What is the name of your state (only U.S. law)? MO
Ok here is my long story of what happened to me. I started up a business selling on ebay at the beggining of the year. Everything was going great but i didn't make alot of money. So come June i figure out something that would sell really well, they sold for about 70-90 a piece. Everything was going great, i made the mistake of spending some of my profit ahead of time i admit, but i was doing so well i didn't see any problem making it up over the next few weeks, i was also selling some pre sale items that were due to come out in approximately a month, so I had used some of the money paid to buy some other inventory to sell (about $4500) online, with the full intention of using the money made off these to purchase the rest of the merchandise that people paid for. come the last week of june paypal froze my account with about $2000 in it, i called paypal and they told me that they were just trying to verify i was who i said i was and my account should be unfrozen soon. So believing them i did not stop my auctions on ebay,meanwhile paypal kept accepting payments bringing my account up to around $7500. About two weeks went by and i was getting nervous because i did everything paypal asked for, finally i got a letter t elling me that at this time they could not release the hold on my account. Now people are filing complaints against me, calling me a thief and all kinds of stuff, i never intended to take these peoples money, but paypal now has all theiir money frozen in the account, on top of that theytook out the money for the fees for the auctions that i had no access to to the money the total charge was around $1000, but now they are telling people i have a negative balance and they can't get their money back, despite me never having withdrawn the $7500. My question is will i get in trouble for spending the $4500 on future inventory? I never forsaw any of these problems, please anybody advise me what to do i am so stressed over this
Ok here is my long story of what happened to me. I started up a business selling on ebay at the beggining of the year. Everything was going great but i didn't make alot of money. So come June i figure out something that would sell really well, they sold for about 70-90 a piece. Everything was going great, i made the mistake of spending some of my profit ahead of time i admit, but i was doing so well i didn't see any problem making it up over the next few weeks, i was also selling some pre sale items that were due to come out in approximately a month, so I had used some of the money paid to buy some other inventory to sell (about $4500) online, with the full intention of using the money made off these to purchase the rest of the merchandise that people paid for. come the last week of june paypal froze my account with about $2000 in it, i called paypal and they told me that they were just trying to verify i was who i said i was and my account should be unfrozen soon. So believing them i did not stop my auctions on ebay,meanwhile paypal kept accepting payments bringing my account up to around $7500. About two weeks went by and i was getting nervous because i did everything paypal asked for, finally i got a letter t elling me that at this time they could not release the hold on my account. Now people are filing complaints against me, calling me a thief and all kinds of stuff, i never intended to take these peoples money, but paypal now has all theiir money frozen in the account, on top of that theytook out the money for the fees for the auctions that i had no access to to the money the total charge was around $1000, but now they are telling people i have a negative balance and they can't get their money back, despite me never having withdrawn the $7500. My question is will i get in trouble for spending the $4500 on future inventory? I never forsaw any of these problems, please anybody advise me what to do i am so stressed over this