Lost half of my years salary in a week!

Forget about taking legal action against the guy.
You're just throwing away more money to get back nothing.

No real lawyer would waste their time to get back 10k.
They would more likely charge you some hourly fees and accomplish nothing.

You could however file a claim against the person in small claims court for the maximum amount. The problem is you had a verbal contract and could not prove anything in court. It was your own mistake for giving him your login/pw assuming he would just make you money.

I would close the account. Post his name on this board so nobody else ever gets defrauded by the same person. Learn form this lesson and move on.

Good Luck!
 
Quote from jllm03:

Get a lawyer with you $700.
More...

I've been in 1 lawsuit and it took 2.5 years to get to court. The person filed for personal bankrupty. It was a complete waste of time and money and resulted in nothing at the end.

The only people that make money from lawsuits is the lawyers. They're not going to waste their time getting 10k.
 
I don't know how the law works in the States but I would go via the broker/market maker.

If you report this to the US authorities I should imagine they would investigate and that would cause an awful lot of hassle for the firm and cost them a fair bit I imagine, even if they are innocent. And if this guy has scammed a lot of people it could get very nasty.

For a tiny amount like $10k they might just re-imburse you.

(with that said certain things you have said do not add up so this might just be some sort of wind up - gawd knows why though)
 
Quote from acdspit00:

I somewhat got myself into a bind. I trusted a moderator on a pretty big stock/forex forum and let him handle a 10k forex account. In 1 week I am down 9k.. Holding on to my last 1k but unlucky enough its deemed as a bagger in audusd down 700 dollars so far. He wants me to add more money to keep the margin but I just dont have the guts to do it anymore... so depressed. He told me he has been doing it for a long time 15 years in the biz. There isnt anything I can do is there? I want to feel reinbursed somehow but i know he would never give me half of what he lost... well if i need to i can post the history and see what you guys think i can tell you he place 4lot orders at a time and the first two being going long on usdjpy.. He also wants me to put money into crownforex b/c he thinks he can average 200 a day on 5k account. I am not knoledgable enough to trade forex myself as i know would be the best way so there is nobody to blame but myself.
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If he's been in the trading biz for 15 years why do you think he needed someone else's money to trade with?
 
If you did not sign any sort of agreement with him (not the account agreement or power of attorney, but a management agreement with HIM) and he is registered in any capacity, and you report this to the NFA or NASD as appropriate, he will lose his registration, and probably worse. The fact that he entered trades for you in your account is prima facia evidence that he accepted the role as account manager. There are all sorts of rules about this, e.g. "know your customer" regarding your financial status, making any sort of statements about likely future performance, etc. I would urge you to immediatly revoke any agreements, contact all brokers that he has account access to and have them remove his access, and also immediately contact the NASD and NFA to determine his registration status. If he is NOT registered, then he has committed very serious securities fraud by making performance representations, accepting power of attorney (acting in that capacity, while seeking compensation as an account manager, constitutes acceptance, even without a written power-of-attorney agreement) and managing your account, and the State A.G. should be notified. If he IS registered, than you need to file a formal complaint with the appropriate body (NFA or NASD) as well.
Good luck!
Jessie
 
I emailed fxdd and so far the only thing they managed to do was to terminate the account. The forum in which i was lured was http://www.stockhideout.com and the username of the person who traded the account was MP6140 a moderator there who has started up the FOREX threads.. who hasn't said a word since I changed the passwords on my accounts. I know this thread will end up being spidered through google some how but in the meantime please don't advertise to any of them that theres a huge thread about them...As far as i know the other mods/owner are/is good people.

http://www.stockhideout.com/forex-futures-commodities/8141-mp-free-forex-e-book.html

"INTERESTING, BUT I WOULDNT ADVISE THEM AS A BROKER


Forex E-Book- Download Free Forex eBook


enjoy

mp"

Is that implying that he is a broker..


I will keep everyone updated on how this goes... if FXDD decides to give some credit/if stockhideout donates/if the "manager" feels sorry enough to give anything... I know I probably don't deserve much cause im such an idiot.. but it would sure as hell make me feel better.
 
Quote from acdspit00:
The forum in which i was lured was http://www.stockhideout.com and the username of the person who traded the account was MP6140 a moderator there who has started up the FOREX threads.
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How did you find that forum?

Or are you one of the 100+ referrals of MP6140? If so how did MP6140 find you?
 
Surely you can't be serious?

Quote from acdspit00:

. . . I will keep everyone updated on how this goes... if FXDD decides to give some credit/if stockhideout donates/if the "manager" feels sorry enough to give anything . . .
More...

I know, don't call you Shirley. Sure you're not having one on us?
 
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