cooperative currency investment safety

[tmi100]

What is the name of your state? Maryland

I want to invest in a foriegn currency and have two potential options to do so. Unfortunetly the first option is that I go to that country and become a resident, which I want to avoid. Buying the currency from here is not an option either. The second option is what I have a question about.

I know someone personally (not in an e-mail scam way) who lives in South Africa who has travelled to that country and opened a bank account there in order to invest in the currency by depositing into the account and then converting to the local currency. Since I can't go there myself and open an account, he's willing to let me use the account he opened to do the same thing, which carries obvious risks. We both want to do this within a legal framework that allays the risks involved and do it in a way which produces proof of all transactions between us.

My question is, is there any possible way I can invest using his bank account in that country which removes the risks that he'll just take it? Is there any legal document/contract that can be made between us that obliges him to re-pay properly? Thank you to anyone that can help.

 

[JETX]

is there any possible way I can invest using his bank account in that country which removes the risks that he'll just take it?

Yep. Open a window and throw the cash out. With any luck, some of it will blow back in the open window. That is far less risky than what you are describing.

Is there any legal document/contract that can be made between us that obliges him to re-pay properly?

Yes. Have him post a CASH bond in your state in your name for an amount more than 10 times the amount you intend to deposit.