A Cook County man is suing a corporation and two of its representatives for breach of contract and fraud, claiming 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.
Marty alleges he entered into an agreement on Aug. 6, 2010 with the defendants to invest $25,000 in SLC, which claimed the investment would reach maturity by Dec. 1, 2010 and he would be repaid $50,000.
According to the suit, the defendants amended the agreement in March 2010 to push back the maturity date to Aug. 31, 2011. The suit states Marty accepted the amendment and on Oct. 8, 2011, approached the defendants to have the agreement fulfilled.
Marty contends 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.
Marty, the suit states, believes the defendants never intended to pay back any investor's monies.
He is seeking damages in excess of $50,000, plus attorney's fees and court costs, and is being represented in the case by 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.