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Richard, Attorney
Category: Business Law
Satisfied Customers: 53698
Experience:  32 years of experience practicing law and a businessman.
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I am in a limited partnership in FL. The sole asset was seized

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I am in a limited partnership in FL. The sole asset was seized by the bank several years ago.The general partner carried on a lawsuit against another party in the name of the partnership and eventually won $900,000. He did not inform the limited partners about the suit nor share the award with the partners and devolved the partnership without telling anyone. Obviously he has breeched his duties and a suit is contemplated. This man owns few assets as his true assets are well protected. Yet he has a lot of money.
A suit will be expensive and may yield little. Can he be charged criminally and be made to pay this way?
Submitted: 6 years ago.
Category: Business Law
Expert:  Richard replied 6 years ago.

Good afternoon. You can proceed against him on both fronts. With regard to the criminal prosecution...he obviously stole the money from the partnership and the other partners and white collar crime is every bit as serious a crime as simply walking into a bank and holding it will want to contact the district attorney's office and ask them to initiate criminal prosecution. It is amazing the effect criminal prosecution can have in encouraging someone to settle things.



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