{"id":4625,"date":"2018-11-21T20:00:24","date_gmt":"2018-11-21T20:00:24","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/investor-says-sorry-for-huge-losses\/"},"modified":"2018-11-21T20:00:24","modified_gmt":"2018-11-21T20:00:24","slug":"investor-says-sorry-for-huge-losses","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/investor-says-sorry-for-huge-losses\/","title":{"rendered":"Investor says sorry for huge losses"},"content":{"rendered":"\n
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Media caption<\/span>James Cordier apologised to his investors<\/figcaption><\/figure>\n

The boss of a Florida-based financial firm has made a tearful video apology to clients after bad bets on oil and natural gas prices wiped out their investments.<\/p>\n

James Cordier blamed a recent bout of market volatility for the losses, which are set to destroy his firm.<\/p>\n

“I truly invested your funds like you were family,” he said in the YouTube video.<\/p>\n

“I’m sorry that this rogue wave capsized our boat.”<\/p>\n

Natural gas prices enjoyed their biggest one-day percentage gain in eight years on Wednesday last week, only to suffered their largest one-day loss in 15 years the very next day.<\/p>\n

Meanwhile, oil prices have also fallen sharply.<\/p>\n

Mr Cordier is president of OptionSellers.com, based in Tampa, and co-wrote a book called The Complete Guide to Option Selling.<\/p>\n

The company managed money for wealthy investors and specialised in options, which give investors the right to buy or sell at a pre-determined price.<\/p>\n

OptionSellers said the losses were its “clients’ private business. We are in communication with them.”<\/p>\n

It was not clear how much money the firm managed or the size of the losses. Mr Cordier said in his video that he had 290 clients.<\/p>\n

However, the losses could total more than $150m, according to Ohio lawyer Jason Albin, who has been in contact with about 80 clients.<\/p>\n

Mr Albin said he thought the trades, which in some cases involved retirement accounts, should not have been permitted because of the risk involved. <\/p>\n

He is looking at taking legal action against INTL FCStone, the brokerage that cleared the bets on behalf of Mr Cordier’s company.<\/p>\n

INTL FCStone declined to comment on the claims.<\/p>\n

The firm said accounts managed by Optionsellers.com were liquidated after “unprecedented volatility” in the oil and gas markets last week.<\/p>\n

“Although well collateralized, accounts managed by a commodities trading advisor, Optionsellers.com, had to be liquidated as a result of these moves,” the company said.<\/p>\n

“Liquidation of these accounts was in accordance with our customer agreements and our obligations under market regulation and standards.”<\/p>\n<\/p><\/div>\n


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Media playback is unsupported on your device Media captionJames Cordier apologised to his investors The boss of a Florida-based financial firm has made a tearful video apology to clients after bad bets on oil and natural gas prices wiped out their investments. James Cordier blamed a recent bout of market volatility for the losses, which … <\/p>\n","protected":false},"author":0,"featured_media":4626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4625"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/4626"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}