I will try to be more specific, I loaned a friend money. I have a signed promisory note stating how much was lent and how much much would be paid back. He told me the funds would be used for the purpose of buying and selling an item. The note only stated how much was loaned and how much to be returned. I loaned him the money based on the fact that we would make money by buying and selling the item. Instead he used it for personal use. He did this to me and another friend. Can I file criminal charges..Fraud?
2007-02-12 18:17:59 · 13 answers · asked by sidreisner1@sbcglobal.net 1 in Politics & Government ➔ Law & Ethics
No, you'll have to take it to civil court because you borrowed him the money... he did not steal it from you, so no criminal law was broken. You can speak with the police and get the information on record, and they may give you valuable information about your legal options, but they will not pursue charges.
2007-02-12 18:20:47 · answer #1 · answered by Mickey Mouse Spears 7 · 1⤊ 1⤋
No. Prior to loaning the money, even though he is/was your friend, at the time, you had the burden of meeting at least a minimum Due Diligence of determing whether or not the friend had a the financial ability to pay back the amount he was loaned by getting him to sign releases to get a copy of his credit report and employment verification to find out what he makes. If you did not spell out in the Contract/Note that any fees, cost, and expenses to collect the loan should he not meet the payment obligations made per the contract, he will likely not be held liable for those either and you could end up spending more in attorney fees, Court Costs and expenses than the loan is worth, especially if the person has little to not net worth or gainful employment, which is probably the reason he turned to you instead of a bank or other lender because he did not meet their criteria for a loan and/or credit account. If he used the money for personal expense, there is no collateral and your loan is considered unsecured and your best hope of collecting anything is the maximum in Small Claims Court where you can present the case without an attorney but even so, the preponderence of proof is on you to prove it was a loan (the contract that was signed a strong indicator or that and that it was not a "gift"). Still...if the person has no gainful, known employment that can be garnished, or owns any real estate that the Judgment can be attached to if you win, the best you may get is a worthless piece of paper (as far you receiving any money back) that is not enforceable and could take 2 years or more to drag through the Court system, whereby you will have to take off work. The only upside is he would also and if he doesn't you may be granted a Default Judgment that could show on his credit report for the next 7 years and prevent him from getting extended anymore credit from a legitimate source.
2016-05-24 04:22:53 · answer #2 · answered by ? 4 · 0⤊ 0⤋
It is a civil matter not a criminal matter seeing that you signed a note! By the way was the note notarized or signed by a witness???you can go after him for the money in a civil suit and dont listen to jmorris it will not cost you more than the loan your lawyer will add any legal and court fees onto the suit,this is really pretty cut and dry and you will get your money back unless the person flees but it may come in payments if he can prove financial hardship,again cut and dry if it was notarized or signed by a third party witness. Good Luck
2007-02-12 18:37:42 · answer #3 · answered by JOHN D 6 · 1⤊ 0⤋
That is a Civil matter , not criminal matter. Take the person to small claims court, with proof, he will have to repay the money. If the buying and selling items is legal business, then you certainly can do this. Have the other friend do the same thing and be a witness for each other.
2007-02-12 18:24:29 · answer #4 · answered by m c 5 · 1⤊ 0⤋
Generally Small Claims Court filing as others mentioned . most cases that is if we are talking about less than 5 thousand dollars.
The cost could vary depending on where you are but I would say less than 100 dollars to file the claim.
He will then have to appear in court as will you. If he fails to appear after being served the summons you will get a judgement.
Also if he does appear and the judge finds in your favor you will get a judgement for all or part of the money.
As noted he will probably get a time period in which he is allowed to pay you back. That all depends on the amount and his capability.
If at that time he hasnt payed you back then you will have to file a claim so that garnishment can be done.
2007-02-12 18:29:22 · answer #5 · answered by sociald 7 · 1⤊ 0⤋
Yes!!! (or a least a strong maybe)
This might very well be fraud.
Fraud requires the knowing mispresentation of a material fact, with intent to deceive, which does in fact deceive the victum, who in resonable reliance acts on the information and as a result is harmed, and that harm is tracable to such reliance,
So, IF he lied to you for the purpose of getting the money, he's in trouble. Since he did this to someone else as well, it will be easier to prove.
You need to go to the police, and have a talk with them. They might sent you the DA's office or a unit that works just on this type if crime. Don't let them blow you off.
You can of course sue him for the money. But there's nothing like a criminal action to make someone want to settle.
By the way, he might also have other problems. Did he mail the note too you? Then it's mail fraud, a federal offense.
2007-02-12 18:50:30 · answer #6 · answered by tallthatsme 4 · 0⤊ 1⤋
Criminal??? Probably not. But you can take the person to Small Claims Court. The Promisory Note was wise. Should be able to get your money back based on that. The court will give the thief a reasonable amount of time to pay you back. If he doesn't, the court will put him in jail.
2007-02-12 18:22:45 · answer #7 · answered by monkey 3 · 0⤊ 1⤋
It depends on how much it is. If it is under about $1,000 then it is civil court and it is a misdemeaner. If it is a larger item (Greater than $1,000) then it could be considered Grand theft. Is it really worth the trouble to you and your friendship? It looks like the friendship has taken a dive if you are even asking this, so that may be a moot point.
2007-02-12 19:14:50 · answer #8 · answered by daddyspanksalot 5 · 0⤊ 0⤋
Criminal Record Search Database : http://SearchVerifyInfos.com/Support
2015-10-23 01:11:13 · answer #9 · answered by Leif 1 · 0⤊ 0⤋
Yes you can file a court case. Depending on the amount it may have to be a small claims case - but ask the court to have him pay the court costs.
2007-02-12 18:24:50 · answer #10 · answered by PD 2 · 0⤊ 0⤋