A trainee day trader in France made $11.6 million in one day on what he thought was just a “demo.”
Traore called Valbury a few days later to explain the situation. In response to his skillful turnaround, the firm declared Traore was in breach of his contract and that his holdings were both void and canceled, the FT reported.
Traore has sued Valbury for the $11.6 million, declaring the firm was negligent and had breached his contract.-based financial services company, denies doing anything wrong. The FT reported the firm is expected to argue that Traore was a financial services professional, not a consumer, and that the case should not be heard in French court, where Traore would likely receive much greater protection.
Traore admits he "tried to embellish" his experience on his application to open an account on the site, according to the FT. This could well be a make or break case for Valbury, as the firm brought in about $10 million of revenue in 2016, according to the most recently filed public documents. Valbury's revenue declined 15 percent year-over-year from 2015, the FT reported.
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