Misleading information
What is the name of your state? New York
Ok basically I was interested in investing in a small business which planned on going corporate. The owner whom I shall call Jon, decided to get a loan of $200,000 from the bank. In any case, the accountant whom I shall call Mike prepared financial statements for the bank, however Mike failed to notice that the existing building was not acquired by the corporation but retained by Jon, and simply leased to the company on an annual basis. Thus Mike had included the land and building (value of $250,000) as an asset. Now I attained this financial statement at the bank where the bank employee handed the statements over to me unaware of the situation. Seeing that everything looks good I decided to invest $50,000 in shares of this newly formed corporation. It was not until a few months later that I discovered the financial statements were in error. I just wanted to know my legal position and if there are any action I can take against Jon, Mike or the Bank. Any help would appreciated. Thank you.
What is the name of your state? New York
Ok basically I was interested in investing in a small business which planned on going corporate. The owner whom I shall call Jon, decided to get a loan of $200,000 from the bank. In any case, the accountant whom I shall call Mike prepared financial statements for the bank, however Mike failed to notice that the existing building was not acquired by the corporation but retained by Jon, and simply leased to the company on an annual basis. Thus Mike had included the land and building (value of $250,000) as an asset. Now I attained this financial statement at the bank where the bank employee handed the statements over to me unaware of the situation. Seeing that everything looks good I decided to invest $50,000 in shares of this newly formed corporation. It was not until a few months later that I discovered the financial statements were in error. I just wanted to know my legal position and if there are any action I can take against Jon, Mike or the Bank. Any help would appreciated. Thank you.
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