Promissory Note Investigation

The client wrote the following complaint in regards to promissory note investigation.

Promissory Note #1: We signed a promissory note with two people for investment in their company Spanish Fly Clothing. A lawyer wrote this note and we met him to make sure this deal was for real. The note was for 60k and guaranteed us another 60k in 1 year. (Note due on Dec 31, 2008)  After we became suspicious of these people we did our research. First off I read about a law called usury. They can’t give us a 100% interest nor can they be held to pay us that amount. The second thing i found out is they have a desist and refrain order on their old corporation. I also read about the right to adequate assurance of performance law. They are past due and have not paid us a penny. Attached is the promissory note.

Promissory note fraud investigations have been growing at a large number over the years due to economical hardship and dishonest people.

Promissory Note #2: They repeatedly asked us for money a few months later but we kept saying no. Finally we gave in on June 6, 2008 for 6k for 7 days. They were supposed to pay us the 6k plus 1k bonus for giving them the money. They didn’t pay us back on June 13 and gave us the run around for our money. We filed a small claims case against them and had our hearing on July 30, 3008. They did not show up. The judge awarded us the judgment for $7075.00 against Colleen Ramirez on August 6, 2008. We have a bench warrant on her. They didnt show up to the ORAP.

Other information:
They lied to us about owning their house. They told us they bought it for 1.6 million. We had our friend run title and we talked to the real owners and they told us they are bad tenants and never pay on time.
They are not married. They are engaged and they live together. He has 5 kids and she has 1 kid.
We have their social, driver license numbers and birthdays.
We did a search in the San bernardino court and orange county court and found many lawsuits against them.

Promissory note fraud investigations

We know other people they borrowed money from and have not paid back yet.
Action:
We would like to pursue the 60k now. There is a sentence that says if their is any dispute we have to go through arbitration. We just contacted them to start the arbitration. Not sure what happens next. We just really need that judgment against them.

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