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Pastimes : The Perils and Pitfalls of Investing With "Friends"
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From: Poet10/27/2004 11:30:36 AM
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I don't post much on SI any more, but a friend sent me the link to this thread and I've just read every post with a sinking heart.

I, too, was contacted by TLC via PM and lost thousands as a result. I won't go into any more detail in public other than to say the following:

I entered into a trading partnership with him in (I believe) 1998 in which, in return for teaching me to daytrade, I gave him $10k to daytrade. I made money during that time. He lost over $2000.

I dissolved the partnership when I became uncomfortable with his increasing losses. I received the remainder of the $10k (minus what he lost) soon after.

He asked for, and I gave him, $1000 for "living expenses" during that time.

He contacted me numerous times via PM over the years since then, asking me to either invest money in various business ventures or loan him money outright. I declined.

All this said, he taught me how to daytrade and introduced me to options. I traded options successfully for a couple of years, even had a thread on SI teaching others to do so.

I'm grateful to Bill and Michal for bringing this out into the light. It's saddening to see I wasn't the only cyberfriend who has been repeatedly, and always in a friendly manner, asked for money.

I'm not going to make any further public comments but will be willing to talk with Bill, Michal, Bob and Dave privately about this if they wish.
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