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(CNN)   Shift the decimal three places in a stock order? $30 million loss, 40 lost jobs, and 30 months in federal prison   (tech.fortune.cnn.com ) divider line
    More: Dumbass, traders  
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3030 clicks; posted to Business » on 20 Nov 2013 at 2:50 PM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



42 Comments   (+0 »)
   
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2013-11-20 01:53:10 PM  
I always do that. I always mess up some mundane detail.
 
2013-11-20 02:32:42 PM  
Job Creators.
 
2013-11-20 02:36:52 PM  
Done in 1.


s3.amazonaws.com
 
2013-11-20 02:57:15 PM  
i.imgur.com

When I input everything into the Quicken, nothing flashed red so that means it's okay, right?
 
2013-11-20 03:04:20 PM  
This is why the metric system will never work.
 
2013-11-20 03:08:27 PM  
So if they wear a suit and sit in a office it is 30 months but if they wear jeans and bet with Tony it is a broken bone or two
 
2013-11-20 03:21:33 PM  
The bank probably deserves to be shut down. Sounds like they had terrible operational and concentration risk.

Every trade that gets input should be verified by a second person before being instructed in the market. The system should also have safeguards in place to prevent you trading enough to potentially shut down the company.
 
2013-11-20 03:23:08 PM  

Cheron: So if they wear a suit and sit in a office it is 30 months but if they wear jeans and bet with Tony it is a broken bone or two


Was going to say in before someone complains about the prison term.

Why do bankers and hackers get longer prison terms than drunk drivers, rapists and murders?
 
2013-11-20 03:23:56 PM  
Poor controls in place.
 
2013-11-20 03:26:27 PM  
When I used to be a Stockbroker a few years back, this sort of mistake always scared the living shiat out of me.  You had to check, double check, and triple check an order before you put it in.  One guy in the office made a mistake like in the article, but did it on accident and for not nearly the same amount of money.  The brokerage house split the cost of the mistake with him ($30K) and he had to pay it back with deductions from his future paychecks.  This sort of error literally kept me up at night.

These days I keep my stress level a lot lower by playing Russian Roulette with my .45.
 
2013-11-20 03:32:13 PM  
That's only half the maximum sentence for grand theft in Florida. And you only have to steal something worth $301 to get that charge. This guy stole a billion dollars.

But, no.... no... the rules totally aren't rigged for the benefit of the wealthy. Totally fair system. It's totally all about merit.
 
2013-11-20 03:41:22 PM  
See, I watched The Dark Knight Rises, and from what I understand, fraudulent trades performed by terrorists or criminals are still valid trades and therefore they still stand. Otherwise, that movie would make no sense.
 
2013-11-20 03:42:48 PM  

Lord Dimwit: See, I watched The Dark Knight Rises, and from what I understand, fraudulent trades performed by terrorists or criminals are still valid trades and therefore they still stand. Otherwise, that movie would make no sense.


I don't think you did see that movie, because there's a quote from Lucius Fox that directly invalidates that claim.

Not that that has a thing to do with this thread, but oh well.
 
2013-11-20 03:42:58 PM  

8 inches: When I used to be a Stockbroker a few years back, this sort of mistake always scared the living shiat out of me.  You had to check, double check, and triple check an order before you put it in.  One guy in the office made a mistake like in the article, but did it on accident and for not nearly the same amount of money.  The brokerage house split the cost of the mistake with him ($30K) and he had to pay it back with deductions from his future paychecks.  This sort of error literally kept me up at night.

These days I keep my stress level a lot lower by playing Russian Roulette with my .45.


I worked for a startup that did payments and such. Someone messed up a decimal point and we ended up charging several people $9,900 instead of $0.99 per transaction. It was bad.
 
2013-11-20 03:47:20 PM  
Let's say his plan did work.

How did he expect to get the money?
 
2013-11-20 03:48:22 PM  
So this guy did it on purpose? How the hell was he going to extract the profit for himself if it went the other way?

Wow.
 
2013-11-20 03:51:25 PM  

un4gvn666: Lord Dimwit: See, I watched The Dark Knight Rises, and from what I understand, fraudulent trades performed by terrorists or criminals are still valid trades and therefore they still stand. Otherwise, that movie would make no sense.

I don't think you did see that movie, because there's a quote from Lucius Fox that directly invalidates that claim.

