A Cook County man is suing a corporation and two representatives for breach of contract after the corporation refused to buy back stock shares.
Kasey Marty filed a lawsuit on Jan. 16 in the Cook County District Court against SLC Intellectual Properties Inc., Reg Lapham and Hyunbin Cho, citing breach of contract and fraud.
Marty alleges on Aug. 6, 2010, he entered into an agreement with the defendant to invest $25,000 in the defendant's company, SLC. The defendant claimed the investment would reach maturity by Dec. 1, 2010, and the plaintiff would be repaid $50,000. On March 2010, the defendants amended the agreement to push back the date of maturation to Aug. 31, 2011, which the plaintiff accepted. The plaintiff approached the defendant on Oct. 8, 2011, to have the agreement fulfilled. The plaintiff claims that after several attempts to get in touch with the defendants, they admitted to having insufficient funds and would not be able to pay back the amount agreed upon in the contract. The plaintiff states he believes the defendant never intended to pay back any investor's monies.
Marty is seeking damages in excess of $50,000, plus attorney's fees and court costs. He is being represented in the case by Cook County attorney Jefferey Ogden Katz of the Patterson Law Firm LLC.
Cook County District Court Case No. 2014L000495.
This is a report on a civil lawsuit filed at the Cook County Courthouse. The details in this report come from an original complaint filed by a plaintiff. Please note, a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt, and it only represents one side of the story.