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.
I'll make this very brief. My parents disclosed to me over the weekend that my father had done some "investing" with an old fraternity buddy. I don't fully understand it, but he gave money for the guy to do currency trading with (trading dollars for Euros and back). The guy gave him progress reports and even K-1's for 2018. For whatever reason, my Dad never asked for itemized accounting. He got suspicious last week and asked for his money back. The guy gave the old "I'll pay you Tuesday" excuse and then on Tuesday said he needed until Friday.
Now the guy has gone radio silent. My dad has been calling, texting, and even going by the guy's house and ringing the bell (his car is there, but no one comes to the door). This is the majority of my parents' retirement money and if it's gone, they are well and truly screwed.
Best advice on how to handle? They've already emailed/texted him "If you don't pay back X amount by Wednesday, we're calling the police." It's now Wednesday and still nothing.
The guy is an unlikely flight risk as he is 70+, owns a home, and has a wife. I don't see him picking up and fleeing to the Caribbean. But how to proceed next?
And, yes, I know my Dad was naive and foolish. He didn't ask the right questions and chose to trust his old buddy. His mistake. But dwelling on that won't help. They need best next steps. We cannot afford to support them financially as we have our own issues to deal with.
Currency trading with retirement money? You need an attorney ASAP. You're parents have been 100% scammed. Maybe the buddy was scammed along with him by somebody else, but the police can't do anything but take a report and let it sit in a file. You need an attorney to try and recover any amount possible. Do not hesitate, do this now!
No, they've been in touch. He has breakfast weekly with a small group of guys and this is one of the guys. I'm going to assume that he won't keep showing up to the group get-togethers.
Has this been discussed with the other men in the group with what happened to your parents? Do you know if some of them have been scammed or been asked to do this as well?
Has this been discussed with the other men in the group with what happened to your parents? Do you know if some of them have been scammed or been asked to do this as well?
I don't know. This is all brand new information. I would imagine so, but I haven't asked that question yet.
You might have a better chance if he has done this to other men in your father's circle, or attempted to.
Now is the time for gathering detailed information and quickly.
I think they're embarrassed. I just asked my mom and she said, "We do not know and there may not be any. Said he had more than 20 less than 50 clients. Who the hell knows if this is true. most of breakfast group either have no money or are too smart!!!"
I think they're embarrassed. I just asked my mom and she said, "We do not know and there may not be any. Said he had more than 20 less than 50 clients. Who the hell knows if this is true. most of breakfast group either have no money or are too smart!!!"
She is quite unhappy as you can see.
I am sorry this happened to your parents, and I can understand the embarrassment.
But I would inquire and put pride to the back burner(facts and help are more important), even if these other men were "too smart" or have no money, if they were asked by this man that is more information for your case.
Doubtful this man is going to show up to their future meals together, so the others would start wondering what was up anyway.
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 knew a guy once who got popped for selling unlicensed securities. I didn't pay much attention, since I never gave him any money, but he was convicted and had to make restitution. I don't think the cops had anything to do with it. Financial crimes are a federal offense and handled by the SEC, I think. An attorney would know how to proceed.
If your dad ever sees the money again, it might be years.
I knew a guy once who got popped for selling unlicensed securities. I didn't pay much attention, since I never gave him any money, but he was convicted and had to make restitution. I don't think the cops had anything to do with it. Financial crimes are a federal offense and handled by the SEC, I think. An attorney would know how to proceed.
If your dad ever sees the money again, it might be years.
Therein lies the problem. Elderly people who are retired don't have years to get the money back.
I mentioned earlier seniors who are scammed out of money by paid caregivers who get chummy with them. The thief gets ordered to pay the money back in monthly increments the size of a car payment, the senior isn't going to live to see the money returned.
Your parents are way too willing to take an a$$kicking and too concerned about embarassment. I'd be camping out in front of this scumbags house waiting for him and telling everyone who knows him all about it. This scum sounds like a con man who depends on the embarassment of his victims much the same as a rapist does.
Op, you are wrong about my empathy, I'd like to see a baseball bat taken to this bastards knees.
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.
