If a friend asked for my help in getting his business started but then walked away and left me holding the bag, what can I do?

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If a friend asked for my help in getting his business started but then walked away and left me holding the bag, what can I do?

My friend used my SSN to get lines of credit and then he maxed out all of the accounts to the tune of

over 100K. He left me holding the bag on all of the debt and a slew of lawsuits were brought again me

as a result. What can I do to recoup my losses and hold him accountable for his actions?

Asked on January 24, 2017 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

You sue him for the money: you sue him for all your losses, on several grounds:
1) Breach of contract--violating whatever agreement, even if only an oral one, as to him being responsible for these amounts.
2) Fraud--lying to you about what he could or would do about borrowing then repaying money.
3) Theft by deception--stealing from you by tricking you.
Of course, if has spent or successfully hidden all the money he got, then even if you win, you may not get anything. That is a risk in cases like this.
You may also wish to go the police, to see if you can press charges.


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