Chicago businessman accuses two men of fraud over $100K loan
A Chicago businessman is suing two men who he claims lied about an investment and failed to keep the terms of their agreement.
Irwin C. Cohen filed a lawsuit May 6 in the Cook County Circuit Court against Randy A. Fox and Mark Van Zeelt, citing fraud and breach of contract.
Cohen claims the defendants tried to get him to loan them $100,000 so Fox could buy Van Zeelt's Allstate Insurance Co. agency in November 2011. The suit alleges the defendants touted the company's great potential and falsely represented the agency's financial history.
According to the suit, Fox verbally agreed to pay Cohen $1,000 per month until the loan was paid in full. Cohen, however, asserts that as of 2012, he has only received $3,500.
Cohen is seeking damages, principal balance due under the loan, interest, attorney's fees and court costs. He is being represented by Chicago attorney Howard A. Davis of Law Offices of Howard A. Davis.
Cook County District Court Case No. 2014L004942.
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.