title and a name? I just think of him as "low life b------d who needs to be put down no. 2342234" (yes, it's a long list, but in my defence, it's a sucky world). [laugh]

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