Theft?

[asciwhite]

Some 6 yrs ago I came into some money from my nan, in trust form. I was with my previous partner who, after leaving to go back to the States, California, took a very large amount of money that I agreed to transfer to his Ameritrade account to invest for my future.I then was told he had borrowed money against the sum I gave him, the market dove and as I understand it he paid back the money he borrowed( without my permission) with my money. A silent wall has descended and I simply don't know what to do.

[dzug]

I hardly think it's theft - you GAVE him the money.

Fraud, maybe - but when you gave him the money what powers of investment did you give him? Have you a trust document that was drawn up when you made the transfer? If not you are on dodgy ground. 'All' he's done is make an investment that's gone wrong and lost your money. If you do have such a document and he's gone against it then you do have a legitimate case but it's going to be difficult to fight it transatlantic.

Other than engaging a lawyer with (at first sight) scant chance of recovering anything it's difficult to see what you can do.

[asciwhite]

Thank you dzug, I did make him sign a letter stating amount,date and account details. What I did not give him permission to do was borrow against the money I gave him nor for zero information to be coming forthwith. no details of how he invested the money etc. The only reason I have a track on him is through a friend but everytime I tried to get information from him I was told I had more chance of winning the lottery! Do I get a Californian lawyer? and if so how?

[lady_p_gold]

I think the chances of recovering this money is pretty slim I am afraid. As others have said you gave him the money 'to invest for your future'. He could argue I suppose that borowing against it was a way of possible rewards and that because it all went pear shaped that was just unfortunately. Also one assumes that he would rather not have lost the money because he would have made more, whether he would have kept that and not paid it back is probable but we will never know. There are endless threads on here of people getting into situations with boyfriends and partners ... and yet we all keep on doing it, and believe me I have had my moments too ! I think I would just try and move on and rebuild things and know that at least you have your integrity.

[asciwhite]

Thank you so much for your kind answer lady_p_gold, I have been torn apart by this, just simply because of the dishonesty. I have moved on but, if he gets away without answering, completely scott free, then there is no real closure. I must add that the market did not crash and therefore, same question, where is it?

I think I'm gonna write to Arnie Schwarzenegger!

[stanleyman]

He didn't invest the money as you intended but used it for another purpose. You are entitled to it back plus interest. The problem is, in the UK there is a time limit from when the money is due back to you of six years for you to take action (not from the time you gave it to him). If you are in the UK, make a claim in the County Court to stop the clock ticking away. If he is in the US you may be able to do the same thing. If you do nothing you will get nothing!

[asciwhite]

Thank you stanleyman, i will start my enquiries about this monday, as dzug said, it's hard to fight transatlantic, and flying there is not really an option for me but there must be a way and maybe county court can help. is there a maximum amount for county court or is it open ended? not exactly small claims this one.

[stanleyman]

It can be any amount. You can do this online.

http://www.hmcourts-service.gov.uk/infoabout/fees/county.htm

Once you have a judgement you may be able to threaten bankruptcy if you get no response.

[asciwhite]

Hello stanleyman, sorry for the late reply, Thank you once again for your invaluble information, I will follow it up. Thank you.