AW69

Thank you guys. I think he can only sue him based on the verbal agreement which is also legally binding.. Although proving it to the court would be a different ball game. Hope the e-mail & telephone communications which was recorded may help his case. Anyway how many here thinks he shouldn't be thinking of suing him and why? Happy Trading to all.

Agreed Jumbo123!! Lesson is definitely learnt but if there is any legal way to sue someone then why not.. ?After all its all fair... Giving up is obviously the last resort anyways. Cheers and happy trading.

Thank you guys for the reply. Well, we managed get a hard look into his account details and unfortunately he is not leing but my friend insists on saying that trader never mentioned about the overall risk and the risk- management was explained in a different procedure. However, he accepts that he should have never sent the money through remittence but instead let the trader trade his account with POA. Then he might have some control on losses. But because the money was transffered through remittence, can it not be classed as loan with a verbal aggreement? If yes, cant he make a claim providing necessary proof of ownership of the money. If yes, how difficult will be to make a legal claim from abroad. Cheers!

Here is the story- My friend (knob) in India meets a trader in the U.K and after many days of chit-chat builds a informal trust about his capabilities in trading forex and agrees to transfer £40k to the trader in U.K. in a hope that he will get a decent return every month. It all went fine for few months untill my friend recieves a call from the trader in U.K, explaining how he lost all his money in last few days. Well, as the situation sounds very stupid and naive because there was no legal documents signed neither the U.K based trader is technically managing his money, so is there any way around for him to sue the trader from India? I know this is something my friend should be taking to lawyers in India. But as he has asked me for help, so has anyone ever come across any thing similar? I will appreciate your time in replying.