Legal Question in Civil Litigation in California
A family friend is a real estate broker, he said he would guarantee I would not lose my money in his brokerage company if I invested my money with him, he said "I have been in this business for over 20 years and have not lost a dime." I had received $105,000 from my moms estate. So far he has lost over $60,000 of my money. He has stated several times, in front of family members, I had nothing to worry about, my investment was safe. Is the guarantee he gave me a oral agreement?
3 Answers from Attorneys
Probably not. However, you would be well advised to find an real estate attorney in your area and set up an appointment to discuss your situation. Brokers (and others for that matter) can NEVER guarantee an investment and the law specifically provides that they cannot do so. Unfortunately, you have probably become involved in a scam; many ponzi schemes start with a "friend" that guarantees a return on an investment and ends with the investors loosing all of their money. What ytou describe is not so much a breach of contract, but fraud. You might also want to report this "family friend" to the California Department of Real Estate and possibly the SEC.
I currently have two clients in the very same boat with slick brokers making the same kind of bad deals that crashed the big banks, only with average people's money. If you would like me to evaluate your case, please contact me at the number in my profile.
You may have a case for fraud. Contact me directly.
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