Man files suit over investment in pay phones
YOUNGSTOWN -- A Youngstown man is suing a Boardman investment company, saying he was misled into investing $85,000 in pay phones.
Jeffrey Urbanek of Illinois Avenue filed the suit Thursday in Mahoning County Common Pleas Court against Ron Wilson and his company, R & amp;J Funding.
Urbanek made his investment in July 2000 after Wilson told him he would receive a 14 percent return, the suit says. Urbanek was told the investment was insured and it was of little or no risk, the suit says.
Later, Alpha Telcom, which operates pay phones, filed for bankruptcy and told Urbanek it will not make any more payments to him, the suit says. In the investment, Urbanek bought phones, which were leased and managed by Alpha Telcom.
The suit says R & amp;J gave him false and misleading advice regarding the investment. Wilson declined to comment on the suit.
Urbanek is seeking $85,000, plus interest, and punitive damages of $500,000.