Investment Money

[Floydlad]

What is the name of your state?What is the name of your state?What is the name of your state?California
The business did not materialize for some reason or another. He made me believe that I can get the money back if I decided not to continue with the business, and the money is in the bank intact, as he told me. After almost six months waiting time until the business starts, I told him I could not wait any longer and I want my money back. He could not produce the money and admittedly told me that he used it wihen he started his new business. He only returned 40% of my investment money, and promised to return the remainder plus the bank interest accumulated by the loan which he was aware of. He was not returning my calls lately.

Is there a way I can forced him to return my money? What ground can I use to sue him if I needed to? Can I, and is it worth it?

 

[JETX]

Is there a way I can forced him to return my money?

Of course you could file a lawsuit against him, but based solely on your post, you have little chance of success.
The problem.... you admit that this was an INVESTMENT (and not a loan). As an investment... you have no guarantee of return.

What ground can I use to sue him if I needed to?

Have a local attorney look at all the facts of the case. It MIGHT be possible to claim fraud or similar. The attorney could also see if the 'investment' was in compliance with your state laws.

Can I, and is it worth it?

That is a question that only YOU can answer.

 

[Floydlad]

investment money

Thanks for the advice that you guys gave. Maybe I should see an attorney if I could claim fraud in this case since the school business did not materialize anyway. Considering that I was told the money was in the bank intact and he used it for other purposes benefitting himself. Can this not be also considered embezzlement? What is the possibility of claiming damages?

 

[JETX]

Can this not be also considered embezzlement?

No.
embezzlement
n. the crime of stealing the funds or property of an employer, company or government or misappropriating money or assets held in trust.

What is the possibility of claiming damages?

The possibility of CLAIMING damages is 100%. The chance of winning is something equal or less.