Lost money in commodities trading

Johnlim2478 · Feb 10, 2018

Hi,

Newbie here which need some advice.

I have this trading account under my name, which i provided the login details to a guy to trade/invest for me and he takes a small cut of my profits as admin/commission charges. There is no sign agreement between us of this arrangement.

Currently, he has lost all the money i invested in the account. Is there any way I can recover the money from him?

JuniorLion · Feb 10, 2018

Johnlim2478 said:
Hi,

Newbie here which need some advice.

I have this trading account under my name, which i provided the login details to a guy to trade/invest for me and he takes a small cut of my profits as admin/commission charges. There is no sign agreement between us of this arrangement.

Currently, he has lost all the money i invested in the account. Is there any way I can recover the money from him?

Do you have any records of your conversations with him? And if there's some sort of agreement, then there might be a recourse?

Did you specifically say that if he makes money for you, he takes a cut. If he loses money for you, he pays some of it? If there's no such "conversations" recorded, afraid there's nothing you can do about it.

Johnlim2478 · Feb 10, 2018

Hi, verbal agreement there is no capital guarantee. And unfortunately, there isn't any records that he will cover any of my losses if the investment fails...currently i even owe money to the broker. Legally speaking my case is weak?

JuniorLion · Feb 10, 2018

Johnlim2478 said:
Hi, verbal agreement there is no capital guarantee. And unfortunately, there isn't any records that he will cover any of my losses if the investment fails...currently i even owe money to the broker. Legally speaking my case is weak?

Is not just weak. Is non-existent..

Johnlim2478 · Feb 10, 2018

Thanks...im dead.

JuniorLion · Feb 10, 2018

Johnlim2478 said:
Thanks...im dead.

If you have any lawyer friends, better to consult them..

havetheveryfun · Feb 10, 2018

JuniorLion said:
If you have any lawyer friends, better to consult them..

no use one. take it as an expensive lesson and move on.

The most you can do is probably only try to explain to the broker with any kinds of conversations records you still have and at least have them waive off the debts you owe them

antonpoh · Feb 10, 2018

Never invest in what you don't understand.. especially commodities, forex and bitcoin.

Maeda_Toshiie · Feb 10, 2018

antonpoh said:
Never invest in what you don't understand.. especially commodities, forex and bitcoin.

Not even that. Never give your money to someone else to invest for you without any written agreement with terms that you are comfortable with (eg. in the event of losses). Verbal agreements mean nothing in this world.

TabascoSauce · Feb 10, 2018

havetheveryfun said:
no use one. take it as an expensive lesson and move on.

The most you can do is probably only try to explain to the broker with any kinds of conversations records you still have and at least have them waive off the debts you owe them

if it is fees maybe still possible out of goodwill, but if it is debt, no way they will waive it off.

Mergui219067 · Feb 10, 2018

Of course a broker/ lawyer/ doctor would not be free even if you lose.

It is just weird to give $$ to a guy to trade registered under your account.

This time is different 😳 HardwareZone Forums app

revhappy · Feb 10, 2018

Treat this as an expensive lesson. It is not the end of the world. Many people bounced back from debacles like this and in hindsight it was good thing for them. Learn investing, read some books, follow some forums, it is not difficult, you can do it on your own.

Sent from Xiaomi REDMI NOTE 4 using GAGT

limster · Feb 10, 2018

since the account is in your name, you have all the trade details.

if he tried his best to make money but was caught out by the market, why do you blame him? risk is part of investing. recently there were some hedge funds that also blew up due to the volatility trade.

next time you should ask SSI warriors to invest for you, SSI warriors always beat the market and never lose money.

beefjerky · Feb 10, 2018

are you sure he lost money and not transferred the money out?

Mr.Canberra · Feb 10, 2018

Johnlim2478 said:
Hi,

Newbie here which need some advice.

I have this trading account under my name, which i provided the login details to a guy to trade/invest for me and he takes a small cut of my profits as admin/commission charges. There is no sign agreement between us of this arrangement.

Currently, he has lost all the money i invested in the account. Is there any way I can recover the money from him?

How much did you lost?

No details no talk.

Mergui219067 · Feb 10, 2018

First tikam in life is the commodities?
Not SSB or STI etf ?

This time is different 😳 HardwareZone Forums app

wira · Feb 10, 2018

WEird arrangement that you have with this guys unless you guys are really close and you trust him completely.

It’s like you giving someone else full access to your internet’s banking account.
IF the person transfer out all your money it’s no use even if you go to the bank to complain.

Perisher · Feb 10, 2018

Never pass $$ to others if you are not prepared for complete losses.
What is good is that, it happens while you are young(hopefully), still can make up for it.

Always know, you are the one who decide what you do with what you have. Unless otherwise stated in black and white, no legal course to fight le.

alexchia01 · Feb 10, 2018

Johnlim2478 said:
Hi,

Newbie here which need some advice.

I have this trading account under my name, which i provided the login details to a guy to trade/invest for me and he takes a small cut of my profits as admin/commission charges. There is no sign agreement between us of this arrangement.

Currently, he has lost all the money i invested in the account. Is there any way I can recover the money from him?

By virtue of him using your trading account is already illegal. He scam you into giving him your account password with the promise of return, but he squander your money away. This is an criminal case. You can report to police, sue him for scamming and illegal access to your account.

kypay · Feb 10, 2018

Agree. Report to the trading company and police that your account is hacked.

Lost money in commodities trading

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