Recovered $15,000 in Currency Trading Dispute

The Plaintiff: an individual

The Defendant: an individual in the business of currency trading

Represented: The Plaintiff

Plaintiff’s Claim: $24,000.00

2Background:The Plaintiff contacted the Defendant regarding an Ad that was found on kijiji. The Defendant claimed to have been trading for 12 years and gave examples of other

clients who were making $500 to $2000 per week. Impressed by the sales pitch, the Defendant entered into a verbal agreement with the Plaintiff to open a trading account giving

a consideration of $20,000. The terms of the verbal agreement were as follows:

1. Plaintiff would pay a $2000 trading fee for one year of trading;

2. The Plaintiff would fund the account a sum of $20,000.00;

3. A limit of $1000 of the above sum would be used to trade and would be controlled by stop losses;

4. If there was a loss, the Plaintiff would close the account immediately to limit the loss between $80-$100;

5. The Defendant would be the only one trading the account and the Plaintiff would not interfere with the trading activity;

6. The Plaintiff would be available via telephone at any time to discuss details with the Plaintiff pertaining to the trading account and activity;

7. The Defendant would receive a 35% commission on the trading profits

8 Once out of the hospital, the Defendant then informed the Plaintiff that they would be going to visit family and provided a phone number to be reached at. Due to the volatility of the market it was decided that the Defendant would cease trading for a period of time. During the time that the Defendant was in the hospital and out of the country the account trading balance diminished from $24,000.00 to $500. The Defendant had continued to trade despite the agreement to stop trading until the market stabilized.
9 After failed attempts to contact the Defendant, the Plaintiff decided to close the account and open a new account, transferring the remaining balance. Upon doing so, the Defendant contacted the Plaintiff to ask why the account had been closed. The Defendant promised to make the money back if access to the new account would be granted. The Plaintiff accepted the offer; however, the account to date has not made any profits as promised by the Defendant. .

10 Settlement Conference:During a settlement conference, the Defendant admitted to part of the claim in the amount of $10,000.

This admission of guilt placed the ball in the Plaintiff’s court. The case ended up settling during the settlement conference with the following terms:

1. The Defendant will issue a cheque in the amount of $15,000;

2. If the cheque comes back as NSF then the parties agree to a judgment in the original claim amount of $24,000.00.

6 LET’S PLAY BALL! The success of this case can be attributed to a strong written statement of claim. Despite being a verbal agreement, the strength of the claim brought out the admission of guilt which took out the question of whether money was owed and replaced it with a question of how much is the Plaintiff willing to settle on.

Client Reaction.
I’m satisfied with your services,finally the scam artist learned their lesson.

Disclaimer:past results are not necessarily indicative of future results and that the amount recovered and other litigation outcomes will vary according to the facts in individual cases.

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