Yes, it is common-law fraud. Period. It is probably mail and wire fraud as well. I suspect it is actionable both civilly and criminally, assuming the statute of limitations hasn't run, federally and in every state in which it occurred. Since a lot of states have the discovery rule, I suspect that he may have some issues to confront. I don't have a clue on the criminal side.
I thought he was a lawyer, but perhaps I was mistaken. In any event, if I was him as a lawyer or if I was actually his lawyer, I would tell him to STFU and really wish that he had done that much earlier. In any event, sad deal.
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