Urgent: Power of Attorney Embezzlement

[KMcCallum]

I gave my brother Power of Attorney after my father passed away. We both received equal amounts of money from his life insurance. I live in Canada and he lives in Houston, Texas. We opened a bank account together and signed for Mutual Funds. He told me that he put $30,000 in Mutual Funds which I have yet to verify. My brother then started a business (which he incorporated) and without my consent used all of my money ($100,000) for his business which has failed. He also "sold" my father's car which he has not received any payment as of yet and I do not know if he has sold our father's house in Alabama. As a result I had to sell my car to help him with living expenses. He promised he would sell the equipment from his company (which he bought with my money) but has not done so. Now I cannot get in contact with him. He just wrote his bar exam in Texas so he knows more of the legal aspects/maneuvering than I do. I am still in University so my knowledge is limited. Do I have any recourse? What actions should I take? I have read on other websites that I could/should go to the police or DA. Would this be considered embezzlement/fraud/theft/white collar crime. I this a civil matter or criminal? Thank you for any help you can give me.

 

[Michael Wechsler]

The matter is potentially both criminal and civil in nature. If he intends to be an attorney, you may want to have a word with him about what you will do if he does not make plans to pay back the money. If he cannot be reached and is avoiding you, that should tell you something. You should document all attempts to reach him and try to send a few certified letters, return receipt requested, so that you can demand payment of the money. If that doesn't work, then perhaps it is time to go to the DA and the bar association. He may lose his license to practice for fraud in the position as a fiduciary -- but first give him every effort to explain and provide proof of your making him aware.