What is the statute of limitations for bringing a suit against a broker who had you invest in an investment that turned out to be a ponzi scheme?

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What is the statute of limitations for bringing a suit against a broker who had you invest in an investment that turned out to be a ponzi scheme?

In WI.

Asked on November 30, 2010 under Business Law, Wisconsin

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

A ponzi scheme is a type of fraud; therefore, for the relevant statute of limitations would be that for fraud, which is 6 years in Wisconsin. Usually, a SOL of limitations runs from when the act or event occured--e.g. when you signed up or into the ponzi scheme--but there are rules or procedures for "tolling," or holding in abeyance the running of the statute, for some reasonable period of time, such as until a person did, or at least reasoanbly could have, discovered the fraud. If you think you are at all at or near the end of the statute, retain a lawyer immediately to get the ball rolling for  you. Note that in a ponzi scheme, if you have received payments or disbursements from the scheme, it is possible you may have to return some or all of those payments, as there is no entitlement to payment from a criminal scheme.


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