Legal Question in Securities Law in Texas

I live in Utah, but invested in a Texas web-based company that guaranteed my money back in one year if I was not satisfied with my investment. I have contacted the owner several times, but have not been able to get my investment, $3,000, back as promised.

I have a membership certificate that certifies I own .5% units in the company. I also have several emails stating his promise to repay, even after he took the website down, similar to this:

"...I promise to get you a full return of your investment in 1 year or less from launch. If I fail, I will buy your percentage back so you can get your money

back. That means, if you invested $5,000 and you got a return of only $4,500, I will pay you the $5,000...."

I have requested my money back, along with other investors who are in the same position as I. He has made emailed promises to me thru 2013 to refund my investment. To date, I have received no refund. What are my rights? I never was able to inspect the business' books nor records.

Asked on 2/06/14, 9:47 am

1 Answer from Attorneys

Andrew Nichols Law Office of Andrew B. Nichols

The best approach would be for you to contact the Texas State Securities Board and advise them of the facts. They can launch an investigation and perhaps mandate a return of your investment.

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Answered on 2/06/14, 12:10 pm

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