Not that that has a thing to do with this thread, but oh well.


I think it was some non-explanation like "it would take too long to fix" or something, which is silly. No regulatory authority on Earth would force two parties to honor obviously fraudulent trades made during a freaking terrorist attack. In the real world, Wayne and/or Wayne's corporate personality would simply refuse to honor the contracts and to sell/buy.
 
2013-11-20 03:58:47 PM  
Crazy stuff.
 
2013-11-20 04:06:03 PM  

Bullseyed: Cheron: So if they wear a suit and sit in a office it is 30 months but if they wear jeans and bet with Tony it is a broken bone or two

Was going to say in before someone complains about the prison term.

Why do bankers and hackers get longer prison terms than drunk drivers, rapists and murders?


Bankers farking deserve longer prison sentences (well, perhaps not than murderers. But they tend to get life/death).
 
2013-11-20 04:08:07 PM  
FTA: ...pleading guilty to wire fraud charges that carried a possible sentence of 30 years in prison.

He got 30 months.


Anyone else not have an issue with this?  I mean besides bootstrappy Republicans?
 
2013-11-20 04:08:30 PM  
I'm curious if the guy did some technical "analysis" and saw a strong sell signal.
 
2013-11-20 04:11:59 PM  
Earnings were due out Oct. 25, and Miller expected what analysts call a positive surprise. Unfortunately for Miller, and for Rochdale, Apple's surprise was the other kind. Earnings missed for the second quarter in a row and gross margin guidance disappointed Wall Street. Apple went down, not up.

images.businessweek.com
"HAH! What a noob!"
 
2013-11-20 04:15:24 PM  
piggington.com
/obligatory
 
2013-11-20 04:17:59 PM  

8 inches: When I used to be a Stockbroker a few years back, this sort of mistake always scared the living shiat out of me.  You had to check, double check, and triple check an order before you put it in.  One guy in the office made a mistake like in the article, but did it on accident and for not nearly the same amount of money.  The brokerage house split the cost of the mistake with him ($30K) and he had to pay it back with deductions from his future paychecks.  This sort of error literally kept me up at night.

These days I keep my stress level a lot lower by playing Russian Roulette with my .45.


I hear ya.

/Modified source code at a stock exchange for odd-lot and round-lot trading applications.
//Spent many sleepless nights when changes were moved into production, even after being verified by QA
 
2013-11-20 04:55:29 PM  

Bullseyed: Cheron: So if they wear a suit and sit in a office it is 30 months but if they wear jeans and bet with Tony it is a broken bone or two

Was going to say in before someone complains about the prison term.

Why do bankers and hackers get longer prison terms than drunk drivers, rapists and murders?


Because they can.

Personally, I'd like to see more white-collar financial crimes become capital offenses.

"What did you do?" "I stole a loaf of bread to feed my kids." "Slap on the wrist, and use the food bank next time."

"What did you do?" "I used my high-paying job to commit financial crime. Needed to do it because of the debt I'd racked up trying to maintain a high-roller lifestyle." "Step over to that gurney, please, and roll up your left sleeve."
 
2013-11-20 05:00:43 PM  

BalugaJoe: Poor controls in place.


this.
 
2013-11-20 05:16:01 PM  
Couldn't he have at least not gone to jail if he just claimed it was an accident?
 
2013-11-20 05:29:14 PM  

Geotpf: Couldn't he have at least not gone to jail if he just claimed it was an accident?


That was apparently his plan (to claim it was an input error if it went wrong) but they found out it was intentional somehow.
 
2013-11-20 05:50:32 PM  
Why do bankers and hackers get longer prison terms than drunk drivers, rapists and murders?

????
This is the first banker I've seen go to jail. Usually the company just pays a fine - sometimes up to DAYS worth of profits.
Do you think most rapist and murderers get less than 3 years?
 
2013-11-20 06:03:45 PM  
"By the time the dust settled, Rochdale Securities had gone out of business, 40 people had lost their jobs and Miller was in federal court in Hartford, CT, pleading guilty to wire fraud charges that carried a possible sentence of 30 years in prison.
He got 30 months."



White collar criminal basically steals $30 million from his employer, gambles it away, then pleads guilty and gets 1/12th of the sentence. Go farkin' figure. I bet he goes to a minimum security resort for his 2.5 years.
 
