Lost half of my years salary in a week!

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.. ........As far as i know the other mods/owner are/is good people.
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Looks like the mods over on Stockhideout.com are not such good people. Last night there was a thread about your problem in the Forex, Futures, and Commodities section but they deleted it and MP6140 is still active with a post today.

I don't think EliteTrader.com would try and protect a scammer.
 
Con-artist? That is still up in the air.

But one thing is certain ... you're a f@*#ing moron leveraging your (or someone else's) money that much, especially without stops. Oh what? double down, wait, pray? You don't have much staying power with 10K ... But hey it's someone else's money so who cares right!
 
Quote from Lon Eagle:

Take a some smooth talking saleman who persuaded two old ladies to give him their life savings to trade with.

He then tells each one that he will charge them say 25% of profits as his fee. He leverages both up to the max, one long one short. One old lady loses all her money ,the other makes the profit and so the 'trader' makes 25%.

This is perfectly legal in the States and there is no recourse against the trader? Madness.
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Lon, it is not legal and there is recourse, but only if the victims are ready, willing and able (RWA) to take initiative, take action, once the damage is done. Unfortunately, human nature is such that, often, they are not RWA to take the necessary steps and would rather put the traumatic events behind them.

Even if the rogue trader is or claims to be exempt from NFA membership and CFTC registration, he can still be sued for damages. Depending on the facts, he could also be charged in a state or federal court with one or more of the following, among others:

- breach of fiduciary duty
- gross negligence
- investment fraud and misrepresentation
- offering investment advice without a license (if required)
- breach of contract (if there is one, even verbal)
- acting in bad ("other than good") faith

Again, an injured party must lodge a timely complaint with both the CFTC and the state's Attorney General's office. Regardless of whether a lawsuit for damages makes sense / is filed or not. Sadly, in this case, it appears that the victim doesn't seem willing to accept that he's been taken advantage of. Classic case of the Stockholm syndrome...
 
I would read a thread if someone talked about their method but have no interest in one where someone said buy this, sell that. I back my own judgement not someone elses.

Maybe that is why one where someone is putting their trades gets so few hits.

Incidentally on the other message baord Mike Parker has his own forum. His tag line is - Mike Parkers method Use Mikey's method with Medved QuoteTracker™ and say good-bye to pump and dumps - it would be funny if it wasnt so sad.
 
Quote from jho:

Con-artist? That is still up in the air.
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Well from what I understand from the conversation

This guy pawned himself off as being a expect at forex; and thus got the OP to let him trade his 10k account promising he could net 300$ a day in profit; but instead of lost over 90% of it in a week with some 'skeptcial' trades (some people reviewsed the trades and the prices that were on record wernt near to what the bid/ask was at).

Obviously this is just from what the OP has told us; but from the above I would feel that this is pretty much a con.
 
Quote from djxput:
Obviously this is just from what the OP has told us; but from the above I would feel that this is pretty much a con.
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MP6140 - the guy that traded the account - from www.stockhideout.com did not dispute the claims of the OP. MP6140 has made a few posts on this thread.
 
This is tough...tough love (to prove)

But the costs involved may not make it cost effective....

the other items in the list are hard to know, without more details of this case..


- gross negligence
 



... should be easily resolved amongst two rational men.

_____________________
Quote from late apex:

Indeed.

Please let us know when they show up.
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Pithy, droll.

Later posts in this thread identify some resources the thread starter might use for possible redress. I mention that because the thread starter says he is in the military. The military, as I understand it, has folks who can look into this kind of financial scam -- if it is that -- esp. for troops overseas.

Of course, the thread starter has to be in military. I waiting on more installments to see if this thread isn't a spoof or set up of some kind. I can imagine it playing out with the mentor (the "sea daddy," according to the thread starter) or his ally -- or maybe someone new to the cast -- managing to retrieve the thread starter's dough by an adroit move he (the mentor) can do for other deserving newbies who find themselves in straits. Maybe the play-out will involve the platform and order execution issues mentioned thus far as backstory. Maybe it'll involve a fx retailer whose platform does suffer those problems.

It's like a whodunnit in need of resolution.
 
I have not read the entire thread but here are some things that can be done.

1. Call the AG of the state in which the account was opened or the person resides in. They can tell u exactly what the blue sky laws are for that state and what can be done.

2. If the guy manages money then he would probably be registered with some regulatory authority, so complain there, if he is not, then its a criminal offense in some states. Does not matter if he made or lost money, its still a criminal offense.
AGs love this kind of case.

3. Managed money is highly regulated industry and those not registered with the state authority or with other central agencies have committed a crime if they manage or solicit to manage money for profit.

And all this info can be found on the state web site.

4. The worst thing u can do is to let it go. If the AG sues this person, he would probably cough up some money cause he would not like to go to jail.

Long time ago, I got a refund from an investment advisory cause the AG went after them. It was only 50% of the fee a mere $600
That advisory was not registered and they made false promises, that was enough to get them indicted.
 
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