victims of fraud

August 24th, 2011 by Questions

Hello there,
My husband and I borrowed money on our credit lines to invest with a “trusted” investor who promised to give us back the principal and whatever interest he had made in one year. Since we had excellent credit and thus great promotional rates on our credit lines, we gave him $60,000 to invest. At the end of the year when we asked for the principal back to repay our credit lines, the investor refused to give it back and claims it is gone. We are now left with over 60k on credit lines and no longer have the same great promo. rates. We are a one income family and don’t know how we can pay down these debts. We would appreciate any suggestions you may have.

Posted from: Ontario


One Response to “victims of fraud”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

From the sounds of it if there is a potential fraud you may need to contact the police to pursue this.

The other place to consider is the provincial government has a division that would assist consumer with this type of thing, in Ontario their contact info is as follows:

Government Services
Consumer Services Bureau
33nd Floor, 250 Yonge Street
Toronto ON M5B 2N5
Tel: (416) 326-8800
Toll Free: 1-800-889-9768

Now whether or not that will get you any money returned is a good question, but if you don’t you may want to consider speaking with a local trustee, they will be able to sit down with you and help you devise a strategy to deal with these debts regardless of whether their is anything that can be done with the potential fraud issues.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)