Legal Question in Investment Law in Virginia

real estate investment fraud

I entered into a verbal agreement with a friend to invest $6,000.00 to be deposited into his bank account in order to help him to qualify for a loan to purchase a distressed property. We intended to fix up the property and then sell it for a profit. The agreement was that once the sale was completed I would be paid back my $6,000.00 and an equally divided share of any profits above and beyond my original investment. My friend never purchased the property and has spent my $6000.00. Several months ago he agreed to pay me back my $6000.00 but is now avoiding my calls and has sent no money. I gave him the $6000.00 in the form of a check, made out to him, with ''investment purposes'' written in the memo. This agreement originated in Maryland. I now live in VA and my friend now lives in TN. Do I have any legal recourse to recover my money from him?

Asked on 4/09/05, 11:33 am

1 Answer from Attorneys

Michael E. Hendrickson Attorney & Counsellor at Law
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Re: real estate investment fraud

Another loan gone bad between alleged friends.

You'll have to file your suit in Tennesse to have any chance of recovery; your word against his unless he admits to your claim or you have some of what the law calls parol evidence which might be introduced to buttress your side of the case.

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Answered on 4/09/05, 2:55 pm

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