Quote Quoting sarahbrs
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Eight years ago we sold a business to an aquantance. After he took over the business, money continued to be put into our old business checking account (money that should have gone to the new owner. An error on the part of the credit card company). My husband did not report it, and kept it instead. He spent the next 8 years spending this money. We were eventually found out, and they are suing us. We were told that the statute of limitations for this is 3 years, but the victims lawyer is filing to have this statute overlooked. He wants all 8 years worth of money back ($62,000). Plus is trying to sue for triple damages. Didn't his accountant have a responsibilty to discover he was being ripped off? Can they get around the statute of limitations in Colorado in a case like this?
I assume you are talking about a charge of embezzlement. The statute of limitations may not apply but if they do, time begins with the last theft of this person's income from the business he purchased from you.

[I]§ 512102(1)(b), C.R.S. 2004, provides “interest shall be at the rate of eight percent per annum compounded annually for all moneys or the value of all property after they are wrongfully withheld or after they become due to the date of payment or to the
date judgment is entered, whichever first occurs.”


His accountant has nothing to do with the charges against you.

Hopefully, you have reported this income to the IRS over the past 8 years.