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22 May 12
12:20
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Date Joined:
10 Jan 12
http://www.metro.co.uk/news/899768-boy-5-made-50-000-loss-on-spread-betting-website?ITO=socialnet-twitter-button
Boy, 5, made £50,000 loss on spread-betting website
A spread betting company’s ‘inadequate’ terms and conditions made it impossible for it to legitimately attempt to claim £50,000 in lost trades from one of its customers, a judge ruled.
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C made the trades in oil, gold and silver (Picture: Alamy)
The 49 pages of Spreadex’s Ts & Cs agreed to by Colin Cochrane was, in the eyes of the law, an ‘unfair contract’.
Mr Cochrane claimed the losses were racked up by his girlfriend’s five-year-old son after he accidentally left his computer on. The boy, referred to in court as ‘C’, made the trades in oil, gold and silver without his authorisation or knowledge.
Deputy judge David Donaldson said it would have been ‘close to a miracle’ if Mr Cochrane had read the relevant clause. Such lengthy terms and conditions were ‘entirely inadequate to seek to make the customer liable for any potential trades he did not authorise’, he said.
Mr Cochrane began using Spreadex in October 2010. In May last year, he visited a friend and did not return for two days. ‘His girlfriend said that his computer had been used by C, and C told him that he had been playing games on it,’ said Mr Donaldson.
Spreadex launched legal proceedings to recover the losses.
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http://www.metro.co.uk/news/899768-boy-5-made-50-000-loss-on-spread-betting-website?ITO=socialnet-twitter-button
Boy, 5, made £50,000 loss on spread-betting website
A spread betting company’s ‘inadequate’ terms and conditions made it impossible for it to legitimately attempt to claim £50,000 in lost trades from one of its customers, a judge ruled.
..
C made the trades in oil, gold and silver (Picture: Alamy)
The 49 pages of Spreadex’s Ts & Cs agreed to by Colin Cochrane was, in the eyes of the law, an ‘unfair contract’.
Mr Cochrane claimed the losses were racked up by his girlfriend’s five-year-old son after he accidentally left his computer on. The boy, referred to in court as ‘C’, made the trades in oil, gold and silver without his authorisation or knowledge.
Deputy judge David Donaldson said it would have been ‘close to a miracle’ if Mr Cochrane had read the relevant clause. Such lengthy terms and conditions were ‘entirely inadequate to seek to make the customer liable for any potential trades he did not authorise’, he said.
Mr Cochrane began using Spreadex in October 2010. In May last year, he visited a friend and did not return for two days. ‘His girlfriend said that his computer had been used by C, and C told him that he had been playing games on it,’ said Mr Donaldson.
Spreadex launched legal proceedings to recover the losses.
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http://www.metro.co.uk/news/899768-boy-5-made-50-000-loss-on-spread-betting-website?ITO=socialnet-twitter-button
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Replies: 23
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Quite amazing that the kid chose to trade three of the hottest commodities on the planet right now
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Sets quite a precedent though. You could let your 3 year-old loose on the computer while logged in to your spread betting account: if it wins, you're laughing, if it loses, you're not liable.
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he might have lost more had he not been posting on the betfair forum
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i think the same kid has been breaking into moneytrees house
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I use to work there. Helped launch the company back in 2000.
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If he worked for a bank he might get a bonus
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Baby tree done his inheritance already?
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I thought you had to have money in your account before
you can bet. Cant believe they allow anyone to lose £50,000 |
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I believe Mr Cochrane's story
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Amazingly, so did the judge.
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The 49 pages of Spreadex’s Ts & Cs agreed to by Colin Cochrane was, in the eyes of the law, an ‘unfair contract’.
I bet all the others are now scrutinising theirs. |
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should of used this one when monmome won ffs.
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I reckon there is still time Tree, give it a go, I mean what more have you got left to lose mate
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46k
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Is that like a C64?
 Great stuff tree plenty of ammunition for Euros |
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yes but its not designed for disableds like the c4 was
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MONEY TREE • May 22, 2012 8:41 PM BST
should of used this one when monmome won ffs.  |
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ASIF A 5 year old could use a trading platform & loose that much money, how much of a crap lier is the man, or how thick is he to leave his account open with real money involved LMAO!!
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It would seem a very far fetched excuse but the article says he was away visiting a friend at the time so i'm assuming the bloke can actually provide evidence that he was away from home at the time of the trades.
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When his account ran out of money he would get a 'Margin Call'. How did the 5 year old put more money into the account. All sounds a bit fishy to me
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How do you know his account ran out of money? Just says the kid lost 50k.
for all we know, the bloke might have had 200k in there. |
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If he had 50k in his account Spreadex would not be taking him to court. They would have his money.
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Yeah, fine. He was away and got a mate in to have a few bets. They win, clover. They lose, oh my son did it. As plausible as Elvis shooting JFK. The judge is a moron.
Having said that, the exchange deserve everything they get for having such a long list of terms and conditions. I would bar people from leaving terms and conditions pages for the average length of time it takes a person to actually read them, for all gambling sites. That'd make firms think twice about impenetrable T&Cs. |