What is the statute of limitations for charging someone with fraud. A person gave some money to someone to invest in a specific, agreed upon manner and then found out that the money was used for something else entirely and ultimately most of the money was lost. There is a promisary note signed by both parties stating what the money was to be used for but no lawyer was involved.

Fraud is fraud and as you describe it, should have been reported as soon as you found out that the activities were fraudulent, especially when there is proof of a promissory note stating the purpose of the money lent.