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Old 05-01-2019, 12:57 PM
 
Location: Dunwoody,GA
1,992 posts, read 4,759,162 times
Reputation: 2241

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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.
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Old 05-01-2019, 01:18 PM
 
Location: Wisconsin
17,005 posts, read 17,320,800 times
Reputation: 41270
I am so sorry.
Perhaps they should contact the police. Or, maybe, they should contact an attorney first. Sometimes a strongly worded letter from an attorney can do wonders. If that doesn't work maybe they could get a lien on his home or other assets. Good luck.
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Old 05-01-2019, 01:41 PM
 
Location: Long Island, New York
468 posts, read 165,137 times
Reputation: 1442
Tell your dad to call the district attorney's office nearest him.....be it the county or state attorney's office. Tell your dad to have written down dates and amounts and anything he can think of ..they will inform him of what needs to be done......I've been a private investor for over 30 years and what happened to your dad is sadly very common....some have larceny in their heart from the get go and suck people in to their ponzi scheme....others really think their smart and that they can trade the markets and will talk family and friends to invest with them only to learn they couldn't trade their way out of a wet paper bag and lose all the money that family and friends and co-workers gave to them....this in my opinion is what happened to your dad...the guy lost it all and the first thing they do is cut off all communications....take it to the district attorney's office now and they will be able to steer your dad on how to proceed.

Last edited by NY 915; 05-01-2019 at 01:54 PM..
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Old 05-01-2019, 01:48 PM
 
3,991 posts, read 2,601,043 times
Reputation: 8641
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.
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Old 05-01-2019, 02:15 PM
 
17,000 posts, read 20,661,755 times
Reputation: 33987
Quote:
Originally Posted by CMMom View Post
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.

Huh????? You go to a bank in the US if you want to trade dollars for Euros if you're going to Europe. This doesn't even make any sense.

Your mother had no say so in this? It's her money as well.

Why would anyone trade US dollars for Euros unless you're taking a trip to Europe or moving there?

The US dollar is and has been stronger than the Euro for quite awhile, example if you trade say $100 you get $70 or $80 Euros.

IDK that you can really do anything, nothing illegal was done.
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Old 05-01-2019, 02:19 PM
 
3,991 posts, read 2,601,043 times
Reputation: 8641
Quote:
Originally Posted by seain dublin View Post
Huh????? You go to a bank in the US if you want to trade dollars for Euros if you're going to Europe. This doesn't even make any sense.

Your mother had no say so in this? It's her money as well.

Why would anyone trade US dollars for Euros unless you're taking a trip to Europe or moving there?

The US dollar is and has been stronger than the Euro for quite awhile, example if you trade say $100 you get $70 or $80 Euros.

IDK that you can really do anything, nothing illegal was done.
It's currency trading, it's something totally different than what you're thinking of. https://www.investopedia.com/financi...y-trading.aspx

It's a fairly risky undertaking which is why I'm guessing the money is gone. The OP needs to see the documentation that her Dad got. It's possible that his buddy might have done something illegal if he represented himself as a broker or some other investment advisor that needed a license. He also might have promised some sort of return or otherwise made misrepresentations so there could be some kind of fraud involved. It sounds like a civil more than a criminal matter to me but the OP's parents need to hire an attorney now and try to get whatever money they can back before it's gone (assuming there is any left).
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Old 05-01-2019, 02:27 PM
 
Location: Wartrace,TN
5,547 posts, read 8,882,501 times
Reputation: 11053
Quote:
Originally Posted by seain dublin View Post
Huh????? You go to a bank in the US if you want to trade dollars for Euros if you're going to Europe. This doesn't even make any sense.

Your mother had no say so in this? It's her money as well.

Why would anyone trade US dollars for Euros unless you're taking a trip to Europe or moving there?

The US dollar is and has been stronger than the Euro for quite awhile, example if you trade say $100 you get $70 or $80 Euros.

IDK that you can really do anything, nothing illegal was done.
There is a huge currency exchange market (FX) as well as Futures on currencies. Billions of dollars are traded every day.
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Old 05-01-2019, 02:32 PM
 
Location: Scottsdale, AZ
7,596 posts, read 4,674,480 times
Reputation: 27796
The scumbag apparently faked account statements.

This makes me feel sick. OP, I can only imagine how much worse you feel.

In your shoes, I'd assume these people are going to make a run for it. You'd think they wouldn't abandon their house but I'll bet it's mortgaged to the hilt to pay for Mr. Currency Trader's addiction...or whatever it was he blew all that money on.

Because here's another thing: Your parents probably are not the only people he's scammed.
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Old 05-01-2019, 04:31 PM
DKM
 
Location: Thousand Oaks, CA
2,817 posts, read 1,004,343 times
Reputation: 2847
They need a good attorney. Don't follow one bad move by another... stop trying to contact him and leave the police out of it. If you don't get an attorney, then you're screwed. Majority of retirement money? That can mean a couple hundred K or even a million (or more!). They were dumb to invest this on their own without an advisor. My guess is they didn't want to pay one, don't pay for a CPA and probably won't pay for an attorney. I hope you learn from their mistakes.
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Old 05-01-2019, 04:37 PM
 
Location: Southern California
5,426 posts, read 8,142,224 times
Reputation: 5085
I'd say the very next step is to call the police to see what they say to do next. Too bad there are always schemers out there.
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