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Larry Williams arrested in Sydney

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phoenixrising

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Arriving in Sydney for seminars he was arrested for US$1.5 million tax evasion charges. He has alledgedly created false documents and multiple bank accounts.

Didn't know he is the father of Michelle Williams, the fiance of Heath Ledger.

Let's hope this all works out ok.

Story on dailytelegaphonline, can someone post it, thanks.
 
Re: Larry Willams arrested in Sydney

I was reading the Tele today and on the front page is a lead, Heath Ledgers future father in law arrested blah blah........... I thought who gives a rats *

On the next page it said Larry Williams and I burst out laughing, "only in Oz".

I would think more people would be fans of Larry Williams than Heath Ledger :).

I suppose the arrest will be international news, but not because of Heath Ledger.
 
Macca, certainly on this forum at least.

The promoter has posted bail (Adest) he can do Sydney seminars.
Brisbane, Melbourne, NZ cancelled.

Was thinking of going to a 2 hr frebee night (only) to pick up a few pointers.

Anyone had any LW experiences? (trading I mean) :D
 
Larry Williams is arrested

Celebrity market guru arrested

May 22, 2006 - 5:24PM


An American futures trading guru and promotional speaker who promises to show people how to "beat the share market'' has been arrested in Sydney for alleged tax evasion.

Larry Richard Williams, 64, had just arrived on a Qantas flight from South Africa on Saturday when he was escorted from Sydney Airport by Australian Federal Police.

The US Internal Revenue Service is seeking his extradition for $US1.5 million ($A1.99 million) in alleged tax evasion between 1999 and 2001.

The Virgin Islands resident is alleged to have "wilfully and affirmatively'' attempted to evade paying taxes on royalties from his 10 books and earnings from the international speaking circuit.

Williams, who has twice run for the US Senate in the state of Montana, boasts he is "the only futures trader in the world to repeatedly trade $1 million of his own money live at seminars around the globe''.

He has written 10 books - nine on futures and stock trading and one on the true whereabouts of Mount Sinai.
 
Notice the timing of the arrest......some really low intellectually capable copper really wanted to not just arrest him but embarrass him and defame him as well.....so they did it at the airport......they could have just contacted his solicitor and handled it from there....what a joke......
 
Honestly guys,I dont know who this guru is,apart from the fact he is Heath(cry me a bucket)fatherinlaw,but why would you want him arrested discretely
Now if the people who follow his methods loose their shirts they will have no one to blame but themselves.Tax evansion re:the tax on the books earning is probably the tip of the iceberg.If he is not guilty do you honestly think its going to make a jot of difference to his fame it will probably enhance it.And he will write another book on it whatever happens.
:2twocents
 
visual said:
Honestly guys,I dont know who this guru is,apart from the fact he is Heath(cry me a bucket)fatherinlaw,but why would you want him arrested discretely
Now if the people who follow his methods loose their shirts they will have no one to blame but themselves.Tax evansion re:the tax on the books earning is probably the tip of the iceberg.If he is not guilty do you honestly think its going to make a jot of difference to his fame it will probably enhance it.And he will write another book on it whatever happens.
:2twocents
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Larry williams is actually pretty famous visual. He's one of the best known futures traders on the planet. In the robbins world cup trading contest he turned a $10 000 stake into over a million in 12 months. He's developed technical indicators like the williams %R, and has published 9 or 10 books on trading
 
Larry's one of the more fair dinkum educators around. And one who does actually trade. Trading his own money live in front of an audience scores brownie points from me.

I don't follow his stuff, but most who do, hold him in high regard.

Our gutless justice system has done it again. They let murderers, rapists, thugs and all manner of gutter scum out into the world with little or no punishment, but this bloke is hit with a $1M bail and is told that he is lucky to be given that condition... What utter crap... I really don't understand...
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Could not agree more... Ludicrous!
 
The US Internal Revenue Service is seeking his extradition for $US1.5 million ($A1.99 million) in alleged tax evasion between 1999 and 2001
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So hes doing well then!
 
Jenman has an agenda as well.
He sells books on the crafty ways of realestate sales people.
I have it.Good read but becomes tedious,when you realise that its a small minority in the industry who resort to those tactics.
Mind you its nice to know what those tactics are.

Read somewhere where Williams's $10000-$1000000 was due to the success of one trade which went limit up over 4 consecutive sessions---dont know its verasity,but Larry won the comp hands down and placed himself in a position to be able to do what he now does with credibility.

There are many who educate and those successfully doing so make squillions,and why not its a business like anything else,if your good at it you'll do very well.Better and less risk than trading.

