₦airaland Forum

I went into business with someone. A friend of mine introduced me to him as a very good forex trader. I asked to see his past results which he provided, from what I saw he has a track record of consistent profits.
So we signed an MoU that he'd be delivering an ROI of 15% of the five million I would invest and that at the end of 6months if I'm impressed I will double the principal. And if he defaults he'll have to pay me back my principal of 5M or if he can't his guarantor will have to pay.
We did this for 2 months. And on the 3rd month he called me and told me he had lost the money and that of other of his investors and assured he would repay me my principal.

Please lawyers in the house how best can I go about recouping my principal??
What's the legal process involved and would it involve him going to jail if he fails to pay back??

Moneywirer:
I went into business with someone. A friend of mine introduced me to him as a very good forex trader. I asked to see his past results which he provided, from what I saw he has a track record of consistent profits.
So we signed an MoU that he'd be delivering an ROI of 15% of the five million I would invest and that at the end of 6months if I'm impressed I will double the principal. And if he defaults he'll have to pay me back my principal of 5M or if he can't his guarantor will have to pay.
We did this for 2 months. And on the 3rd month he called me and told me he had lost the money and that of other of his investors and assured he would repay me my principal.

Please lawyers in the house how best can I go about recouping my principal??
What's the legal process involved and would it involve him going to jail if he fails to pay back??

I sympatise with you but you should never have given him the money in the first instance.

I'm sure the bastard showed you results of trading using his demo account which is different from trading live account.

In actual fact only about 5% of forex traders worldwide actually make money from it, the rest don't know what they're doing!

Ask yourself this question: if you were a forex trader who is profitable why would you ask another person to invest his money so that both of you will share the profit...the most likely thing an average person would do would be to be to use his own money to trade while at the same time compounding his winnings thereby increasing his capital. Doing this would mean that he can keep 100% of the profits himself instead of sharing it with anyone else.

You can write-off the 5million cos I'm sure the modafuka is a complete broke ass and if you start beating him from now till year 2022 you will not recover any meaningful amount from him.

If I were in your shoes I would put a bullet in his godamn head!

SavageResponse:
I sympatise with you but you should never have given him the money in the first instance.

I'm sure the bastard showed you results of trading using his demo account which is different from trading live account.

In actual fact only about 5% of forex traders worldwide actually make money from it, the rest don't know what they're doing!

Ask youself this question: if you were a forex trader who is profitable why would you ask another person to invest his money so that both of you will share the profit...the most likely thing an average person would do would be to be to use his own money to trade while at the same time compounding his winnings thereby increasing his capital. Doing this would mean that he can keep 100% of the profits himself instead of sharing it with anyone else.

You can write of the 5million cos I'm sure the modafuka is a complete broke ass and if you start beating him from now till year 2022 you will not recover any meaningful amount from him.

If I were in your shoes I would put a bullet in his godamn head!

I can't begin to imagine forgetting my money just like that. That's months of my hardwork.

Moneywirer:
I can't begin to imagine forgetting my money just like that. That's months of my hardwork.

I completely understand your pain but I think you should avoid spending more money while chasing after this one.

Any lawyer who makes you a promise about recovering your money is only interested in the legal fees to be earned at your expense.

What you can do is to make a deal to pay a commission to the lawyer based on any amount recovered from the guy...be sure to get a very experienced and aggressive lawyer who has handled this type of case before

You could also consider getting some EFCC guys or policemen to lock him up so his family will go and look for the money

You need to avoid increasing your losses further therefore do not make any upfront fee payments if you can, any fees from now on must be based on a percentage of the money actually recovered from him

SavageResponse:
I completely understand your pain but I don't want you to spend more money while chasing after this one.

Any lawyer who makes you a promise about recovering your money is only interested in the legal fees to be earned at your expense.

What you can do is to make a deal to pay a commission to the lawyer based on any amount recovered from the guy...be sure to get a very experienced and aggressive lawyer who has handled this type of case before

You could also consider getting some EFCC guys or policemen to lock him up so his family will go and look for the money

You need to avoid increasing your losses further therefore do not make any upfront fee payments if you can, any fees from now on must be based on a percentage of the money actually recovered from him

Okay...thanks

Did you both sign the Mou as described? Did he provide the guarantors ? I

Moneywirer:
I went into business with someone. A friend of mine introduced me to him as a very good forex trader. I asked to see his past results which he provided, from what I saw he has a track record of consistent profits.
So we signed an MoU that he'd be delivering an ROI of 15% of the five million I would invest and that at the end of 6months if I'm impressed I will double the principal. And if he defaults he'll have to pay me back my principal of 5M or if he can't his guarantor will have to pay.
We did this for 2 months. And on the 3rd month he called me and told me he had lost the money and that of other of his investors and assured he would repay me my principal.

Please lawyers in the house how best can I go about recouping my principal??
What's the legal process involved and would it involve him going to jail if he fails to pay back??

Have you been able to make any progress in this case?

SavageResponse:
Have you been able to make any progress in this case?

not yet...stories and more stories

emperorlaqrin:
Did you both sign the Mou as described? Did he provide the guarantors ? I

Yes we did sign an Mou. But his guarantor is trying to absorb himself of the entire clause in the contract

Moneywirer:
Yes we did sign an Mou. But his guarantor is trying to absorb himself of the entire clause in the contract

.

You have a case. Get all the necessary information and get your counsel and do the needful. The guarantor can't absorb himself now. You can send me a dm if you so wish