NEW MARTINSVILLE — A group of investors is suing a finance company, citing alleged fraud, negligent misrepresentation and unjust enrichment.
Michael and Cheryl Acree, Janet L. Allen, Jeffrey Allen, et al. filed a complaint in Wetzel Circuit Court against Budget Finance Co., et al. for alleged violation of the West Virginia Uniform Securities Act and West Virginia Consumer Credit and Protection Act.
According to the complaint, each of the plaintiffs has money invested with the defendants, each of which is evidenced by a documented promissory note and guaranty contract. Under the contract, the plaintiffs were guaranteed 8 percent to 14 percent interest in the investment.
In November 2015, Budget Finance closed abruptly and without warning to any of the plaintiffs. Since then, the plaintiffs allegedly have been not able to contact or receive a response from the defendants and have not received their unconditionally guaranteed monthly interest payments, nor have they been able to withdraw any of the capital invested.
The plaintiffs allege the defendants mismanaged and failed to properly account for the plaintiffs' investments, misrepresented the financial condition of the department to the plaintiffs in connection with the purchase and sale of securities and failed to inform the plaintiffs that they could not deliver on guarantees despite many opportunities to disclose the facts.
The plaintiffs request a trial by jury and seek judgment for compensatory and general damages, costs incurred, attorneys' fees, expenses, costs and prejudgment interest, and such other relief as the Court deems proper. They are represented by Scott S. Blass and Jason E. Causey of Bordas & Bordas, PLLC in Wheeling.
Wetzel Circuit Court Case number 18-C-75