I'm not going to message Baron. Baron or one of the moderators chose this section for my question even though I initially selected the "Trading" section.
I was 100% clear to him that I'm not a professional fund manager and that he is my first ever client. He actually negotiated on fees because he said you can not charge the same fees as professional managers do, so I waived the management fee for him. I see absolutely nothing wrong with saying "I manage $x". Some people manage $10k, some $100m.
With IB (you stated your portfolio was with IB) and I believe you stated the old Chinese man open an IB account and then gave you the password...
Those people you mention that manage 10k or 100m...must check the box that they are professional to do such. If they don't...its just a personal trading account. In fact, I think all brokers are require to ask their clients to designate the appropriate identification...professional or individual.
Thus, you would have clearly checked the box for "individual" for your personal trading account (that low 7 figure portfolio you mention). I guarantee if the old man has filed a complaint about you with IB...they will check how you designated yourself in your application for your IB account for that portfolio...individual or professional.
If you were clear to him that you're
not a professional fund manager...he clearly knew the risks especially if your own profile at IB has the "individual" designation...not the professional designation.
Yet, my real issue is the
impression you gave this forum along with the location of this thread in the Professional Trading section when you're clearly
not a professional manager nor managing a portfolio for others as you've confirmed...its just your personal trading account and you're just a full-time trader.
Also, many at this forum are retail traders and some like me are full-time traders that's trading our own personal trading account too. I've never seen anyone in the many years here at this forum that only trades their "personal trading account" and then use words like you such as
"I'm managing a portfolio..." except for the few that were actually professional (licensed) managers.
Once again, if he clearly knew you were
not a fund manager nor were you managing a fund...
he knew the risks when he gave you access to his account at IB. Its now the old Chinese man burden to prove you did in fact access his account...
easy to do for IB to investigate the IP addresse locations that access his account assuming he files a complaint.
Then if you're sued in court...you would then need to
prove he knew you were not a fund manager and that you did not manage a fund. If you can not prove the old Chinese man knew such (agreements with signatures, witness to the conversation, email exchange and such
prior to the money lost)...you're screwed as was others in similar like court cases.
If its just hearsay conversation as your proof that
he knew...a typical judge will side with the old Chinese man that you gave a false impression. I'm sure your lawyers have already explained the above considering you stated you were now seeing a lawyer for this situation that you gotten yourself into.
By the way, I've never had a thread moved at this forum. Therefore, I'm
not sure if ET management notifies its members when their threads are being moved to prevent confusing the member about where his/her thread is now located at. Yet, I have heard others say they were notified when their thread was moved to a new location along with explanation from the moderator that moved the thread.
Yet your refusal to notify Baron that your thread was moved to the
wrong section for Professional Trading...is odd especially while you continue the play with words...
"I manage a portfolio...".
wrbtrader
