The solution is very simple. You take $300,000 out of your account and put it into his. It is what you must do. You took his money and fed it to a shredder so now you must replace it. Otherwise there may be some reality to your own words.
It's more common than I'd like to think about. Having heard from earlier coworkers trading friend money turning out bad. It can get really bad, but most people cut their losses and move on, until the next bull peak hysteria that is. If you give away credentials, it's like giving out your pin and card, in terms of liability. Suddenly these kinds of people realize that the harsh talk about security wasn't all nerd talk after all, but have real legal reprecussions.
Wow so many people are attacking me for losing this man's money. Truly sad! I made sure the boss is fully aware about the risks involved and that there is no guaranty of any profit with investing and if he really wanted to limit his risk, he should have prepared a written agreement prohibiting me from extreme portofolio concentration. He can not argue he didn't know the risks or he didn't have the experience as he has already lost a tone of money trading CFDs. Over the years I have seen many hedge funds go belly up in a very short period of time investing in options and to my knowledge, not even a single investor has successfully sued the portofolio manager (and these guys have written agreements, I don't). I'm now going to fight this to the end, should this man decides to sue me and will not contribute a penny to his losses, especially after he terminated my friend's employment. As a I said before, I'm fully committed to financially support my friend until he gets another job. End of Story!
RollTheDice, Assuming this is real... I hope you can recover from this mentally. I wish you the best. ES
You're not a hedge fund nor are you licensed to manage the money of others. Unless you failed to mention you are a "small fund" or "licensed" which is why I stated earlier that you're not telling the complete story. In fact, I've never heard of a hedge fund doing what you did which is the real reason why not a single investor has successfully sued the portfolio manager doing what you did. The thing you did mentioned that seems out of place was the fact you stated you were trading a profitable 7 figure porfolio while not mentioning if such was your own money or the money of others (investors). As for your buddy (friend that lost his job because of your actions with his boss)...your buddy can easily sue his boss for wrongful termination of employment. Any lawyer that deals with stuff like that "wrongful termination" would represent him to get his employment back or a financial settlement. Unless...once again...there's more to the story that you're not talking about involving your friend losing his job if such really happen. Last of all, regardless to that fact that you "verbally" notified the old Chinese man about the risks involving him giving you 300k to trade..if there was no written agreement that he signed about such via giving you access to his accout with password...computer records will be checked to see if in fact it was you logging into the account from your IP info of your devices. Your ISP will be contacted and your own computers/devices will be seized. If you try to hide info (cover it up)...any case against you will go from civil courts to criminal courts. Simply, you didn't notify him about the risk involving him giving you access to his 300k for trading/investing and that's exactly what the courts will tell you if there's litigation (you're sued). The courts will also see it very odd and hold you liable due to the fact you have a profitable 7 figure portfolio and they will look into that portfolio to see if other investors are involved in the capitalization of that portfolio... If so, you better have written agreements with those other investors because if you don't...the courts will shut you down and make it illegal for you to do such again...you'll never be allowed to have a trading account again and you won't be allowed to touch the money of others for trading/investment purposes. There's actually been court cases about such even in the UK. Here's the worst part for you...that Chinese man knows who you are. He has the right and most likely will smear your name to the public in your local community about what you did. Nobody will trust you and if its a good smear campaign...it could possibly impact your friendships & employment. Worst of the worst part...you're a walking dead man. wrbtrader