California | Investment Law
Legal Question
Possible securities fraud questions
I have an investment with a small private business. The owner directly offered me a ''profit sharing agreement'' which would pay out regardless of profit or loss on the business. I was never given financial statements etc. that were promised in the agreement and now it has come to light that they are broke (supposedly). I have been told by an attorney that this is actually a security and that the owner may have committed securities fraud and they may be held personally responsible. The owner has recently defaulted on the promissory note, claiming the business may claim bankruptcy. I've sent a demand letter from an attorney and am deciding what action to take.
Does it matter if I sue sooner rather than later if there are plans to file bankruptcy?
Is a person in my position allowed to sue for damages due to the business not paying?
Is something that an attorney would likely take on a contingency basis?
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Read More Answered By: Ryan P. McClure |
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