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Franchise Partner Blows Company Money in Vegas, Part Deux

General News Submitted by Jim Herst on Mon, 2007/10/08

Jury Refuses to Indict Wayward Partner



A prior blog, Franchise Partner Blows the Company Money in Vegas, described how a partner in a franchised business-to-business service operation had gone to Vegas, lost big and then converted money to himself from credit cards issued in the name of the business. The problems are extensive, in that the other partner (the good guy) had alone signed for the credit cards and was personally responsible.

Once the fraud was discovered, the injured partner notified the states attorney's office and sought a Grand Jury hearing. The hearing was held in mid-September, and the Jury refused to indict! The reason an indictment was refused was that the injured partner had the duty but failed to exercise oversight. Thus, the law apparently turns a deaf ear when partners don't watch each other. I defer to Richard Solomon who far better than I can detail this legality.

A civil suit has now been filed and appears it will not be heard for many months. In addition, we advised the injured partner to seek damages due to Identity Theft. If you recall the original blog, the bad guy had sought and received big cash advances from these same credit card issuers. At this juncture, the credit card issuers are pressing for payment from the good guy without regard for the obvious fraud. Effort to resolve this debt is in process, and the expectation is that some conciliation will result.

The two big lessons are: Watch all aspects of financial dealings, especially on those not initiated directly by you. Next, too many believe they are exempt personally when entering into agreements in the name of their business entity. It is essential that all financial matters be scrutinized and understood. Easy access to credit still exists and is too often a temptation. This was especially true when the bad guy saw how easy it was to use his partner's name.

If you are facing any area of debt problems, I again invite your anonymous submission for review.

--
Jim Herst is president of Performance Source Inc., a nationwide strategist organization serving business managers with credit restoration and payment systems in addition to designing cash flow processes. More information is available on site at performance source inc. Or Call Jim at 800-883-5080.

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