2013-11-20 06:10:18 PM  
Wait, so if I "borrow" one billion dollars *raises pinky to lip*, take it to a casino and lose thirty million, I get less than three years? Sounds like a risk worth taking.
 
2013-11-20 06:15:24 PM  

Debeo Summa Credo: Geotpf: Couldn't he have at least not gone to jail if he just claimed it was an accident?

That was apparently his plan (to claim it was an input error if it went wrong) but they found out it was intentional somehow.


He probably emailed a BFF from college, "Dude, guess what I just did? I'm gonna get kicking RICH!"
 
2013-11-20 06:26:31 PM  
Sooo... anyone care to speculate what would have happened if the stock went UP?
 
2013-11-20 07:06:25 PM  

HighlanderRPI: Sooo... anyone care to speculate what would have happened if the stock went UP?



He would have single-handedly saved the record store without having to host a concert on the roof.

i2.listal.com
 
2013-11-20 07:20:17 PM  
Wait... this guy cost a few dozen jobs, lost $30M and is doing only 30 years, yet asshats who lost BILLIONS and brought our economy to its knees by essentially betting against Americans are free to roam the earth with the very people they farked over?

I get it. I know what the justice department and the federal government wants us to do. It's been right in front of us the entire time. They have said without saying a word that they want the American people to take care of the problem.

smhttp.14409.nexcesscdn.net

I mean, there can't be any other reason why the people who have caused much greater harm to go free, is there?
 
ZAZ [TotalFark]
2013-11-20 07:38:08 PM  
I had the same question as Debeo Summa Credo. Suppose it works and he sells the surplus stock for a $30 million profit. Now the firm or the firm's client has $30 million. He doesn't.

Quoting the Courant article: "Unable to find a white knight to bail out the firm, Rochdale eventually closed, leaving 40 or so people out of work and the partners stuck with huge loses and wounded reputations."

Was a general partnership structure where some human being could lose money?
 
2013-11-20 07:38:57 PM  
Yet if you shoplift a six pack, you'll go to jail for 10 years.
 
2013-11-20 07:46:52 PM  

ZAZ: I had the same question as Debeo Summa Credo. Suppose it works and he sells the surplus stock for a $30 million profit. Now the firm or the firm's client has $30 million. He doesn't.

Quoting the Courant article: "Unable to find a white knight to bail out the firm, Rochdale eventually closed, leaving 40 or so people out of work and the partners stuck with huge loses and wounded reputations."

Was a general partnership structure where some human being could lose money?


It's probably organized as a Limited Liability Partnership. The partnership could crater, but the personal assets of the partners will probably remain untouched.

Regarding what would happen if there were a $30 million profit instead of a loss, that's a good question. My guess is that if there was such a lack of controls and oversight over the trades, there's probably not much control over the custody of the client accounts, so he would skim off the gains and no one would find out.
 
2013-11-20 09:02:37 PM  
www.jimpoz.com
 
2013-11-20 09:02:39 PM  

Ego edo infantia cattus: "By the time the dust settled, Rochdale Securities had gone out of business, 40 people had lost their jobs and Miller was in federal court in Hartford, CT, pleading guilty to wire fraud charges that carried a possible sentence of 30 years in prison.
He got 30 months."


White collar criminal basically steals $30 million from his employer, gambles it away, then pleads guilty and gets 1/12th of the sentence. Go farkin' figure. I bet he goes to a minimum security resort for his 2.5 years.


What difference does it make how long or where this guy is in prison? He is never going to work in a white-collar business again unless he has a relative who still likes him enough to give him a job. Reputation is everything at this level. Throw it away and you're done for. Who the hell would even give him a job as a cashier at Walmart?
 
ZAZ [TotalFark]
2013-11-20 09:26:39 PM  
Who the hell would even give him a job as a cashier at Walmart?

In some states there may be a lookback period for criminal records like there is for credit reports. I don't know how far this guy would have to move. There isn't a time limit in Connecticut. In Massachusetts there is for misdemeanors only.

Connecticut's web site advises: "If you believe you were not hired (or you were fired) because of your criminal record, ask if your record was the reason. If you are Black or Hispanic, you might have a discrimination case." I didn't see a picture but I'd bet this guy is white.
 
2013-11-21 09:17:19 AM  
I accidently a stock trade.
 
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