Investing 100K -HELP

[lola17]

What is the name of your state (only U.S. law)? FL

A few months back I wired a friend 100K into his NV corporation bank account to invest with. He was using a trader. The trade only traded for 2 or 3 weeks. I did get 5K for that. The trade stopped because the trader had some issue to clear up which he since has done so but the trade did not start again. It has been about 3 months my money sitting stagnate. I told him I want it back a few days ago. He refuses and says that I made a commitment. He did tell me that he commited all the money to the trader and once the trade gets going again I will start to get my cut/and if he finds someone else to put in 100k he will pay me back...I do not have anything in writing or any sort of agreement what I was giving the money for or getting in return.. do or can I file anything against him?

 

[Dave1952]

I'm guessing that there is no written contract, so tell us what you thought the plan was. How long was this friend supposed to keep the money? What sort of "commitment" does your friend think exists?

Good luck

 

[lola17]

I'm guessing that there is no written contract, so tell us what you thought the plan was. How long was this friend supposed to keep the money? What sort of "commitment" does your friend think exists?

Good luck

Thank you for your reply.
You are right no written commitment or anything in writing for that matter.
Well, I was told after giving the money that the trader expected a 12 month commitment and our return on investment would or could be from 10% on up per month. My friend said that he cannot ask for the money back at this time because it would ruin the relationship he has with the trader since it was a verbal commitment. He also stated that even though the trade is on hold for now the time spent waiting the trader would make up in % somehow..play catch up, if you will. Since I am still waiting on the trade to begin I didn't want to wait any longer so that is when I asked for my money back. Do you think I can file charges for anything?

 

[I_Got_Banned]

What sort of "investment" is your friend/his trading investing your money in?

 

[Dave1952]

What did you say when you were told that your friend planned to keep your money for a year and that he expected a 10% return? Did you agree?

Good luck

 

[Hot Topic]

Anyone who participates in verbal agreements when it comes to investing is an idiot.

Your "friend" obviously cares more about the trader than he does you or your financial relationship with him.

You may want to consider calling the SEC at 1-866-358-6652 about the trader. There's a "fishy" smell drifting off the laptop.

 

[Antigone*]

What sort of "investment" is your friend/his trading investing your money in?

I've got the FA crystal ball and she says you can kiss that cash good buy

Xoxo ~ IGB

 

[Hot Topic]

Never do business with "friends."

Never get involved with anything that relies on verbal commitments.

Never get involved in anything involving investments unless you know FOR CERTAIN that you're dealing with an experienced professional.

If you want to throw your money away, feel free to throw it at me.

 

[anteater]

And never hand over any of your money to someone who says...

...our return on investment would or could be from 10% on up per month.