AGATE v. Clampitt

CASANUEVA, Judge.

Beginning in 1996, Joseph and Janet Agate transferred various installments of money to Ronald Clampitt based on his assertion that as a mortgage broker he would use this money to fund mortgages. In return, they would reap the benefit by receiving the interest to be generated from the mortgagors’ monthly payments. 1 Unfortunately, they did not memorialize this arrangement in writing. When the returns did not amount to what Mr. Clampitt had led them to expect, Mr. and Mrs. Agate sued him in 2004. Their complaint contained seven counts, sounding in various theories. On the eve…