In 2012 I invested in a new business which was to launch smart phone apps. I agreed to a $50,000. investment. I was truly excited that this first app to be released would be a success. I gave an initial $20,000. to get the project started, after the contracts were all singed giving me a 40% interest. Since we were just starting out, I told my new partner that the whole $50,000. would be forthcoming, but I wanted to see how he managed the money, as we had not had the time to add my name as a co-signer on our business checking account.
After about a week of personal family business, I had to return back to the new business, only to find out that my new partner had taken 1/2 of the original $20,000. and the money for personal uses. Baseball games, trips to Target, all sorts or restaurants, etc. I obviously confronted him, and let him know that the money was forwarded to get the business started, and to get the first mobile app. fully developed and listed at the Apple and Android stores. We had a huge falling out, and he said he would find a new investor and repay my money. I was not holding my breath.
My question... So, this guy stole my money, and never got the app. completed or off the ground. I have a contract which I view as null and void, given him stealing the money. But, I also have the entire first app. laid out, so I can ether sell it, or develop it myself. Do I have the right to sell it, or develop it given that 3 years has gone without a word from him?5 AnswersLaw & Legal6 years ago
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