Doesn't make him a futures trader, it makes him a exchange rate trader (by the sounds of it betting on Sterling exchange rates), completely different to futures which involve the future price of a commodity and for which you need a lot of capital. Any moron with a few hundred quid can bet on exchange rates. Sounds like a typical KM move though, run your mouth off then blame someone else when the price needs to be paid. This is only his side of the story, I bet there is a lot more to it.