Legal Question in Credit and Debt Law in California
Collection of Funds Guaranteed
i am an australian living in bangkok. a friend living in fesno invited
me to place money with him for share option trading in the new
york stock exchange in January 2004. thru email it was agreed i
would deposit for investment us$50,000 which i did into his
personal account on the written understanding that 50% would be
guaranteed at 12.5% a month in the case of lose. he has
subsequently lost everyones money and is now refusing to
agknowledge the guarantee or make any effort to repay the money
guaranteed. he still answers his phone but is being very coy about
the situation and promised to repay some but i suggest he is
hoping i will go away as i do not live in the us.he has a lot of
property in fresno he owns and was effectivley retired at the time
he started the share business and has the assets to sell if he
wanted to pay back half plus interest agreed to. what are my
options to recover the money and likely cost in doing so? will it be
possible that he will pay for all costs ?
3 Answers from Attorneys
Re: Collection of Funds Guaranteed
I would havee to review your written documentation including any letters. We handle cases throughout California. We can review your documentation by e-mail through Acrobat and speak with you by phone or via e-mail. There may be a usury problem. In a lawsuit, the prevailing party can recover costs of suit. Legal fees in a contract dispute may be recoverable if the contract includes a clause allowing the reinbursement of legal fees if litigation is necessary.
Re: Collection of Funds Guaranteed
If he will not voluntarily pay, you will need to sue him. Your attorney fees will not be recoverable unless your written agreement provided for that. Your agreements will have to be reviewed to determine the plusses and minuses of any lawsuit.
JOEL SELIK
Attorney at Law
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Re: Collection of Funds Guaranteed
You can probably answer that question better than any attorney. Even if you get a judgment against this guy, that is for your dollars, and costs, it is only a piece of paper. Collecting it is the real payoff. It does sound like this is a guy who uses other peoples money because he does not have any of his own. In that case, you will be left with only the piece of paper called a judgment. If this is not correct, go after him.