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In order to get out of this, you might need some leverage.
Research quietly.
As a preliminary, try obtaining past tax records, corporate business filings, past account histories, etc.. and see where the numbers and/or written statements don't match up. Start from the initial portfolio documents he gave you as a prospective partner.
I don't know what specific local rights you have as a partner, but all those should be available to a registered partner. If you're not registered, you might be able to walk away, but always CYA.
Lot of work, but it could free you from a lot more future liability. Bad situation made worse by a lack of documentation and review.
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