If I purchased a business and later realized the facts stated were false, can I file a claim. What are my options?

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If I purchased a business and later realized the facts stated were false, can I file a claim. What are my options?

I purchased a business that was listed on Craigslist. After reviewing the financial profits, I purchased it. I have now found that everything he stated was false. He also has posted the exact same ad on Craigslist again. What should I do? Do I have a legal case?

Asked on June 17, 2009 under Business Law, Arizona

Answers:

M.S., Member, Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Making fraudulent statements may expose an individual to both civil and criminal liability.  Right now you need to document your proof that the statements that this individual made were false, and that he knew them to be false.  You should print out the craiglist ad, the financial documents that you reviewed, and collect all of the evidence that you have subsequently discovered renders these statements false.  The fact that this individual continues to post similar ads tends to suggest intent on his part.  Once you have collected all of this evidence, you should consult with and/or retain an attorney experienced in business litigation and/or white collar crime.  After reviewing your documents your attorney will be in the best position to advise you with respect to the best avenue for you to pursue to remedy this situation, whether it be through the civil or the criminal justice process, or some combination thereof.


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