just got a judgmentSubmitted by lonmoore07 on Fri, 10/25/2013 - 02:12
I would like some advice if anyone thinks they can be helpful.
I just received a judgment from a lawsuit stemming from an investment that turned into a Ponzi scheme and i'm not sure what to do.
Just before the real estate bubble burst, I was able to buy and sell a few houses in san diego county. I was accumulating a fair amount of cash doing this. I had a feeling, based on interest rates inching up and the fact that people were having a hard time refinancing, that I didn't want to keep putting my cash into more real estate because I didn't think there was much more upside in the market at the time.
I decided to make a short term loan to a local fund that was supposed to be backed by some assets that had low loan to value ratios. As the market started to sour, the fund manager began paying dividends and other payments using money from the fund. Eventually, the whole thing turned into a Ponzi scheme and by the time that a bunch of other investors forced the fund into bankruptcy court, most of the money had vanished.
I sued separately and got a judgment against the fund which was an LLC. the bankruptcy took several years, and there were few assets left and my part of the bankruptcy settlement was about 1% of what I was owed. The bankruptcy court ruled that the manager defrauded the investors and that the debts were not dischargeable. That left the door for me to go after the manager personally, which I did.
It's been about 6 years since the whole thing started, and I finally won a judgment against the manager for just under a half a million dollars. As many of you may know, winning a judgment is a lot different than being able to collect on it.
The individual that owes me the money claims to not have any money or assets and is "barely making a living" as a real estate agent. I was wondering if any of you have any good advice on how to go about collecting at least some of what is owed me without having to put out a bunch of money for more lawyers and such?
Thanks for taking the time to read about my personal little conundrum.