TOPIC: A friend's invsetment

A friend's invsetment 4 years 1 month ago #17010

  • Mark
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I would like to ask legal advice to solve my issue to this friend of mine. Here is the scenario. My, I got a sum of money from my friend to be his invesment in fx trading. I gave a monthly guaranteed income for 10% and I will be liable to return his capital in any losses. He also added investments to try taking risks in forex trading this has no written agreement. This investment made profits and I did not deprive him to know the status of his account. I sent him all the trading activities made by this account.
I have this money wired to my bank account a week before our agreement expires. Unfortunately the funds were held by due to amla compliance. I even share him the equity of my trading account. Before the day of agreement comes I made an offer to sell my car to settle him but he refused. Everything was okay. I would also like to add that out of necessity I borrowed an X amount from him. We both tried to trade this binary options and decided to make it our source of income while we are waiting for the funds to be released by amla. We both opened a trading account to a binary options broker. Things are getting better on the first 3 days. I asked him to stop trading but he did bot listened to me. The result both of us went to 0. In addition I tried to continue trading without him. Because he said he is running out of money. All the things went good when I traded alone, again all the profits from this account was not kept from him. Even it is my own account. I made a verbal promises to him to give him x amount as partial payments for his investments but I failed because the broker failed to pay me. And my burden starts from this point. This caused me sleepless nights following up with this broker the status of my withdrawal but upto now they fail to settle me. This friend of mine want me to borrow x amount of funds to my parents so that I could comply to my promises but I didn't do it, Before this I offered him that I will sign an spa for him to be assured that there are funds on that account but we cannot withdraw them because it was held. he also refused. Until a day came that his wife wants me to sign an spa for them to have a look on this bank account. Unfortunately my partner doesn't me to do it because of our privacy. So on June 7,2016 they went to my branch to encash the checks that I issued. They ound out that there are no enough funds for the checks to be encashed. They told me that they got informations to my branch of account that there are no funds on that account. I was surprised how could they get such an info if I was covered by bank secrecy. The branch manager told me they didnot share any details of the account bank account. I felt bad. I felt bad I was deprived of my privacy. But the branch manager told me they didn't give any information to my friend. He is demanding me to withdraw money to my fx vault that was compromised. I will be charged 7.5% which is larger than his claims. What should I do? Please advice me. I am on amla's watchlist if I remit that money which I will suffer some losses it also has chances to be held. I am really liable to settle my friend in any ways?
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