This might not be the best place to post this but I need advice and suggestions too.

I have a friend who is into all these forex investment where he sought money from people around him and invest on their behalf under a bigger company which he's also working there. This guy was doing okay and he has a lot of people who invested in this company through him and the money running into over half a billion. The forex thing crashed last year and he has been running around as people who invested through him kept pulling him to refund their money which is quite understandable. And no matter what, even if he sells everything he has, he can't cover 30% of his debt.

Though I don't know much about forex et al, but how can such money be recovered and is it even possible? The guy is my good friend and I'm just looking for ways to help him as he practically has to be hiding from people who has been probing his whereabouts even from me. I'm just looking for the best way to advice him. I'll really appreciate your suggestions as I Know there are lots of people that have one way or the other found themselves in such situations.

Chevrolet076:
This might not be the best place to post this but I need advice and suggestions too.

I have a friend who is into all these forex investment where he sought money from people around him and invest on their behalf under a bigger company which he's also working there. This guy was doing okay and he has a lot of people who invested in this company through him and the money running into over half a billion. The forex thing crashed last year and he has been running around as people who invested through him kept pulling him to refund their money which is quite understandable. And no matter what, even if he sells everything he has, he can't cover 30% of his debt.

Though I don't know much about forex et al, but how can such money be recovered and is it even possible? The guy is my good friend and I'm just looking for ways to help him as he practically has to be hiding from people who has been probing his whereabouts even from me. I'm just looking for the best way to advice him. I'll really appreciate your suggestions as I Know there are lots of people that have one way or the other found themselves in such situations.

The money your friend lost in a Ponzi scheme masquerading as forex trading is gone forever!

The best way you can help him is to sell all your assets and give the money to him to use in paying off some of his debtors

SavageResponse:


The money your friend lost in a Ponzi scheme masquerading as forex trading is gone forever!

The best way you can help him is to sell all your assets and give the money to him to use in paying off some of his debtors

I've replied you on the other thread

The first rule of doing business for people is to never do business for people. I learned the hard way. A dude here who goes by the name Y.modulus learned the hard way too.

That dude did lots of risky businesses and was worth hundred of millions of naira in cash and assets. He even used to make roundup posts on Nairaland at the end of every year where he talked about the businesses he did that year and how much he made.

Those posts ran for around three years and always made front page... until he went into crypto and collected money to help people invest in Bitcoin.

Everything was smooth until BItcoin fell, throwing him into debts that ran into hundreds of millions of naira.

His debtors were chasing him around. He even sold his properties and everything else he owned and still couldn't complete payment.

They arrested him and showed him hell. Today, I doubt if he's even worth 1% of what he had then.

Very brilliant dude. And yet, he fell for DOING BUSINESS FOR PEOPLE. For trying to help them and make some cash for himself by the side.

Don't learn that the hard way, folks...

People only give you money to do business on their behalf because they want to make a profit. They know the risks associated with the business but are not ready to shoulder it. They are not ready to lose their money....

And they know it's easier to chase you around for their money and denounce you as a fraudster than to lose the money themselves.

But you as a businessman knows the risks and rewards. You face both but they face only the rewards without the risks.

So why put yourself at the risk of the risks?

For everyone reading this, the next time you're successful in a business and people ask to "invest" or give you money to help them do it, DON'T.

Instead, offer to teach them for a price and let them do it themselves...

If they succeed, GOOD. If they fail, BETTER. It's none of your business. You've been paid for doing your part.

Regarding your question, I don't know what your friend can do. Forex, Ponzi and crypto are very complicated investments and businesses if they can be called such. When you win, you win BIG, and when you lose, you lose BIG.

I'm sure your friend has run into debts worth millions off naira.

Shoodboi:
The first rule of doing business for people is to never do business for people. I learned the hard way. A dude here who goes by the name Y.modulus learned the hard way too.

That dude did lots of risky businesses and was worth hundred of millions of naira in cash and assets. He even used to make roundup posts on Nairaland at the end of every year where he talked about the businesses he did that year and how much he made.

Those posts ran for around three years and always made front page... until he went into crypto and collected money to help people invest in Bitcoin.

Everything was smooth until BItcoin fell, throwing him into debts that ran into hundreds of millions of naira.

His debtors were chasing him around. He even sold his properties and everything else he owned and still couldn't complete payment.

They arrested him and showed him hell. Today, I doubt if he's even worth 1% of what he had then.

Very brilliant dude. And yet, he fell for DOING BUSINESS FOR PEOPLE. For trying to help them and make some cash for himself by the side.

Don't learn that the hard way, folks...

