Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This is terribly sad. I think that later on, looking back, often this kind of foolish behavior with money will be seen as early signs of dementia.
Your parents are going to be living on social security, assuming they have it. Is either of them able to go back to work of any kind at this point? They should apply for subsidized senior housing in their area, since they may not be able to afford the townhouse much longer.
If the man gave them false financial statements, then it was criminal, like a ponzi scheme. I think that they should speak with local law enforcement. But I doubt that there will be much of anything to claw back.
Yes, it does. Thanks for that. Your empathy for someone in a really bad situation is overwhelming. Now, go enjoy kicking some puppies while you're at it.
I'm not the bad guy. You are wasting your time with the cops on this. Or did you come here wanting a line of bs to make you feel better?
I'm not the bad guy. You are wasting your time with the cops on this. Or did you come here wanting a line of bs to make you feel better?
I never said I wanted them to call the cops. That was their own idea. There's really no reason to be so nasty about this. I came asking for suggestions and your responses have not been very helpful. If you don't have suggestions, you're welcome to move on to another thread. If you do have suggestions, then please offer them.
I have a friend whose mother was bilked out of her money by a professional financial advisor, and the FBI stepped in. However, I'm guessing that in your father's case, there may well be no scam - the friend likely just lost the money. So there may be no crime. Have your father ask his lawyer for advice.
The problem is there must have been some disclosure signed by your father saying he acknowledges that trading is risky and he could lose some or all of his money. If he signed the document AND the guy was actually trading the account rather than running a ponzi scheme then you father has no recourse. If the guy was running a ponzi THEN call the law.
It would be interesting to verify how many people this guy was "trading" for. If it was over 15 individuals then he should have been a licensed CTA. You may look into that angle as well.
I'm guessing the money is gone. I'd have your parents hire an attorney now and have the attorney send a demand letter for repayment ASAP. Maybe even file an injunction to freeze this person's accounts. If there is any money left then you want to be sure to grab it before it's gone. I would call the police but I'd get an attorney to send a letter to this guy now. There is nothing to be gained by waiting.
I think you're right. The money is most likely gone. It was a pyramid scheme, or some such thing.
Another angle. If the frat buddy sent falsified information to the OP's dad via USPS there could be mail fraud charges filed. The burden of proof might be easier to meet.
The problem is there must have been some disclosure signed by your father saying he acknowledges that trading is risky and he could lose some or all of his money. If he signed the document AND the guy was actually trading the account rather than running a ponzi scheme then you father has no recourse. If the guy was running a ponzi THEN call the law.
It would be interesting to verify how many people this guy was "trading" for. If it was over 15 individuals then he should have been a licensed CTA. You may look into that angle as well.
But there's no way for us to determine this since he won't respond to any communication. I don't think he's going to admit to my dad that he was running a Ponzi scheme. So who can figure that out and how?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
honestly...
