tactical trader

This from The Australian brings a whole new meaning to the sales by line so often used by Williams and his cronies. I am particularly amused by the line that describes how the arrest has turned away first time attendees. So this is what it takes to get people to realise what is going on with these people - arrest for tax fraud. I hope the Inland Revenue are paying attention.

Arrested get-rich-quick guru needed help to raise $1m bail

Nick Leys
May 27, 2006

LARRY Williams, the international share trader wanted in the US for tax evasion, will carry on with his Sydney get-rich-quick seminars despite struggling to raise his $1million bail this week.

Arrested by Australian Federal Police last Saturday, Mr Williams spent five nights in a Sydney holding cell. He was granted bail on Tuesday afternoon, but could not raise the surety until Thursday morning, when he walked free.

Mr Williams's reputation is based on claims of massive windfalls from the futures market, most notably his claim that he traded $US10,000 ($13,247) into $US1,100,000 in less than 12 months.

His daughter is Michelle Williams, the Oscar-nominated actor and partner of Australian film star Heath Ledger. The pair met while filming Brokeback Mountain and are based in Brooklyn.

Mr Williams eventually raised the bail with $500,000 from his partner Louise Stapleton and surety of $500,000 from a married couple who are associates of his Australian promoter, but who had not met Mr Williams previously.

The promoter, David Hunt of ADEST Trading, told The Australian that Michelle Williams and Ledger were aware of the situation but had not been asked for assistance because Williams "didn't want to break into their schedule".

Did his daughter offer to bail her father out?

"No comment," Mr Hunt said.

The US-born Mr Williams, who lists residences in the Virgin Islands and South Africa, has courted controversy before. Commodity trader William Gallacher claimed in his book Winner Take All that Mr Williams was a promoter "operating on the comic fringe of commodities" who had been investigated by US regulatory body the National Futures Association over the management of fund accounts during an investment contest, The World Cup of Futures Trading.

Mr Gallacher claims Mr Williams and the organisers Robbins Trading Company were fined $US35,000 each by the NFA for violating a compliance rule. The fine was reduced to $US13,000.

Mr Williams has admitted he was investigated by the NFA and the Commodity Futures Trading Commission, describing it as "highly politically motivated". He admits to a fine of $12,000 but had retained his trading licence.

He will deliver a Sydney trading seminar next Wednesday and another on June 7, but has cancelled similar lectures in Brisbane, Melbourne and New Zealand because of the bail conditions. Mr Williams must present himself three times a day at the police station in The Rocks in Sydney.

Mr Hunt said attention from the arrest had turned away first-time seminar attendees.