If you get something from it then there must be a value,frankly its a personal thing.
I never thought I'd pay $5K for education let alone 4 times that.
I did and thats with the Adelaide Uni doing Advanced Business Management.
I started reluctantly with the attitude(which wont suprise too many here) of
"Been in Business 25 yrs what can a bunch of Academics teach me about business" well I found the answer to that-----Plenty.

Value I have found is more in the application of that being taught than the education itself.One small insight can be worth 10x the investment yet to someone else the same snippet will be all but worthless,as they either cant or dont implement it.
 
Hmm... so Steve McKnight has been lumped with Henry Kaye as a get-rich-quick spruiker.

Wonder what Steve thinks of that...

GP
 
GreatPig said:
Hmm... so Steve McKnight has been lumped with Henry Kaye as a get-rich-quick spruiker.

Wonder what Steve thinks of that...

GP
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Agreed GP....I have a very high opinion of Steve, I think he charges $495 for his seminars and flogs a few items of his website. Very reasonable. (I have not done them)

Re Henry Kaye, well he gives Jenman plenty of ammunition and rightly so.
 
I don't follow Larry's stuff, never done a course of his or even read any of his books. But I found this by chance tonight so I'm posting it unbiased and FYI:

In Response to Critics Larry Answers

I am totally perplexed as to why particular people seem to be fond of criticizing me on a personal basis.

Maybe, it's just that it's easier to be critical than to be correct. I really don't know, but here's my response to things you may have heard about me;

No. 1 IF YOU'RE SO GOOD WHY YOU GIVE SEMINARS?
I give seminars, write books and have a videotape series for several reasons. First of all it's quite profitable; I get paid for doing it. I never know as a trader when I will make money, it may be this month or maybe a few months from now it's an unknown. Seminars and such amount to steady income.

Additionally, I know, from the huge number positive responses I've received over the years, that what I teach has a value and has made a substantial difference in many people's lives. Frankly, I think I'm good at this business of helping people and teaching them... and their responses have validated that viewpoint. Many of my students have been with me for anywhere from 10 to 30 years, some are now second generation's, fathers have passed me down to their sons! So, I assume I'm doing something right.

Several of my students have become successful money managers, authors, brokers and publishers

I would point out that royalties from my books have supported a scholarship program at the University of Oregon for almost 30 years. I speak for free on a frequent basis to clubs, colleges and market associations.

No. 2 WILLIAMS BLEW UP, TRADING A FUND IN 1987!
There is some truth here. In 1986, 87 and 88 I managed a substantial amount of money. A significant number of the people came out way a head. Most notably Susan B. Kringle, who had opened her trading account with $60,000 and walked away with approximate $540,000. She then sued me claiming she should have made $63 million. Many people, and I mean many, made a substantial amount of money with my trading during that time. As new money in and the crash or 87 developed, I lost money for investors. No doubt about that, it happened. People were not blown out though. . . as I recall the worst damage done was about 40 percent decline in a few of the individual trading accounts.

The NFA brought an action against me at that time, which I believe was highly politically motivated. After all I had just run from the floor, and was selected by my fellow commodity trading advisers against their hand picked "boy". From day one, I knew this was not a good thing to have done... at my first NFA meeting was only one not to have a nameplate at the table for we sat, repeatedly from the head of the NFA would not acknowledge me or shake my hand.

The message was pretty clear, eventually they brought an action against me. Eventually I settled, neither admitting nor denying their charges and paid a $12,000 fine. In light of the hundreds of thousands of dollars the NFA has fined other people, notably brokers and trading advisors, this was not even a slap on the wrist.

No. 3 YOU CHEATED WHEN YOU WON THE ROBBINS WORLD CUP TRADING CHAMPIONSHIP
This is the most ludicrous of the allegations. Internet authors hiding behind bogus names, have claimed there were two accounts the winning trades when in one account the losing trades into another.

If I would've known which trades were going to be losing trades why would I've taken them to begin with?

Perhaps more importantly the NFA and CFTC both had all my trading records, they too were looking for chicanery, double accounts or whatever. They had all my trading records for about 18 months, went through the brokerage firm with a fine tooth comb.


No. 4 WILLIAMS JUST DEVELOPS OPTIMIZED SYSTEMS THAT DON'T HOLD UP
If this were true how could I possibly stay in this business as long as I have? How can I have won trading championship or my children won trading championship and numerous of my students have made millions of dollars and won trading championship's... using stuff doesn't work?

