Help!!!!

[Betty2015]

ok this is quite a long complicated story but a friend of mine began trading my money he is not FSA/FCA approved and the original arrangement was for him to teach me how to trade. I would and should therefore of had full control over my accounts. I asked him to withdraw money to which he said it was pending.

He later on told me the he had lost all the money trading although the original agreement was to teach me how to trade and refused to provide evidence of transactions.

I would like to know:

If someone trades on your behalf must they show trades when requested?
Can someone trade on your behalf with no licence what are the exemptions?

I believe he pooled together money from other individuals and traded is this legal?

 

[Lightning McQueen]

hi, welcome to the boards

for a starter i'm guessing because he has now proved, without a doubt, to be a loser it should be a given that any seeking of training from him is well out of the picture?

was it a lot of money? hopefully it isn't

if this "friend" had made money you wouldn't be here at all, but because he has lost your funds you would like restitution, that would depend on how you were introduced to this "friend" or indeed if many others were drawn in as well as you, as quite often the funds are not traded at all and are misappropriated. minefield for him if he has been inviting people to invest in pooled funds if unregulated.

you should at least be provided statements of account, so you can at least see where and how he lost your money. perhaps post the statement here in the thread to allow members to see what he did. if he can't, or won't provide the statement in a timely manner on request, call the police immediately.

 

[Betty2015]

thank you

hi, welcome to the boards

for a starter i'm guessing because he has now proved, without a doubt, to be a loser it should be a given that any seeking of training from him is well out of the picture?

was it a lot of money? hopefully it isn't

if this "friend" had made money you wouldn't be here at all, but because he has lost your funds you would like restitution, that would depend on how you were introduced to this "friend" or indeed if many others were drawn in as well as you, as quite often the funds are not traded at all and are misappropriated. minefield for him if he has been inviting people to invest in pooled funds if unregulated.

you should at least be provided statements of account, so you can at least see where and how he lost your money. perhaps post the statement here in the thread to allow members to see what he did. if he can't, or won't provide the statement in a timely manner on request, call the police immediately.

Police are involved and he has been given nearly 2 weeks to provide data but has refused and kept saying he would send snapshots but has not.
He keeps saying his solicitors were guiding him and could not send snap shots of trades or details.
The banks have frozen his accounts but am scared he really did trade and lost money and maybe I am in wrong. He is saying he did nothing illegal and protests innocence.

Is it legal to pool money together for trades when not fsa/fca approved?
Can he legally trade on another's behalf with no trading licence ( and gain profits) what are exemptions?( I knew he was not approved but our agreement was for lessons. )

 

[Bill$]

Betty, get over it. You've been stupid. Law or no law, you've lost your money.

 

[Betty2015]

The bank have frozen his accounts.

Betty, get over it. You've been stupid. Law or no law, you've lost your money.

I am quite confident I will get back money my main issue is maybe he is telling the truth in regards to bad trading ?

 

[Lightning McQueen]

Police are involved and he has been given nearly 2 weeks to provide data but has refused and kept saying he would send snapshots but has not.
He keeps saying his solicitors were guiding him and could not send snap shots of trades or details.
The banks have frozen his accounts but am scared he really did trade and lost money and maybe I am in wrong. He is saying he did nothing illegal and protests innocence.

yep sounds like a big fraudster. if his brief is telling him not to show the statements then he's guilty of fraud, they are just doing their job in defending him. they need time to make one up to save his butt. your money, what is left after his lifestyle spend, is likely still sat in his frozen account untraded.

how much did you give him? an about figure will do so as not to identify your case.

 

[Betty2015]

A lot I know I am a fool....

yep sounds like a big fraudster. if his brief is telling him not to show the statements then he's guilty of fraud, they are just doing their job in defending him. they need time to make one up to save his butt. your money, what is left after his lifestyle spend, is likely still sat in his frozen account untraded.

how much did you give him? an about figure will do so as not to identify your case.

over 8k, but he has assets , cannot leave country and know his university e.t.c.

Thanks for reply you have put my mind at ease to prosecute.

 

[Lightning McQueen]

over 8k, but he has assets , cannot leave country and know his university e.t.c.

Thanks for reply you have put my mind at ease to prosecute.

it does indeed look like fraud, but what have the police said to you? do they suspect fraud?

if it isn't fraud and you willingly gave someone a not unsubstantial sum of money to trade, and they lost it trading, what will the purpose of a prosecution be?

as we're not privy to all the information, there are a few outcome permutations possible.

the so called trader is either guilty of trading or just banking the money and defrauding one person, it'll largely be a police matter for the latter, tough luck on the investor if it's the former as he will be likely free and clear and the money lost.

or he has touted many investors, in which case he's done for, traded or defrauded.

therefore his brief, if the evidence allows the leeway, will be attempting to prove sole trading on one account for one person. the fact they will not allow release of this information from their client, thus far, goes some way to show they are working towards this, though any evidence of multiple fund transfers to the bank account nullifies any defence and he's stuffed and cuffed whatever he did with the funds.

