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Statute of Limitations for Fraud

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  • 08-16-2007, 07:52 PM
    paybackishell
    Statute of Limitations for Fraud
    Bought a California business in 2003. Didn't have a lawyer involved but there's a reason for that (other than being anxious and trusting). Four months later we're saying uh-oh. Three major accounts stop placing orders. They were apparently set up to be "phantom accounts" with the personnel signing the purchase orders at the respective companies getting paid under the table. Of course, we couldn't prove this but other reliable sources knew it was happening in order to make the company look good. Needless to say, a year later after we were completely drained of funds we filed for bankruptcy; lost everything we had worked 25 yrs. for. We are somewhat back on our feet so I am now interested in finding out if I can go after the business broker who collected a hefty six-figure commission, who WAS a friend of ours and unofficially represented us while officially representing the seller. So my question is... can we still go after the business broker or seller for fraud or something? I don't expect to recoup all the commission but want to make both the broker and the seller feel a little bit of our pain. Thanks for listening!
  • 08-17-2007, 08:18 AM
    aaron
    Re: Statute of Limitations for Fraud
    You have probably missed the statute of limitations for fraud (normally three years), although the discovery rule may extend the time for filing. Depending on the dates, you may have also missed the statute of limitations for breach of contract (normally four years). Consult a lawyer ASAP.
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