cons; how to get money back? Please Respond

[tyaroch]

I am a student at Western Michigan University. I have given a Florida man $2,000 which was supposed to be in exchange for stock. He says that I am not going to get any stock from him, but that he will give me my money back; the only problem is that he won't. He keeps claiming that he will send it in a week, but it has been 5 months. He has caused me more money than this because I have had to take money out of other stocks to continue my education which were making around 30%. I also have a notarized, signed contract that states that I gave him 4,000 instead of two. What are the steps someone in my position, being a struggling college student can take, and how much can money can I sue him for, or what is he accountable for?

 

[Tyrone]

You can try to sue him -- perhaps you can get jurisdiction in small claims court -- but even if you can, that may only result in a judgment that will be very hard to collect on.

If he's a licensed broker or works for one you could take the broker to arbitration before the NASD. Whether he is or not, You can also file a complaint with the NASD, SEC or state securities agency.