What can I do if I was scammed out of my savings but have a promissory note regarding repayment?

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What can I do if I was scammed out of my savings but have a promissory note regarding repayment?

I’m a single mother and was scammed out of my life savings. I was approached by a so-called friend that owns his own business. He wanted me to invest my money in it and in return he would pay me back with interest. In reality he was loosing his home and took my money to pay back loans. I’ve tried really hard to get my money back with no luck or help from legal aid. I have a promissory not that states he borrowed $16,000 and will pay it back. It’s been over a year.

Asked on September 7, 2011 under Business Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you have a promissory note or other agreement to repay, then, if he has not paid as per the agreement (e.g. to time to make repayment has come and gone), you can sue him on the note (or agreement) and seek the money he owes you.

Of course, if you can't find him, or if you can find him but  he has little or no assets or income, you may not be able to get repayment as a practical matter. Those are issues you will need to deal with; in terms of process though, the way to get the money is to bring a lawsuit. You should consult with an attorney, and see if any will take the suit on a contingency basis (i.e. they get a percentage of whatever they recover for you); that may be the lowest risk way to seek recovery. Good luck.


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