People only give you money to do business on their behalf because they want to make a profit. They know the risks associated with the business but are not ready to shoulder it. They are not ready to lose their money....

And they know it's easier to chase you around for their money and denounce you as a fraudster than to lose the money themselves.

But you as a businessman knows the risks and rewards. You face both but they face only the rewards without the risks.

So why put yourself at the risk of the risks?

For everyone reading this, the next time you're successful in a business and people ask to "invest" or give you money to help them do it, DON'T.

Instead, offer to teach them for a price and let them do it themselves...

If they succeed, GOOD. If they fail, BETTER. It's none of your business. You've been paid for doing your part.

Regarding your question, I don't know what your friend can do. Forex, Ponzi and crypto are very complicated investments and businesses if they can be called such. When you win, you win BIG, and when you lose, you lose BIG.

I'm sure your friend has run into debts worth millions off naira.

At the beginning, things looked quite okay and he was doing well, I just heard that the stuff crashed and I saw that he doesn't really come around the house again... Until recently when someone was asking me about his whereabouts and laying threats. I'm scared for him and I just want to know if there's anything to offer as an advise to him to help him back on his feet because I won't lie, he's lost his freedom.

Chevrolet076:


At the beginning, things looked quite okay and he was doing well, I just heard that the stuff crashed and I saw that he doesn't really come around the house again... Until recently when someone was asking me about his whereabouts and laying threats. I'm scared for him and I just want to know if there's anything to offer as an advise to him to help him back on his feet because I won't lie, he's lost his freedom.

It's always rosy at the beginning. There's nothing you can do to help him at this point other than telling his debtors you are ignorant of his whereabouts.

500 million is no small money. Even if the guy does the same or another business and rakes in lots of cash, his debtors would still come after him and claim he duped them.

The only thing he can do right now is to tell his debtors the situation of things and negotiate an agreement with all he has. They'll probably not agree but there's nothing he can do.

Shoodboi:


It's always rosy at the beginning. There's nothing you can do to help him at this point other than telling his debtors you are ignorant of his whereabouts.

500 million is no small money. Even if the guy does the same or another business and rakes in lots of cash, his debtors would still come after him and claim he duped them.

The only thing he can do right now is to tell his debtors the situation of things and negotiate an agreement with all he has. They'll probably not agree but there's nothing he can do.

I understand, thanks for your input

Shoodboi:


It's always rosy at the beginning. There's nothing you can do to help him at this point other than telling his debtors you are ignorant of his whereabouts.

500 million is no small money. Even if the guy does the same or another business and rakes in lots of cash, his debtors would still come after him and claim he duped them.

The only thing he can do right now is to tell his debtors the situation of things and negotiate an agreement with all he has. They'll probably not agree but there's nothing he can do.

The long and short of the whole story is that the guy is a dupe because he misled people into giving him money to invest in his company therefore he must bear the responsibility.

Anyone who has a sound background in finance and can think critically knows that any company claiming to be paying monthly returns of 15% from forex or crypto trading is a fraud and a Ponzi scheme that will eventually collapse!

SavageResponse:


The long and short of the whole story is that the guy is a dupe because he misled people into giving him money to invest in his company therefore he must bear the responsibility.

Anyone who has a sound background in finance and can think critically knows that any company claiming to be paying returns of 15% from forex or crypto trading is a fraud and a Ponzi scheme that will eventually collapse!

Wow, I'm overwhelmed

Chevrolet076:
This might not be the best place to post this but I need advice and suggestions too.

I have a friend who is into all these forex investment where he sought money from people around him and invest on their behalf under a bigger company which he's also working there. This guy was doing okay and he has a lot of people who invested in this company through him and the money running into over half a billion. The forex thing crashed last year and he has been running around as people who invested through him kept pulling him to refund their money which is quite understandable. And no matter what, even if he sells everything he has, he can't cover 30% of his debt.

Though I don't know much about forex et al, but how can such money be recovered and is it even possible? The guy is my good friend and I'm just looking for ways to help him as he practically has to be hiding from people who has been probing his whereabouts even from me. I'm just looking for the best way to advice him. I'll really appreciate your suggestions as I Know there are lots of people that have one way or the other found themselves in such situations.

Are you talking about reapway

Chevrolet076:
This might not be the best place to post this but I need advice and suggestions too.

I have a friend who is into all these forex investment where he sought money from people around him and invest on their behalf under a bigger company which he's also working there. This guy was doing okay and he has a lot of people who invested in this company through him and the money running into over half a billion. The forex thing crashed last year and he has been running around as people who invested through him kept pulling him to refund their money which is quite understandable. And no matter what, even if he sells everything he has, he can't cover 30% of his debt.

