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Richard, Attorney
Category: Business Law
Satisfied Customers: 53701
Experience:  32 years of experience practicing law and a businessman.
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I invested 100,000 dollars with a neighbor who sent it to his

Customer Question

I invested 100,000 dollars with a neighbor who sent it to his friend in Congo. While they were over there the money was used to buy gold. They made a purchase just to find out that it was copper and I and my other neighbors lost our money. Some of my neighbors want him to go to Jail for losing the money. Is this fraud and could he go to jail or could we take him to court and get a judgement. What do you recommend. He obviously lost money as well because I know he is hurting financially so I don't know if we will ever get our money back.
Submitted: 5 years ago.
Category: Business Law
Expert:  Richard replied 5 years ago.

Good evening. It's not a criminal offense if he had no intent to steal your money or defraud you. He might have been stupid, but stupid is not a criminal offense. If he disclosed to you what he was planning on doing with the money and the risk factors involved, and then simply lost your money through a poor decision, that's not only not criminal, but not guys simply made a bad investment which you can now write off. If, however, he caused you to invest in something and didnot adequately disclose the risk, then you could sue him under the securities laws. But, as you said, if he has nothing, it's going to be difficult to get anything.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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