I think the answer is obvious, let me also assure you I do not have the ultimate secrete to trading.... I think there are none.... I think there are tools and techniques we can use to beat the market. But is there a Holy Grail, and ultimate strategy are technique? I don't think so. I have never seen it.

We are all different, what works for one person, be that my approach or, say Gann, does not work for the next guy.

Speculating is a difficult business it takes an understanding, takes discipline, it takes dealing with yourself and a great deal of old-fashioned work. Even then I'm not always right, nor do I expect to be.

But I can tell you this, my advisory letter, Commodity Timing, when I have published it has consistently made money. The longevity of my subscribers speaks to that point. Additionally, my subscription fee is perhaps the lowest in the entire industry, I don't run the newsletter to rip people off or make some gargantuan fortune. As those who know me know, that is not my style.

No. 5 PROVE YOUR GOOD
To this challenge I responded by creating The Million Dollar Challenge a series of trading seminars where I have traded $1 million of real money, in real-time and given attendees to the seminar 20 percent of the profits. So far, knock on wood, I have made about $750,000 doing this in eight or so presentations. I kind of thought this would put my critics rest...it doesn't seem to have.

After all here I was in a roomful people, trading real money, real-time, no way there could be any hanky-panky and still these people are not satisfied. So be it. As one of my friends said, "Larry, just take this as a compliment, that you are important enough to have enemies".

TO MY CRITICS I SAY THIS...
Since 1973 have been willing to trade head-on head against any commodity trader anytime, any place. I've done this in trading championships, I've challenged people who claimed to be the greatest traders of the world be the here in America, or Germany, or Australia and I stand by that.

If you think I am a washed up old man... then take me on trade against me... let's see who's good and who's not. The proof is in the pudding, and I'm willing to cook up my batch anytime any place. Let's get it on...man to man, one on one. I think that would go a lot further to demolishing Larry Williams, showing my true colors, than all these comments based on rumor and innuendo,

Larry Williams
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Larry Williams performance in winning that trading competition by turning 10 grand into over a million in 12 months, needs to be put in perspective.
He turned the 10k into 2.5 million in nine months, but then had a massive drawdown which saw him lose 60% of his capital in the last three months, and finish the year with just over a million dollars in his account.
A drawdown of that magnitude shows that he was taking huge risks and not practising the sort of money management and capital preservation that would ensure long term survival.
Such a system is clearly unsustainable, and would in all likelyhood wipe out a trading account sooner or later.
Williams himself stated "You don't win trading contests by trading conservatively and only taking small risks".
Or words to that effect.

It's on record that Larry lost six million dollars of clients capital when he tried his hand at trading other peoples' money.

I've read three of his books. One of them had the illustrious title of 'The Future Millionaire's Confidential Trading Course', in which his core strategy seemed to be......
*Use a 10 week moving averge to show the trend.
*Use the Williams%R indicator to show pullbacks within the trend.
*Enter the trade when the pullback finishes and the uptrend resumes.

You simply reverse this system for short trades.
It's a perfectly workable and robust trading system, but it wasn't invented by him and in fact this system was being used long before Larry was even born.

In his book 'Trading For A Living', Alex Elder outlined virtually the same system and called it the 'Triple Screen Trading System".

In one of his other books he outlines a system that advises using the seasonal tendancies of commodities to enter trades at certain times of the year so as to catch the expected rise or fall in the value of the commodity.
For example, the price of heating oil could be expected to rise as the northern hemisphere winter approaches.
So the idea is that you'd buy heating oil futures at the same time every year so as to harvest the expected price rise.
The book lists numerous commodities and advises buying them or shorting them on a certain dates each year.
Personally I think this system would be a disaster, because according to the many decades of charts I looked at for all the commodities he listed, they don't reliably rise or fall on or shortly after the dates he mentions in his book.

To give credit where credit is due, Larry does trade his own money live at his seminars, and part of those profits go back to the seminar attendees.
I did hear that at one of his Sydney seminars he made virtually no money over the three days, but I wouldn't hold that against him....we all go through periods where our trades just don't work out as planned.

I imagine that the man would need to have considerable confidence in his trading ability if he trades his own money live in front of an audience.

Bunyip
 
So what is the latest news in the saga? I think there was a court date on the 24th. What did the judge rule?
 
Syzygy said:
So what is the latest news in the saga? I think there was a court date on the 24th. What did the judge rule?
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Good question Syxygy, don't know.

He was allowed to run the City to surf a few weeks ago, maybe he had a submarine waiting of Bondi to wisk him away.

I'll see what I can find out.

Cheers
 
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