The Perils and Pitfalls of Investing With "Friends" Message Board

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Pastimes : The Perils and Pitfalls of Investing With "Friends"

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From: Bill Ulrich	10/25/2004 10:12:49 PM
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My first encounter was TLC tapping me in Dec. '98 for $3000. The premise was that his daytrading partner lost all their cash and he needed $3K to get started again, after firing his partner. We had had what I thought was a pretty good relationship and although the story sounded fishy (daytrading on a paltry $3K?), I sent $1K to help him out. Mostly, I figured there was some other thing going on and maybe he was too embarrassed to say. I figured a "Don't ask, Don't tell" thing was appropriate given the friendship circumstances. The emphatic promise was that this was a 30-day thing and I'd get 10% on top. I said I didn't care about the interest. Didn't care about the 30 days as long as it was reasonable. 'Bout six months later, I inquired. What I got back: "Well, my daytrading partner lost it all again!" Huh? I thought you fired him? How'd he "lose it again"?

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