Posted:
#1
Hey guys,
I have browsed this part of the forum several times but never added any input. Many of you guys are clearly more astute investors that I. I have a very interesting tale to tell.
A guy I know through a friend is trying to con me. I am 100% sure of it. He has a good story and seems to know a lot about the market. I may not be the most savvy investor in the market but I am not naive to the realities of the world. This deal is too good to be true and I am being hustled. Don't worry guys no personal info of mine and of course no $$ is going to be put anywhere these people would be able to access.
The short version is these guys have friends who beat the market daily via day trading. The top guy will trade for me my money if I give his friends a 7.5% commission on profit. Here is the rub.
The trader who is a stock broker will GUARANTEE MY PRINCIPAL AGAINST ANY LOSS. I have a few questions but will ask them later.
The angle could be one of a few things. The first being my money gets into an acct they have access too and it just us gone and so are they in an instant. This is most likely.
The other very real possibility is they basically just "take a shot " with my money. Meaning the guy does in theory guarantee my losses in a contract but in reality his net worth is 1/50th of mine so the contract will not be worth the paper its written on. Then they make real risky trades either hitting it big and making a tidy sum or they just lose me my $$$ and I have a debt I can never really collect.
Here is my question.........
Can a stockbroker guarantee you your principal investment will not be lost? This man has guaranteed any money lost in trading will be refunded to me the next trading day.
I know there are other details but I am really interested in finding out if this type of guarantee is even legal and if it is not what laws have been broken?
Thanks for any help guys.
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