Though I don't know much about forex et al, but how can such money be recovered and is it even possible? The guy is my good friend and I'm just looking for ways to help him as he practically has to be hiding from people who has been probing his whereabouts even from me. I'm just looking for the best way to advice him. I'll really appreciate your suggestions as I Know there are lots of people that have one way or the other found themselves in such situations.

MBA? Either he turns himself over and face whatever they want to do to him or he remains a fugitive for the rest of his life. MBA is gone forever and for good

Shoodboi:
The first rule of doing business for people is to never do business for people. I learned the hard way. A dude here who goes by the name Y.modulus learned the hard way too.

That dude did lots of risky businesses and was worth hundred of millions of naira in cash and assets. He even used to make roundup posts on Nairaland at the end of every year where he talked about the businesses he did that year and how much he made.

Those posts ran for around three years and always made front page... until he went into crypto and collected money to help people invest in Bitcoin.

Everything was smooth until BItcoin fell, throwing him into debts that ran into hundreds of millions of naira.

His debtors were chasing him around. He even sold his properties and everything else he owned and still couldn't complete payment.

They arrested him and showed him hell. Today, I doubt if he's even worth 1% of what he had then.

Very brilliant dude. And yet, he fell for DOING BUSINESS FOR PEOPLE. For trying to help them and make some cash for himself by the side.

Don't learn that the hard way, folks...

People only give you money to do business on their behalf because they want to make a profit. They know the risks associated with the business but are not ready to shoulder it. They are not ready to lose their money....

And they know it's easier to chase you around for their money and denounce you as a fraudster than to lose the money themselves.

But you as a businessman knows the risks and rewards. You face both but they face only the rewards without the risks.

So why put yourself at the risk of the risks?

For everyone reading this, the next time you're successful in a business and people ask to "invest" or give you money to help them do it, DON'T.

Instead, offer to teach them for a price and let them do it themselves...

If they succeed, GOOD. If they fail, BETTER. It's none of your business. You've been paid for doing your part.

Regarding your question, I don't know what your friend can do. Forex, Ponzi and crypto are very complicated investments and businesses if they can be called such. When you win, you win BIG, and when you lose, you lose BIG.

I'm sure your friend has run into debts worth millions off naira.

I've been looking for Ymodulus all along and wondering where he is. I'm just hearing this incident for the first time. Such a pity. That guy has both the guts and the knowledge of capitalism

uncleck:

I've been looking for Ymodulus all along and wondering where he is. I'm just hearing this incident for the first time. Such a pity. That guy has both the guts and the knowledge of capitalism

Dude was an intelligent businessman...

He started with mini-importation here on Nairaland before going into other things.

He never had a stable business. He just found opportunities and exploited them: some were very legal, some were very illegal and some were in gray areas where they were neither here nor there. But he did it anyway and found huge success.

YModulus was EXTREME. He damned the consequences and either went ALL IN or didn't go in at all. At such young age, he had a car, sold it and bought another one. I think he even had a house too.

But the thing that made him also became the same one that made him fall. His went all in into Bitcoin and lost everything when it crashed.

I believe he would have retained part of his wealth despite the crash, but he took money from others to help them invest.

He was arrested and things turned very bad. He sold everything he owned to repay that money. As in, EVERYTHING. And that wasn't still enough to cover it all. He started again from scratch.

Last I heard of him was last year. He had gone into selling hand sanitizers, face masks, digital thermometers among others in bulk. I believe he'll return to Nairaland within the next five years with new stories on how he made more millions. Dude is a wizard.

Shoodboi:


Dude was an intelligent businessman...

He started with mini-importation here on Nairaland before going into other things.

He never had a stable business. He just found opportunities and exploited them: some were very legal, some were very illegal and some were in gray areas where they were neither here nor there. But he did it anyway and found huge success.

YModulus was EXTREME. He damned the consequences and either went ALL IN or didn't go in at all. At such young age, he had a car, sold it and bought another one. I think he even had a house too.

But the thing that made him also became the same one that made him fall. His went all in into Bitcoin and lost everything when it crashed.

I believe he would have retained part of his wealth despite the crash, but he took money from others to help them invest.

He was arrested and things turned very bad. He sold everything he owned to repay that money. As in, EVERYTHING. And that wasn't still enough to cover it all. He started again from scratch.

Last I heard of him was last year. He had gone into selling hand sanitizers, face masks, digital thermometers among others in bulk. I believe he'll return to Nairaland within the next five years with new stories on how he made more millions. Dude is a wizard.

Truly a wizard