Lost all friends boss's money

RollTheDice said:
Hello,

My friend's boss recently gave me $300k to invest it for him. My long time friend works in his firm and they have a very close relationship with each other so he recommended me to his boss given his boss constant dissatisfaction with his portfolio performance. To prove my returns, I just printed out my IB's portfolio Analyst report and gave it to him. He really like the fact that I have a good performance despite never using any leverage. So he decided to invest. He opened an IB account few weeks ago, funded it and gave the password to me.
To invest the money, I just decided to roll the dice and invested all of his money in far out of the money weekly SPY calls. The calls expired worthless few days ago. This man has already lost tremendous amount of money trading CFDs so I thought he has a very high risk tolerance. Plus we had no written agreement whatsoever and I didn't sign anywhere. He just told me he would give me 30% of his profits at the end of each quarter.
Finally a little about me, I personally manage a low 7 figure portfolio and trading is my full time job.
So I just want to know, what is my legal exposure? Thanks in advance.
More...

1) If you want to know what's your legal exposure, you need to ask a legal professional, namely a lawyer. We are all traders here. This is the elitetrader.com website NOT elitelawyer.com.

2) Even some of us are qualified lawyers, I don't know if you should read our advice since there is no written agreement between us and we didn't sign anywhere for us to give you the best advice to our knowledge.

I feel so sorry for that boss. I hope he sues. Given that you think that even $300K is pocket change for him, most likely he will and will probably win since he would be able to afford to hire good lawyers. Good luck in court! And that is assuming that he will use legal venues and not some other "methods".
 
Last edited:
speedo said:
I worked like a dog for 40 years, living in a studio apartment and eating beans. Recently I retired with a million dollars in savings. I thought...hey 2 million is a lot better than 1 so I flew to Monte Carlo. I walked up to the roulette table and put the whole wad on the black, it turned up red and now I live in a van down by the river.
More...

i recognize myself few years ago...scaaarrryyyy..........................
 
themickey said:
ROFLMAO, another ET troll strikes again, thx rollthedice.
More...

You gotta give it to him it's the best troll story that I've ever read. Very entertaining although not so for the boss who lost $300K if this story is really true.
 
speedo said:
I worked like a dog for 40 years, living in a studio apartment and eating beans. Recently I retired with a million dollars in savings. I thought...hey 2 million is a lot better than 1 so I flew to Monte Carlo. I walked up to the roulette table and put the whole wad on the black, it turned up red and now I live in a van down by the river.
More...

I am basing it on probabilities of this was a bad dream and you actually won and living on French Rivera instead figuring which nude on the beach you be having her as dinner. But you don't want any of us to drop by for a visit, but just in case...perfect song for you.

 
wrbtrader said:
P.S. Strange you're at a forum asking for help about a situation like this. You should be busy putting up survellance cameras at your home and double checking your alarm system.

wrbtrader
More...

That's cuz he's a troll.
 
Handle123 said:
I am basing it on probabilities of this was a bad dream and you actually won and living on French Rivera instead figuring which nude on the beach you be having her as dinner. But you don't want any of us to drop by for a visit, but just in case...perfect song for you.

More...
:D
 
You must log in or register to reply here.
Back
Top