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Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 6845
Experience:  30+ yrs. representing small business, real estate, probate
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I talked my parents in to buying stock in my company

Customer Question

I talked my parents in to buying stock in my company 100000dollars my dad unexpectedly they still had 65000 in company which was switched into a loan . I left 6 months ago and the company was forced into bankruptcy by the bank on Friday over the last 5 months we verified that the 52 percent owner and the 20 percent owner also our cfo over the past 8 years have been taking quite a bit without the bank knowing billing some things on the side and sold a portion of the company 550000 dollars worth when I inquired to see if it diluted our shares they said no because we now have no debt well some how on the way to the the money made it to there accounts this I found out cause the bank has hired me to help liquidate the assets including the recievables which are the biggest source of collateral I'm trying to just get my mom paid which the banks will help if I'm successful the bank didn't know they sold have the company I know the corporation and the bankruptcy might protect them but do we have any criminal to charge them my thoughts r that a 52 and 20 prrcent owners if they were taking as a dividend that because the 20 percent guy got money that it would or it should require them to have paid in line with the percentages to the other owners
Submitted: 1 year ago.
Category: Business Law
Expert:  Irwin Law replied 1 year ago.
I'm sorry to hear that your family's investment turned so sour.It certainly sounds like some criminal activity may have occurred. It is up to the state to pursue criminal charges. All you and the bank can do is provide information to the County Prosecutor. Keep working with the bank and hopefully some of your mother's money will be recovered through the bankruptcy proceeding.
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