Ripped off by ex-partner and Wells Fargo Bank
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Posted by Glow (24.126.209.231) on March 23, 2003 at 15:06:01:
PLEASE!!! someone help me...
I went into a partnership on May 1995. I believe was a General partnership(the partnership agreement does not mention anywhere what type it was) What was so weird is that the Business was in Southern California and the partnership agreement was to remain in the state of Colorado. Looking back... NOW I know that I was set up for fraude and the Bank contributed to this ripp-off. I gave the ex-partner $30K as a capital contribution he only put his tools and existing business. Expartner used the capital contribution for personal purchases (I was not aware I was in other facility) On "JUNE" he brought an agent from W.F.Bank ;His explanation was that he wanted to get a businessline for the "expenses" of the new partnership...(the agent left the application in my office). Five months went by and we were getting lots of business and I was 100 % dedicated to do the Design and sales..no time to look into the money area...and I knew I was bringing in good money but he kept complaining we had NO money that we needed to get that businessline...So, I fill in partially the famous application and left it in my office."signed too"). October,I left for a week since my father inlaw passed away and in that time he got in my office and got the application, finish filling all the blanks and without my knowledge turned in to W.F.Bank for a $50K businessline. Later I found out that he got the approval on Nov 22,1995 and I didn't find out until December 12 (the secretary told me). I just couldn't believe that the Bank just went ahead and give him the businessline without double checking with me...The Bank disbursed the money over the phone to an extranger...(the office manager).
I immediatelly called the Bank and asked to talked to the agent...he did not return my calls , he wouldn't talk to me. I sended letters to the Bank , faxes...NO reply. (at the meantime the ex-partner kept taking the money out as quickly as he could). The bank wouldn't want nothing to do with me...Finally I got a hold of the agent and I explained what was going on..and that I wanted to freeze the account immediatelly! He replied to me ; what I wanted to do was "ILLEGAL" and that he was being forced to call my partner and let him know of my intentions to freze the account"...In fact he called my expartner and told him "HEY JHON,THERE IS THIS CRAZY LADY THAT CALL HERSELF YOUR PARTNER AND WANT TO FREEZE THE ACCOUNT!" (was taped in his answering machine). The Bank Failed me by not listening to me...The expartner used the $50K in one month...I withdrew from the partnership on February 9,1996 (In between that time I kept trying to get a hold of the bank) On January 24 received a letter from Wells Fargo telling me that they received my letter of january 9,1996 and that my request to the fact that those charges were not mine...were DENIED and the businessline was closed and that I WAS TO CONTINUE TO BE BOUND TO MY INDIVIDUAL GUARANTY FOR THE ENTIRE BALANCE OF $50K..WHICH WAS INCURRED PRIOR TO JANUARY 24,1996 . Final meeting with ex-partner I requested to submit copies of all the books and copies of all the checks ( he didn't comply...but his secretary give those to me without his knowledge)In that meeting he accepted responsability for using the $50K, for personal purchases and in front of the accountant and my husband promissed that he would pay the account. Well I thought was the end of the story and I will never see him again or hear from the Bank ; WRONG! On April 5,2002 received a letter form Well Fargo's Bank..stating "FINAL DEMAND" Collection efforts to resolve the delinquent status of your account have failed. The Bank has elected to exercise its right to declare the entire balance of principal, interest, fees and charges immediately due and payable.
W.F.Bank demand upon you to remit the sum of $40K by May, 2002. failure to comply with this demand may result in your business line either being assigned to our attorneys or a collection agency for collection of the full balance. I find out the ex-partner declared BK , he had ripped-off over 75 businesses for almost a million dollars.
I went and got the services of an attorney and she told me to file a proof of claim..did not get anything ...from that...but the bill from the attorney .
To summarize , I haven't had much luck and after paying lots of more money I just received a fax fom the woman that represents me telling me that I still owe the $40k to the Bank...and she even ask me..how should we proceed? ...well I feel like replying what do you think we should do? But at this point seems there is no way out...On top of that I am in an awful situation; "out of work". (Since Sept 11)
I have some questions: Is my husband liable for any of this mess? He was not involved in the partnership.... I am really concerned that the Bank will go into our joint account and seize our money. Is there any institution that regulates the way the bank disburse their funds? (Anybody, can fill an application and tell that they are Mr. X X X and sign..just like filling an store application.. ) Can I sue the bank for being a willing participant in act of FRAUDE? Where can I find a good and reputable lawyer? PLEASE! help me..I just don't know where to turn or what to do..can't as the woman that represents me..she is asking me what to do...so where do I go?..
Sincerely, Glow
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