 

[Betty2015]

I cannot really understand what you said...

it does indeed look like fraud, but what have the police said to you? do they suspect fraud?

if it isn't fraud and you willingly gave someone a not unsubstantial sum of money to trade, and they lost it trading, what will the purpose of a prosecution be?

as we're not privy to all the information, there are a few outcome permutations possible.

the so called trader is either guilty of trading or just banking the money and defrauding one person, it'll largely be a police matter for the latter, tough luck on the investor if it's the former as he will be likely free and clear and the money lost.

or he has touted many investors, in which case he's done for, traded or defrauded.

therefore his brief, if the evidence allows the leeway, will be attempting to prove sole trading on one account for one person. the fact they will not allow release of this information from their client, thus far, goes some way to show they are working towards this, though any evidence of multiple fund transfers to the bank account nullifies any defence and he's stuffed and cuffed whatever he did with the funds.

The police know it is fraud as on seperate occasion and have email he said he would return 4k if I gave him £300 then admits to gambling it.
He definately traded multiple peoples money under one account this can proven/ suggested via email.

what do you mean multiple fund transfers to the bank account?

 

[Lightning McQueen]

He definately traded multiple peoples money under one account this can proven/ suggested via email.

what do you mean multiple fund transfers to the bank account?

they would have to fund him, so he can fund the trading account.

this will all be evidence stacking against him. I expect once you, eventually, get to see the trading statement, if it even exists, you'll likely see other funds heaped in there as well, the paper trail will be quite clear I would have thought, unless cash only? but still there will be large separate funding amounts to explain.

I take it the fca have been informed/involved? he isn't allowed to trade or operate a collective investment scheme without authorisation.

 

[Betty2015]

trading on another's behalf?

they would have to fund him, so he can fund the trading account.

this will all be evidence stacking against him. I expect once you, eventually, get to see the trading statement, if it even exists, you'll likely see other funds heaped in there as well, the paper trail will be quite clear I would have thought, unless cash only? but still there will be large separate funding amounts to explain.

I take it the fca have been informed/involved? he isn't allowed to trade or operate a collective investment scheme without authorisation.

I will be notifying fca and Is he allowed to trade on another's behalf without licence. ? and if so when can someone do this?

And what do you mean fund him to fund trading account is it illegal for money to go via account not linked to trading account?
Sorry I am a bit slow what do you mean by
'any evidence of multiple fund transfers to the bank account nullifies any defence and he's stuffed and cuffed whatever he did with the funds.'

 

[Lightning McQueen]

I will be notifying fca and Is he allowed to trade on another's behalf without licence. ? and if so when can someone do this?

And what do you mean fund him to fund trading account is it illegal for money to go via account not linked to trading account?
Sorry I am a bit slow what do you mean by
'any evidence of multiple fund transfers to the bank account nullifies any defence and he's stuffed and cuffed whatever he did with the funds.'

well no it's not illegal to fund a trade account from a bank account, that would be silly.

he has to transfer the money from a bank account, so you and allegedly every other "investor" has to pay him to fund the trading account, the money transfers have left paper trails, or not, as the case may be. he should be regulated to trade other peoples money in a collective scheme or pool, if he denies it there will be evidence in the paper trail, which is what the authorities will look at. is that clear enough?

sounds like you really need to contact the fca just so you know where the land lies in your circumstance and get their view. do this asap.

this is what happens to them.

Unauthorised Forex Investment Fraudster Convicted

 

[Lightning McQueen]

he said he would return 4k if I gave him £300 then admits to gambling it.

missed this post - sounds a right clown. you should learn to choose friends wisely in future, also steer well clear of anyone who introduced you.

let us know what the fca have to advise, will you do that?

 

[Splitlink]

I am quite confident I will get back money my main issue is maybe he is telling the truth in regards to bad trading ?

Betty, you have been conned. Move on. The surprise, to me, is that he willing to enter into any conversation with you, let alone police and lawyers. If there is no proof he need only keep his mouth shut.

 

[Betty2015]

I have proof

Betty, you have been conned. Move on. The surprise, to me, is that he willing to enter into any conversation with you, let alone police and lawyers. If there is no proof he need only keep his mouth shut.

No their is definant proof such as emails, texts and I recorded messages.

 

[Betty2015]

thanks

missed this post - sounds a right clown. you should learn to choose friends wisely in future, also steer well clear of anyone who introduced you.

let us know what the fca have to advise, will you do that?

yes thanks for everything.

 

[NVP]

Good luck with this......not sure how you will get any money back even if he is guilty as charged...the guy will be broke no doubt ......

Look what ponzi did to,serious investors.....so happens to us all at times

N

 

[arigoldman]

Good luck with this......not sure how you will get any money back even if he is guilty as charged...the guy will be broke no doubt ......

Look what ponzi did to,serious investors.....so happens to us all at times

N

Indeed, you have to be on guard always!