I have "friends" of three years. They asked me to be a salesman for them. I agreed. Totally commission. A week later they said they wanted me to be part of the team and said they would give me 10% partnership in their LLC so when we build and sell the business, I would receive part of the sale.
They asked me to sign the paperwork for joining the LLC and in there was the need for a short financial statement, I signed.
Now, one month later I find it seems they tried for a credit line and were refused but the bank sent me a letter telling me they were refused. I received the letter because I was now a part of the LLC. This request was prior to me joining. When I called their bank about this letter the VP also told me they requested a credit card after they were turned down on the credit line. I never heard that before. Come to find out, they got it because of my good credit, their credit was rejected so I am the guarantor on the card, my name is on the card and so is the name of the company. They have the card in their wallet and I had no idea of this until today.
As of today they still have not told me they have a card. They have charged the max on the card , $7500.00.
Myself and the bank have not confronted them yet, this all happened just today.
I need to know if signing these papers under false pretense can get me anywhere? AND since my name is on the card and they signed it for the past month on things not totally pertaining to business, ie: like their rent, isn't that fraudulent? I only want my balance paid but I need to know if this is a Criminal act also.
Please help with some guidance. Thanks.

I don't understand what do you mean when you say you signed the paper under false pretense? Do you mean with a fake name?

Did you get a copy of what you originally signed?

Hello in:

If they got a corporate card, you're not responsible - the corporation is. If they got a personal card, you're still not responsible because you didn't sign the application. I'd talk to the banker again.

excon

If they got a card in the name of the company as an LLC, then the LLC is responsible for the balance.

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Originally Posted by reeses420

I don't understand what do you mean when you say you signed the paper under false pretense? Do you mean with a fake name?

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I was told that I was signing papers that the bank needed in order for me to have signature authority as a member of the LLC. That was a lie. The papers were for a credit card application that the bank needed. I did not know that.

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Originally Posted by twinkiedooter

Did you get a copy of what you originally signed?

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Good question, answer is NO. But, I have the bank now getting me the papers.

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Originally Posted by ScottGem

If they got a card in the name of the company as an LLC, then the LLC is responsible for the balance.

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I realize what you are saying but I am the Guarantor on the credit card even though it is listed as a company card.
Thanks for this input, I will share this with the Banker.

These are all helpful, I appreicate it. I have a meeting with the VP of the bank tomorrow and we are calling the Bank's Fraud department.

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Originally Posted by inquiry man

I was told that I was signing papers that the bank needed in order for me to have signature authority as a member of the LLC. That was a lie. The papers were for a credit card application that the bank needed. I did not know that.

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You were "told"? You signed something without at least scanning through it to understand what it was about?

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Originally Posted by ScottGem

You were "told"? You signed something without at least scanning through it to understand what it was about?

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ScottGem, yep, I am an idiot. There were friends of over 3+ years and I had no idea they would put the screws to me. The got me excited about being a member and I was foolish to say the least.
I asked them what this was all about and they said the bank required it in order to put the full LLC package together.
Yep, I am an idiot...
They "told" me when I asked...

Good luck. Unless you can prove that you were not aware of what the documents really were you may have a hard time with this.

I agree with Scott. They didn't sign your name fraudulently. You signed it willingly, and I am sure that you had time to read the documents that you were signing. If you chose not to, well... that's your problem. It doesn't make what they did illegal.

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Originally Posted by froggy7

I agree with Scott. They didn't sign your name fraudulently. You signed it willingly, and I am sure that you had time to read the documents that you were signing. If you chose not to, well... that's your problem. It doesn't make what they did illegal.

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If they told him it was something different then that would be illegal, but it would be hard to prove.

This reply did not help me, I realize I should have read the documents.