Lost money in commodities trading

[rider83]

I don't understand, commodities didn't really crash like the XIV or like the USDCHF in 2015. The commodities market didn't make any outsized moves. So your friend can't blame a bad market. He seems to have just taken a very bad bet.

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Just asking you are commodity trader? You seem to know alot

 

[rider83]

I think what TS means is that 1. His brokerage account is TD Ameritrade. 2. The person who is logging into his account and trading on his behalf (“trader”) is a man on a street who is unlicensed and have no connection with TD Ameritrade.

Can you reveal the name of the trader then ?

If you report your friend, it is likely that he broke the law because he trades on your behalf. He may argue that you have given him authorisation to do so, but if I remember correctly, one needs to be licensed to trade on behalf of someone else. However, that reason "u allowed him to trade using your account" may reduce his sentencing. He may incur a fine from the court but that money does not go to you.

The other matter which is whether you can recover your money. I think that will be hard because you are likely to get this respond that "you deem to understand the underlying risk when you authorised your friend to trade your account for you". You will stand a better chance if he traded on your account if you didn't authorise him in the first place.

Sorry TS to hear your story

 

[revhappy]

Just asking you are commodity trader? You seem to know alot

No lah, but I look at commodity tickers and ETFs often.

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[Mecisteus]

If you report your friend, it is likely that he broke the law because he trades on your behalf. He may argue that you have given him authorisation to do so, but if I remember correctly, one needs to be licensed to trade on behalf of someone else. However, that reason "u allowed him to trade using your account" may reduce his sentencing. He may incur a fine from the court but that money does not go to you.

The other matter which is whether you can recover your money. I think that will be hard because you are likely to get this respond that "you deem to understand the underlying risk when you authorised your friend to trade your account for you". You will stand a better chance if he traded on your account if you didn't authorise him in the first place.

Sorry TS to hear your story

I don't think there is anything wrong to trade on behalf.

Giving advice is confirm wrong if he is not licensed. Also, collecting funds from the public is wrong.

 

[peterchan75]

@TS,
I hope you learn something from this thread. Some comments are helpful and some not so. Use the power of NOW. Don't dwell on the past, just learn from it. Focus on the present moment where you can act on it.

 

[Johnlim2478]

I don't think there is anything wrong to trade on behalf.

Giving advice is confirm wrong if he is not licensed. Also, collecting funds from the public is wrong.

Thing is i was the one who approach him in the first place. So i think that will weaken my case.

From what i gather is while what he does is not legal, but civil liability i got nothing. And thus even if i bring this case to authorities, i will get nothing back mah. Then going through all the trouble im still left with nothing, that seems abit silly le

 

[alexchia01]

Thing is i was the one who approach him in the first place. So i think that will weaken my case.

From what i gather is while what he does is not legal, but civil liability i got nothing. And thus even if i bring this case to authorities, i will get nothing back mah. Then going through all the trouble im still left with nothing, that seems abit silly le

You don't want to report to authority.

You don't want to sue.

You don't want to turn face.

Looks like you already decided to bear all losses.

No need to discuss anymore, just pay the broker and move on.

 

[Johnlim2478]

You don't want to report to authority.

You don't want to sue.

You don't want to turn face.

Looks like you already decided to bear all losses.

No need to discuss anymore, just pay the broker and move on.

Thanks everyone for the advice. Appreciate it