What is the name of your state?What is the name of your state? IL
One friend in CA asked me to trade on behalf of her (she gave me the user name and password of her brokerage account to tradie online and just like it was her doing the trading). I'm not a licensed broker or professional.
As a warm-hearted friend to help her, I traded on the voluntary basis(I didn't take any reimbursements). After several months, unfortunately the account suffered losses. I understood it's a bad time for her, and I gave her $2,000 as a friend's courteous to help her though I thought I don't have obligations on this affair. Today she called me again and said I need to compsenate another $8,000 for her or she will sue me (on the phone she even said she has free legal service from her company...) I was shocked much at that moment...
My question is will she sue me in CA or IL? How's the possible result for this case? Any advice and suggestions are welcome.
Thanks much for your help!
One friend in CA asked me to trade on behalf of her (she gave me the user name and password of her brokerage account to tradie online and just like it was her doing the trading). I'm not a licensed broker or professional.
As a warm-hearted friend to help her, I traded on the voluntary basis(I didn't take any reimbursements). After several months, unfortunately the account suffered losses. I understood it's a bad time for her, and I gave her $2,000 as a friend's courteous to help her though I thought I don't have obligations on this affair. Today she called me again and said I need to compsenate another $8,000 for her or she will sue me (on the phone she even said she has free legal service from her company...) I was shocked much at that moment...
My question is will she sue me in CA or IL? How's the possible result for this case? Any advice and suggestions are welcome.
Thanks much for your help!