An associate approached me to invest a sum of money for them in stocks and shares approximately 30 months ago. However I am not qualified or experienced in this area but I was willing to help. I wrote on a piece of paper the amount and date as a reference. And stated the investment should be reviewed in 12 months time. This time elapsed and during that period the investment took several loses. Then nothing was mentioned again until recently. Another opportunely came along to invest the money in a property which i did. Equally helping a friend and genuinely believing this investment would be less risky and bring better short term returns. Unfortunately this wasnt the case. And all the money was lost.
In summery. I was approached by a friend randomly and given a sum of money to invest. And its common knowledge that any investment comes with risk. The investment didnt work out and now the money has gone. The person in question is now pursuing this in the small claims court. And they are trying to stipulate that it was a "loan" rather than an investment. There was never at any stage any agreement or mention of time sale or expectations in all of this. And the money was only used for investment purposes and this can be proven.. Do i have a valid enough case to continue defending this? As i feel that i do.
In summery. I was approached by a friend randomly and given a sum of money to invest. And its common knowledge that any investment comes with risk. The investment didnt work out and now the money has gone. The person in question is now pursuing this in the small claims court. And they are trying to stipulate that it was a "loan" rather than an investment. There was never at any stage any agreement or mention of time sale or expectations in all of this. And the money was only used for investment purposes and this can be proven.. Do i have a valid enough case to continue defending this? As i feel that i do.
