I have to say I agree, you got into something you didn't understand. Doesn't necessarily mean he was intentionally defrauding you. If you wanted to make the site succeed, you should have had a professional redesign the site, bought the content you need, networked with people like us, etc etc.
When you fall on your ass, you don't just sit there and say "oh you bastards, I'm going to sue you." You get up, and keep on moving. I've had tons of times in this industry where I could have blamed someone else for my failures, but in the end you have to chalk it up to a learning experience and move on.
