Acquaintance has 10k of mine for investment gone wrong

savvysearcher

Hi, advice needed please.  In short a person the wife knows persuaded her to part with 10k for a investment opportunity, a friend of his invests in financial markets (not am official financial investor i suspect) . A sort of receipt was provided with his name on it though not actually signed.  The acquaintance promised returns that never materialised  and  said the 10k could be returned if 3 months notice is given. The money has been asked to be returned  but acquaintance says due to various factors  'excuses' i.e Brexit,  Covid19, the money can't returned at the moment,  and he can't give timescale as to when, even in installments. Acquaintance keeps saying when markets pick up the money will be returned.  I'm running out of patience with him. What are my options to retrieve the money  please? I've chased this for a number of months. Rather sort this without court action  if able to. Thanks in advance. .

dunstonh

Acquaintance keeps saying when markets pick up the money will be returned.

Markets are only about 27% down from their peak.  

 I've chased this for a number of months.

Markets didn't start falling until 24th Feb.  So, it looks like the excuse pre-dates that.

I suspect the answer is no to the this, but is the person a regulated individual?   if yes, then there is a process.  If no, then its basically a scam at worst or downright dodgy at best.  It may be that the person dug themselves a hole, didn't know when to stop and used your wife's money to try and fill the hole.  

Brexit has had a positive impact on investments. So, that excuse is BS too.

kinger101

When did you ask for the money back.  If it was three months ago [I hope this was in writing], then you'll at least need to threaten court action.  Sounds like they already think you're a pushover.  I'd write a letter before action, and then initiate a small claims court claim seven days later.  Provided of course, whoever has the money has assets to repay them.  Doesn't matter if it was the original £10K, or they have to sell their home.

Alistair31

I think a visit to his doorstep is very much in order. 

Malthusian

kinger101 said:

When did you ask for the money back.  If it was three months ago [I hope this was in writing], then you'll at least need to threaten court action.  Sounds like they already think you're a pushover.  I'd write a letter before action, and then initiate a small claims court claim seven days later.  Provided of course, whoever has the money has assets to repay them.  Doesn't matter if it was the original £10K, or they have to sell their home.

The original £10k is already gone, either spent or paid to another investor to make them go away. Even if they have a house it's unlikely to go far when all the other people they scammed file their claims. Unfortunately the money is almost certainly gone, unless they were FCA-registered.

OP - ask your wife what else she has invested in as there is a significant chance this is not her first or last scam.

savvysearcher

Thanks all for advice offered. All useful. I don't think the marketing person is FCA registered, in fact i know very little of him other than what the acquaintance told  me. He has offered in the past we meet with this marketing person. For me its the acquaintance thats accountable,  as without him the wife would have never invested,  its he who she trusted,  he who gave his word. I don't particularly want to go round the houses chasing up a marketing investor me or the wife  never met or had dealings with.  In actual fact the money was asked back for the 1st time 5 weeks ago over the phone,  then again just over a week ago in firmer manner and pointing out he may leave us no choice but to involve the law and civil action.  I verbally gave him a deadline of end of this month to provide a plan of payment. He keeps promising the money will be returned but can't say when. The wife believes him as she knows him better,  also he does return calls. I do think he got himself in a hole and now is struggling to get out, i'm sure hes taken money off others who too are in my situation and wanting money back.  If your wondering why  i only asked for money back 5 weeks ago, its because the wife  didn't want me to approach him earlier for various reasons despite i wanting to. A headache, thats for sure. If going down the civil action route we have some sort of written confirmation with his and the marketing investor names on it, and the bank  statement proving the transaction.  Hopefully,  that stands for something?

HHarry

The deal was you’d give 3 months notice, and you’ve given 5 weeks?  With a verbal deadline for a further 2?
Don’t get me wrong I doubt you’ll get your money back without a fight, but you’re going to get nowhere with a civil action if you haven’t followed the agreed terms.

Old_Lifer

Does the individual have any assets?   It the money has gone  and the individual  has large debts and little in the way of assets a civil action  may  achieve nothing.

masonic

Do you know who owns the bank account to which the money was transferred? Presumably not the marketing man. Do you have any idea what the money was invested in?

kinger101

Malthusian said:

kinger101 said:

When did you ask for the money back.  If it was three months ago [I hope this was in writing], then you'll at least need to threaten court action.  Sounds like they already think you're a pushover.  I'd write a letter before action, and then initiate a small claims court claim seven days later.  Provided of course, whoever has the money has assets to repay them.  Doesn't matter if it was the original £10K, or they have to sell their home.

The original £10k is already gone, either spent or paid to another investor to make them go away. Even if they have a house it's unlikely to go far when all the other people they scammed file their claims. Unfortunately the money is almost certainly gone, unless they were FCA-registered.

OP - ask your wife what else she has invested in as there is a significant chance this is not her first or last scam.

There's a contradiction in your post.  If OP's £10K has been paid to another investor to make them go away, then presumably, making more of a noise is more likely for OP to get their £10K.  Letter before action is the cost of a first class stamp.

sheramber

kinger101 said:

Malthusian said:

kinger101 said:

When did you ask for the money back.  If it was three months ago [I hope this was in writing], then you'll at least need to threaten court action.  Sounds like they already think you're a pushover.  I'd write a letter before action, and then initiate a small claims court claim seven days later.  Provided of course, whoever has the money has assets to repay them.  Doesn't matter if it was the original £10K, or they have to sell their home.

The original £10k is already gone, either spent or paid to another investor to make them go away. Even if they have a house it's unlikely to go far when all the other people they scammed file their claims. Unfortunately the money is almost certainly gone, unless they were FCA-registered.

OP - ask your wife what else she has invested in as there is a significant chance this is not her first or last scam.

There's a contradiction in your post.  If OP's £10K has been paid to another investor to make them go away, then presumably, making more of a noise is more likely for OP to get their £10K.  Letter before action is the cost of a first class stamp.

kinger101 said:

Malthusian said:

kinger101 said:

When did you ask for the money back.  If it was three months ago [I hope this was in writing], then you'll at least need to threaten court action.  Sounds like they already think you're a pushover.  I'd write a letter before action, and then initiate a small claims court claim seven days later.  Provided of course, whoever has the money has assets to repay them.  Doesn't matter if it was the original £10K, or they have to sell their home.

The original £10k is already gone, either spent or paid to another investor to make them go away. Even if they have a house it's unlikely to go far when all the other people they scammed file their claims. Unfortunately the money is almost certainly gone, unless they were FCA-registered.

OP - ask your wife what else she has invested in as there is a significant chance this is not her first or last scam.

There's a contradiction in your post.  If OP's £10K has been paid to another investor to make them go away, then presumably, making more of a noise is more likely for OP to get their £10K.  Letter before action is the cost of a first class stamp.

Only if more people have handed over money since the OP's wife did.
 Her money used to payoff a previous investor. If no more money came in due to Brexit and Covid-19 as people were wary of their financial position going forward then there is no new money to repay  the OP's wife.