Friend duped off about $60k in name of business, Dallas, TX

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Latest post Fri, Dec 2 2016 8:34 AM by ca19lawyer2. 9 replies.
  • Thu, Dec 1 2016 5:30 AM

    • ash4cakes
      Consumer
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    • Joined on Mon, Mar 23 2009
    • TX
    • Posts 52

    Friend duped off about $60k in name of business, Dallas, TX

    I am resident of North Dallas, Texas.
    A so called friend of mine borrowed about $60k for a business he was seeking venture in. I had known him for sometimes and trusted him. We had a small contract indicating the terms of payment written on a piece of paper. After I gave him the money, he tried paying a few paltry some back for a few months and then later he stopped completely and devoured the remaining amount in excess of $58k.
    When being demanded for return of money he stated his business failed and he has no money to repay. Relationship became bitter after that hence no reply came from him despite several queries, I tried calling the police to file a complaint for fraud, I tried DA's office and Texas Rangers, and No one gave me a satisfactory answer other than to pursue a civil case against this man. Which I did and now of course I have a judgement against him and no power to collect and I am poorer by another $4K. This individual has no assets in his name although he lives royally...his big house is in a family member's name and businesses in another person's name - so he has all the qualification of a perfect con artist but I just cannot prove it and enforce any action against him.
    I am really looking for some real advice how to recover my losses from him. Is there any other course of law that I can pursue that will force him to pay or if I can really prove fraud and send him to jail and maybe he feels threatened and come up with some payment to me?

  • Thu, Dec 1 2016 5:51 AM In reply to

    • Drew
      Consumer
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    • Joined on Thu, Mar 30 2000
    • PA
    • Posts 51,369

    Re: Friend duped off about $60k in name of business, Dallas, TX

    Judgements are hard to collect many places ...TX is right in there with lots of exempt stuff as well.

    He may be 20 steps ahead of you as to insulating himself .......either you do a lot of digging  to find non exempt stuff in his name or name of party in judgement to be more correct .. and levy on same  or you turn it over to a professional collector for say a 30% commission on whatever they collect ..which may still be zero. 

    I have a pile of judgements against folks...been there ...low odds of seeing your money ...I did collect on a few when the stars aligned my way ....sometimes years down the road ..

    Some bad debt  may be tax deductible ...check out your options and fact pattern 

     



  • Thu, Dec 1 2016 8:51 AM In reply to

    Re: Friend duped off about $60k in name of business, Dallas, TX

    ash4cakes:
    I tried calling the police to file a complaint for fraud, I tried DA's office and Texas Rangers, and No one gave me a satisfactory answer other than to pursue a civil case against this man.

    Nothing in your post suggests any fraud occurred, and the mere failure to repay a loan isn't a crime.

     

    ash4cakes:
    I have a judgement against him and no power to collect

    That the judgment debtor may be "judgment proof" doesn't mean you have "no power to collect."

     

    ash4cakes:
    This individual has no assets in his name although he lives royally...his big house is in a family member's name and businesses in another person's name - so he has all the qualification of a perfect con artist but I just cannot prove it and enforce any action against him.
    I am really looking for some real advice how to recover my losses from him.

    Not sure what you expect anyone here to say.  If others are willing to support this individual in a "royal" manner, that's up to them.

     

    ash4cakes:
    Is there any other course of law that I can pursue that will force him to pay or if I can really prove fraud and send him to jail and maybe he feels threatened and come up with some payment to me?

    You can try spending tens of thousands of dollars trying to investigate this person in the hope that you uncover something.  Otherwise, this will be a very expensive lesson.  When you loan someone money without any security for repayment, there is always a risk that the borrower will default and leave you with nothing.

  • Thu, Dec 1 2016 11:06 AM In reply to

    • ash4cakes
      Consumer
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    • Joined on Mon, Mar 23 2009
    • TX
    • Posts 52

    Re: Friend duped off about $60k in name of business, Dallas,...

    Thanks very much for you input. much appreciated 

  • Thu, Dec 1 2016 11:24 AM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on Thu, Mar 30 2000
    • PA
    • Posts 51,369

    Re: Friend duped off about $60k in name of business, Dallas,...

    You did file a ljudgemwmt lien..if not go do it ...it stays n place at least 10 years ....perhaps,he may trip up....



  • Thu, Dec 1 2016 11:43 AM In reply to

    • ash4cakes
      Consumer
    • Not Ranked
    • Joined on Mon, Mar 23 2009
    • TX
    • Posts 52

    Re: Friend duped off about $60k in name of business, Dallas,...

    Yes i do have a judgement lien and i really hope he will trip.. thanks for your input 

  • Thu, Dec 1 2016 11:45 AM In reply to

    Re: Friend duped off about $60k in name of business, Dallas, TX

    Well you should have known something like this would involve tremendous risk. There was no guarantee he would ever be able to pay back the money. You need to talk to a civil attorney. If you knew he had nothing in his name why did you loan him all this money? I take it you did not know that much about him. This sucks for you but you need to talk to an attorney.

  • Fri, Dec 2 2016 12:22 AM In reply to

    • ash4cakes
      Consumer
    • Not Ranked
    • Joined on Mon, Mar 23 2009
    • TX
    • Posts 52

    Re: Friend duped off about $60k in name of business, Dallas,...

    No, i certainly did not know his background thoroughly . he seemed like a nice gentleman, living in a nice house but did a complete U turn after he received the payments... i do have a judgement against him but no viosible assets.. another person on the forum mentioned that i may have a chance for  a writ of garnishment against other people who own his assets for instance his daughter who owns the house where he lives and where we had signed the agreement etc.. unsure though if this is even possible..

  • Fri, Dec 2 2016 6:18 AM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on Thu, Mar 30 2000
    • PA
    • Posts 51,369

    Re: Friend duped off about $60k in name of business, Dallas,...

    BE sure judgement is properly recorded consistent with TX rules . 



  • Fri, Dec 2 2016 8:34 AM In reply to

    Re: Friend duped off about $60k in name of business, Dallas,...

    ash4cakes:
    another person on the forum mentioned that i may have a chance for  a writ of garnishment against other people who own his assets for instance his daughter who owns the house where he lives and where we had signed the agreement etc.. unsure though if this is even possible.

    Not sure who mentioned this, but it's not possible to enforce, but it is not possible to enforce a judgment against Person A against property owned by Person B, unless you can show a fraudulent transfer of the property from Person A to Person B (extremely rare).

    You might see if you can find an attorney willing to handle enforcement of the judgment on a contingency basis or retain the services of a debt collector.  Otherwise, you're probably looking at hiring an attorney on an hourly basis and probably will have to sink a minimum of $5k more into this.

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