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Nick Hogan -- I Was Ridden for $130,000

7/23/2009 2:45 AM PDT BY TMZ STAFF

Nick Hogan is as bad of an investor as he is a driver -- in a brand new lawsuit, Nick claims two guys he tried to start a business with rode him for a grand total of $130,767.75.

Nick Hogan Damon Elliot

Nick is suing Louis Adkinson and Damon Elliot for breach of contract after he agreed to invest $50,000 in a record production company called "Confidential South, LLC" back in January -- a company Nick says never even got off the ground.

According to the suit, filed in L.A. County Superior Court, Nick claims Adkinson and Elliot both promised to invest 50k of their own ... AND told Nick everyone would get their money back if the company never formed. Surprisingly, the suit says neither of those things happened.

To make it worse, Nick alleges the evil duo ran up $80,767.75 on his American Express card without his permission -- so he's also suing them for fraud. Nick wants the 130k back -- at least.

84 COMMENTS

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1.

superchunk    

Hahaha. Karma rules.

1826 days ago
2.

Me!    

BLOOD MONEY.

1826 days ago
3.

balls    

balls

1826 days ago
4.

akeem    

he's got the brains of an overripe turnip.
he should not be allowed outside unattended.

1826 days ago
5.

tellitlikeitis    

It's pay back time...punk.
Eat it and take it like a man.
Mom and Daddy will no doubt help you with that line of credit!

1826 days ago
6.

Shelly    

How does he have an american express card without having a job? And a card with a limit like that anyways? Oh wait, must be nice to have a rich daddy who gives you everything. LOSER!

1826 days ago
7.

Jess    

You wanted your drugs for FREE? Drug test Nick Hogan. He snorted his cash up his nose.

1826 days ago
8.

A Nagai    

Karma is a bitch Nick!

1826 days ago
9.

Lawyer    

"The music business is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free, and good men die like dogs. There's also a negative side."

1826 days ago
10.

Atwn094L    

Is it just me or is anybody surprised that nick even had $50,000 to give. I know Hulk wasn't that stupid to just give him that kind of money.

1826 days ago
11.

pink floyd    

ha ha ha, it is true there are suckers born every minute..get a job you deadbeat.

1826 days ago
12.

That Poor Thing    

It will probably be said a million times on this page, but that's because it's oh so true: NICK, KHARMA IS A BITCH! This is hopefully only the beginning. At least your enabling family will bail you out and you'll maybe see some of that blood money back...I'm afraid your incapacitated buddy is not quite so lucky, is he?

If anybody sees these two scammer dudes out on the street, buy 'em a drink.

1826 days ago
13.

Dean    

Loser.What a fool.

1826 days ago
14.

Hussie    

Is it me, or shouldn't Nick be worried about far more serious things like the "Best Friend" he made a permanent vegetable?...
I imagine all sorts of other, honorable things could have been done with that amount of money but,no, it's STILL all about Nick...
The one thing I can say with certainty is, jail time does not even phase these spoiled celebrities...Paris Hilton promised she was going to "do good things" with her life, Nick promised he would dedicate his life to "making his best friend proud" or something along those lines...
How about this Nick, have someone put you in a straight-jacket and bind your legs, shove a breathing tube down your throat and a feeding tube through your nose, lie you flat on your back and play nothing but the sounds of medical equipment for the next few years...Maybe then you'll finally get it...
Your life is a walk in the GD park compared to that of Johns...Stop whining over the stupid decisions YOU make, and appreciate the fact that you have the ability to make them...
And to Hulk and Hag Linda, stop enabling your already DANGEROUS brat of a son...Let the little sh1t fall flat on his face for once, just like anyone else would...

1826 days ago
15.

Jazzy    

Can't fix STUPID! It's outrageous that an idiot like this has an AMEX w/o a job, while the rest of the world has to actually WORK to be able to have one! This forever wining brat got off pretty lite and needs a true dose of reality! The jail time he got was a joke,he learned nothing from it! He continues to go about being a punk,and his Pops is no help! He acts like 'poor me,poor me' well, what about his buddy whose life he ruined? How many times has he been to visit his now severely brain damaged/handicapped friend to see how much his life sucks now,see how he's truly unable to ever enjoy his life again,thanks to him! He's a coward, who can't face what he's done and a Loser who lives off his Daddy's money and noteriety!

1826 days ago
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