The answer is "maybe," and it depends a lot on the surrounding circumstances. Feel free to contact me, and if we cannot help you, we can help you find someone who can.
This response does not constitute legal advice and does not create an attorney-client relationship.
It is fraud if he told you facts that turned out not to be true. It is not ncessarily fraud if you did not ask and he did not tell you. As the other said, contact a lawyer immediately and have them review the contract.