Ask Experts Questions for FREE Help !
Ask
    twchan1987's Avatar
    twchan1987 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Dec 2, 2008, 02:51 PM
    Owed money after Co-Owner of Company stole $50,000
    Hello,

    I worked as a sales manager at a small construction company in Silver Spring, Maryland. The market went sour (as happens a lot lately) and the two co-owners split ways, with one taking over. The co-owner (Don) that left had funneled nearly $50,000 of the company's money into a personal business. I am owed nearly $3000, but the current owner (James) claimed that he would pay me after he settled a lawsuit with his ex-partner (and re-claimed the $50,000). School tuition is going to be due soon, and I need to get at least $2000 of the $300 back. Don has been unreachable, and the lawsuit that James had with him is moving very slowly (I suspect not moving at all), and James says that the company has no money to pay me currently, and that he is not personally liable. What options do I have?

    Thanks,

    Tim C
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Dec 2, 2008, 02:54 PM

    Sue the company, it may force the owner to find the money.
    twchan1987's Avatar
    twchan1987 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Dec 2, 2008, 02:59 PM

    I forgot to mention that he has several other creditors - he still owes the rent and utilities. The company itself has no money, and I think he is planning on letting it go belly-up. If this happens I imagine he isn't personally liable since it is incorporated, though.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Find out if money is owed on car [ 3 Answers ]

Does anyone know a website I can go to that will allow me to check for any money owed on a vehicle that won't charge me a fee?

I am owed a lot of money.how do I collect? [ 2 Answers ]

My husband and I owned property in Missouri, and we sold the property with a 20% owner -finance, so we held the second deed of trust. The borrower also signed a promissory note that was notarized. The borrower defaulted on payments, and the house was foreclosed by the bank to get their money...

Money owed - but can I collect? [ 3 Answers ]

Well, I committed the cardinal sin of trying to help someone, a friend who was in desperate need of a car and needed a co-signer. I am in no position to co-sign, but I asked my boss, who is also a very good friend (still is - somehow) to co-sign. She did. It was a four or five-year loan. ...

Money owed without a signed IOU [ 12 Answers ]

I let someone use my credit card to pay court fines. I could never get him to sign an IOU. He did verbally tell me he would pay me back (of coarse) . It is obvious it was used for his purpose. The court fines are in his name. He has not paid on the loan. He has since said that he would say it was a...

I have paid all the money back which I stole [ 4 Answers ]

I was questioned in taking money from work by means of refunding credit cards... I have paid it all back... can they still drop the charges... They may even give me my job back... I was a great employee that came across a really bad situation... Yes I am in Maryland... Is there any chance the...

View more questions Search