Hey /bizbros, faggot here asking for advice.
I feel like i've been cheated by a guy i trusted and angel invested in.
He was looking to build a crypto exchange with a bunch of other coders
Over the past few months, things havent been going well so i started digging deeper. Man i found a shitload of red flags, and that he has lied to me on several counts and casually brushed aside important questions.
>He has lied to me about finances and he has not paid his employees what he claims to have paid them
>My investment was for him and the team to start working on the project, turns out it was only him that is working on it.
>I suspect he has been using the business as an excuse to travel and spend money
>He had previous financial difficulties with his last startup
>He ignores me when i ask about his teammates and if they are still working on the project
>He now tells me he is working part time on something else
>He is unable to secure more investment (no shit)
TLDR: He has not been transparent with me and i believe he is hiding the fact that everything is going downhill.
I have asked for the finances but im not sure he will give it to me. I've signed a equity agreement with him but i believe he has not even registered a company, does this mean that he will be liable himself since there is no legal entity protecting him?
Is this considered to be a sale of securities?
Now i am planning to confront him soon with the evidence and threaten him with investor fraud.
He is a US citizen while i am a citizen of an asian country. Do you think that will impede the case?
If you have any idea of what laws could help me please let me know.
Feel free to laugh at me, im a fucking idiot and i know it, but i dont want to let him get away with it.
