90k loss Real estate & mortgage scam
My cousin got defrauded 90k. Ill make the story short.
My cousin Andy was looking at a property in California which he found back in Feb. It was going to be his first property. He needed an agent. So He contacted Bill, who is an agent who was an uncle of a close friend of his. He trusted Bill the way he trusted his friend. He thought Bill was going to be his mentor. BILL had him sign multiple agreements. -Offers. -agency agreements,-loan agreements. Once they executed the forms. Bill said they were in contract. Bill Had all the financing figured out and would need to fund escrow soon. So Andy funded the account 90,000 which was 20% down. Bill said they were in contract and just waiting for inspections. Months pass by and he asked bill why is the deal taking so long. Bill had excuse after excuse. Come June he googles the property and finds out it has been sold. And He ask bill about it. Bill says it was just a change of title between the investors of the property. Andy ask for the money back. Bill says it'll take 30 days. After they submit the cancellation contract. 30 days past and Bill still hasn't been able to produce the money.
We start investigating Bill and we discover, Bill never even made the offer. Setup a company along with bank accounts which the funds went into. No longer has money in that account. Has multiple bankruptcy, has a home(approx 950k) with numerous liens approx (700k), been in multiple lawsuits. Owes 200k in state sales tax from a previous business. Was with multiple brokerages in his real estate career. Was with a brokerage at the time.
My cousin is in some deep poop with his wife and our whole family. AS he did borrow some from us. They are going through a lot of stress.
Anyone been in a similar situation? Advice? Is this criminal or civil? Both? Any experience on this matter is helpful to our family.