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docwood
Guest
I signed an agreement to allow a friend, in NY, to invest a sum of money for me. He is not a broker but has passed his financial planning exam.
He invested all of my money in a micro cap tech stock.
several months ago, I suggested very strongly that we either sell or put a market stop loss order in to capture a very respectable gain. This was the 3rd time this stock had risen from a slump. He convinced me to hold and my net worth is almost zero now. All along he told me he shouldn't have put all my money into this one stock but that it was a sound company with much potential so not to worry.
My question is: is he liable in any way for negligence?
He invested all of my money in a micro cap tech stock.
several months ago, I suggested very strongly that we either sell or put a market stop loss order in to capture a very respectable gain. This was the 3rd time this stock had risen from a slump. He convinced me to hold and my net worth is almost zero now. All along he told me he shouldn't have put all my money into this one stock but that it was a sound company with much potential so not to worry.
My question is: is he liable in any way for negligence?