Recovery of Gambling debt

A question about : Recovery of Gambling debt

What is the legal position on gambling debts

I agreed to join an 'investment organisation' who 'lost 1700 of my money and all i have is a bank account and sort code - what is the chances of recovering any of this - although he said investments he was using the betting exchanges to gain investments

I fear i have been stung badly but thought i might seek any help i can get - happy to give more detail if you think you can help me

cheers

Best answers:

• What paperwork do you have for your investment?
• Gambling debts - if that's what they are - are not recoverable through the courts. However, the maxim 'investments can go down as well as up' may be another difficulty unless you can prove maladministration of your funds (not just incompetence or bad luck).
• Unfortunately i have no paperwork stupidely all done on phone and trusted him - full story he called me and asked me if i could deposit money in a betfair account and send him username & password he would prove how he worked the market - before anyone advises me how stupid i was for doing this - i held the password for moving money in and out of account
  deposited 200 and in 2 trades he made almost 100 he then advised it was 5k for the full year - said i couldn't afford so he agreed to a trail for a month where he was confident of earning me 3500 which would cover a year - i advised i could not afford that amount at such short notice- he then asked for 700 to proceed with some more trading - at one point went as low as 200 which then built up to 1500 - should have w/d money then - it dropped again to 400 and he asked for another 700 to trade again and 2 days later his trades took account down to 0.09p - he has not answered his mobile and all i have is his bank details i transferred money into
  presume from the posts so far i have no chance of retreiving any of this and it has been a very expensive lesson - please tell me i'm wrong !!!
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• Hi,
  I might be the only one that thinks this but it sounds to me like you were conned. It sounds like they gave you the 'convincer' where they make you money so you see that it works then ask you to invest a larger amount that they either appear to 'lose' or disappear with, might just be me having seen to many episodes of Hustle but reading your post it was the first thing I thought of.
• Despite having the passwords fot the withdrawals it would be relatively easy to find a quiet market and put a 1.01 trade up and the log into another account to hoover it up
• Have I misunderstood something? With Betfair it is the same password to log-in as it is to withdraw - is it possible to have separate passwords?
• You might get some advice asking on the betting section of MSE.
  Im sorry I cant help it looks like you have been conned though and if you know his name and address could go to the Police?
• So how did this person withdraw money from the betfair account if, as you claim, only you knew the password for withdrawing money??
• Sadly, I can't think that anyone is likely to be able to help you on the MB board, but you are welcome to try (I would advise waiting until tomorrow afternoon as most of the experienced match bettors on there are busy on Saturday afternoons). Do contact Betfair though as it may indeed be that you have been conned by the trickster dumping all your money into another account.
• yes so thats why im unsure if ive been conned what they have gained by gambling the account to zero other than having free money to play with
  no deposits withdrawals or transfers possible from the account without a separate password which only i had
  i have contacted betfair and await a response - i realise i have been so stupid and should have twigged it was too good to be true but i thought i might be able to recover something but if not perhaps a warning to others ?
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