Legal Question in Business Law in Iowa

Elements of fraud?

I gave a personal loan to someone so they could purchase some valuables from a relative. I was told I would hold the valuables as collateral for the loan once the purchase was made and re-sell the valuables for this person. I also pre-purchased some of the valuables myself giving this individual more money. This person has not paid me back when supposed to or turned over any valuables. Part of the loan was written in contract for repayment, and the rest verbal. I know I can sue for the money, but will the police do any investigating into the possibility of fraud?


Asked on 3/07/09, 5:49 am

1 Answer from Attorneys
Robert Luedeman solo practitioner

Re: Elements of fraud?

You can always present it to the county attorney and see if they will prosecute but the chances are slim.

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Answered on 3/07/09, 4:01 pm


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