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ZAHRA v. CHARLES

Civ. A. No. 85 74268.

639 F.Supp. 1405 (1986)

Lawrence A. ZAHRA and Patricia A. Zahra, Plaintiffs, v. Stanley L. CHARLES, Defendant.

United States District Court, E.D. Michigan, S.D.

July 23, 1986.

Attorney(s) appearing for the Case

Terrence B. Larkin, Robert B. Brower, Detroit, Mich., for plaintiff.

Alan C. Harnisch, Kenneth B. Morgan, Southfield, Mich., for defendant.

MEMORANDUM OPINION AND ORDER

PHILLIP PRATT, Chief Judge.

This suit is an attempt by the plaintiff investors, Lawrence and Patricia Zahra, to recover monies allegedly owed them by the defendant, Stanley Charles. Between 1977 and 1984, the defendant obtained over $40,000 from the plaintiffs, the consideration being several promissory notes with a maturity date of 30 days, and an annualized interest rate of apparently well over 50%. On December 7, 1985 this...

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