Legal Question in Business Law in Florida

i'm a sucker

A year ago, through my own

naiveness, accepted a business

proposition and invested in a local

gym. I bought what I've been led to

believe is legit stock in this company

and was going to have certain

responsibilities within the company.

A few weeks in, I decided I was in

over my head and wanted out. The

principal owner said he'd find a buyer

to take my place... he didn't want to

sell to just anybody. Because it

seemed logical, I agreed.

I then later realized that no one else

knew of my investment other than

him and that he was taking me for a

ride. I've been afraid to make any

moves because, if he's scammed me,

then he's also covered himself.

He came off as a trustworthy

individual who everyone around him

vouches for him. However, I think

he knew that I didn't know what I

was doing.

I have a stock certificate that has a

seal and everything. I just want out.

Have I lost my investment? Have I

been scammed?

I'm feeling quite stupid, and my wife

hasn't really thought as highly of me

since.

Please help? Anyone? Thanks.


Asked on 4/29/07, 11:30 pm

2 Answers from Attorneys
florence hessen florence f. hessen,esq

Re: i'm a sucker

Hi:

Generally, if you invest in any business not only is there an issuance of stock but also a shareholders agreement which provides a given ownership. Or is this was originally intended as a loan then a promissory note should have been signed. There are a few avenues that you can proceed but this should really be handled by an attorney that is experienced in contracts.

Good Luck

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Answered on 4/29/07, 11:52 pm
Johm Smith tom's

Re: i'm a sucker

I suggest the first step to take is to have an attorney investigate to determine whether this is a scam or a legitimate business endeavor, regardless of whether it was prudent or ill advised, and then you can discuss what to do next. Feel free to contact me regarding this.

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Answered on 4/30/07, 9:56 am


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