Yes, but you would need to prove that he committed fraud (again, either he promised you something that was false (a material misrepresentation regarding the company - not "mere puffery" promising a "good investment" or similar promotion, you would need a specific factual misrepresentation), or embezzlement.Otherwise, no, you can't sue him simply because the business was unsuccessful (even if it was unsuccessful because he wasn't very good at managing the business) - you have to show he did something intentionally wrong, such as diverted money to insiders, friends or family. All of this would take time and money, fraud, embezzlement, and breach of fiduciary duty
claims are costly to bring, you would be suing this person out of state, so you definitely would want to hire an attorney, you would probably need an expert (if not more than one) to testify regarding standard of care, and accounting, and the litigation
costs would quickly outpace your recovery. There is no statutory right to attorney's fees, and unless your investment contract
has an "attorney's fees clause" or "prevailing party clause" (very few do) the "American Rule" would control and each party would be liable for their own litigation expenses, including attorney's fees, so you would end up spending more money to prove your case than you would recover.