Just looked up your screen shot and it seems real returns came only in March and April of this year and before that it was a flat line cruise on the chart. Seems this boss guy is an idiot putting $300K on a two month performance backing.
Wow seems like you don't understand how that chart works! I have added a lot of money to my IB account and that's why It is skewed in Feb/March time. I'm up 40% YTD and around 45% from MAY-DEC. Anyway, why don't you post your performance? I'm pretty sure your returns are lower than mine.
It's ok, I am not bragging about my returns, I had an exceptional year last year and it may not happen again for a long time. It was not my $300k though, so who cares!
You cared becaused you started a thread at this forum about losing 300k. In addition, you cared enough to seek free legal advice from a trader forum instead of just going to a law firm to talk about possible lawsuits, possible legal reprecussions on your 7 figure portfolio et cetera. Yet, if you truly did not care...maybe that's why you decided to gamble with someone's money that trusted you and you then swung for a home run...instead...you struck out in spectacular fashion along with now getting this dark cloud over your head for possible retaliation considering you don't really know anything about that old man beyond what your friend told you. Further, you've provided no proof that you were given 300k (I'm not talking about your IB statement) via being given access to his account & password.That in itself is a violation (someone giving you access to their account) and at the minimum gets IB off the hook for any legality issues from why you and the old man did... That's odd considering you already knew what to do via the 7 figure porfolio unless that too is "not legally" setup because IB has specific rules about portfolio (accounts) being managed as such. Worst...you didn't even put that 300k into that profitable portfolio to increase the capitalization so that the portfolio overall has an increase in the monthly profits via the interest alone due to the addition of the 300k. If your story is true...remember one thing. An old man that's lost a lot of money and then gives you (a stranger) 300k without any documentation of your access to his account...he may just be as crazy to retaliate. I hope you have to look over your shoulder for the rest of your life after you made that comment...It was not my $300k though, so who cares! Dead Man Walking wrbtrader
Sorry, I should have never said that! I just feel really happy today after having talked to couple of lawyers this morning. I try to pay him back $50k ASAP and another $50k next quarter. What a big f**king mistake!
Yup. We see you getting cocky after talking to the lawyers. Guess what? The Chinese guy is going to be happy too after he talks with his lawyer if he feels he needs to. In case you have not been around the block enough in life, you may not realize that if you put three lawyers in a room they have seven different opinions. Don't get too cocky here. An aggressive lawyer on the other side has plenty to work with here especially if your representations of your trading skills and how you would invest the money rise to the level of fraud. And if you argue that you did none of that and he just trusted you then it will be argued that you were negligent to not properly probe his tolerance for risk and negligent in not disclosing the risk involved in your strategy. Just to have a complaint filed against you -civil or criminal for a trading related-matter involving fraud or client negligence- could cause you to be dumped by your current and future brokers, thus messing up your trading life. So don't get too cocky with the bit about it being "someone else's money, so who care's." A good lawyer could destroy you here, even if you have defenses. As the saying goes, "the market can stay irrational longer than you can say solvent." Lawyers know this routine too.
We should give this to this Chinese guy's lawyer so he has more to work with. Lack of written agreement might allow him to weasel out of this, but if the lawyer can prove motive in court, he will be more screwed than what a couple of lawyers have told him. That is of course the Chinese guy actually chooses to talk to his lawyers instead of his "assistants".