the staff of the Ridgewood blog
Paramus NJ, a Paramus businessman is facing a lawsuit for allegedly defrauding an investor out of more than $500,000 tied to a high-end sneaker company.
Filed on Monday, the lawsuit claims Roman Vargas, a Paramus resident and owner of Just Retros LLC, failed to honor an agreement made with Jose Pereyra of Massachusetts, who invested $535,000 in the footwear business.
According to court documents, the agreement was made in April 2023, when Vargas pitched Pereyra on a “unique opportunity to invest in a sneaker business.” The funds were allegedly used to purchase exclusive, high-end sneakers not available to the public. In return, Vargas guaranteed the investor a full repayment of his investment, an additional $160,000 in profit, and 50% of all future profits from the business.
However, the lawsuit alleges that no payment has been made toward the investment or the promised returns. Pereyra’s complaint accuses Vargas of breach of contract, unjust enrichment, and violating the New Jersey Consumer Fraud Act through what is described as fraud, deception, and false promises.
The case will be heard in New Jersey Superior Court by Judge Michael N. Beukas. Pereyra is seeking at least $695,000 in damages per claim, along with interest, legal fees, and any additional relief deemed appropriate by the court.
Pereyra is represented by Andrew Sklar of the Sklar Law Firm in Cherry Hill. As of now, no legal representation for Vargas or Just Retros LLC has been publicly confirmed.
This developing story raises serious concerns about investment fraud in the fashion and sneaker resale market, an industry that has grown rapidly in recent years. Stay tuned for updates as the case unfolds in court.
Tell your story #TheRidgewoodblog , #Indpendentnews, #information, #advertise, #guestpost, #affiliatemarketing,#NorthJersey, #NJ , #News, #localnews, #bergencounty, #sponsoredpost, #SponsoredContent, #contentplacement , #linkplacement, Email: Onlyonesmallvoice@gmail.com
Investing in a sneaker business could see your money run away.
Caveat Emptor.
Not quite a shark tank moment
Wait just a minute. An investment in a high end sneaker venture didn’t pan out? Seems like a sure thing and I am certain Mr Vargas is a very astute business leader.
Mr Pereyra generally from what I understand only buys US Treasuries and understood the risks here were similar. Seems like a hedge on the Hong Kong sneaker futures market would have been a prudent move in hindsight.