INTL FC Stone likely will have margin calls, according to Jason Albin, a lawyer at the firm, who says many of the OptionSellers clients he has talked to are retirees who have lost hundreds of thousands if not millions of dollars, some of it in retirement accounts that should not have been invested in these products. He is preparing to sue on their behalf. He said FC Stone didn't appear to conduct "proper due diligence" on OptionSellers.
In a statement on Wednesday, INTL FC Stone acknowledged "unprecedented volatility" in natural gas markets last week that caused "liquidity stress" for some of its customers. "Although well collateralized, accounts managed by a Commodities Trading Advisor, Optionsellers.com, had to be liquidated as a result of these moves," the statement said. "Liquidation of these accounts was in accordance with our customer agreements and our obligations under market regulation and standards."
OptionSellers' website and online profiles have been taken down. A representative for OptionSellers told CNBC in response to an inquiry, "in regards to this matter, this is our clients' private business. We are in communication with them."
Cordier spent several minutes of the video apologizing to individual clients for everything from missing out on bass fishing with them to no longer being able to visit them on the French Riviera. He owes someone a Cuban sandwich, he said, and thanked another client from Kansas City for the barbecue sauce.
To another client, who is a big hockey fan, he said, " All I wanted to do was sit with you and watch a game. Next time I'm at the arena, I know you'll be there and I'll pretend that i'm sitting next to you."