Investors Target LA Real Estate Mogul Over Fraud Scheme

Law360, New York (November 1, 2011, 12:59 PM EDT) -- Investors on Friday sued a Los Angeles real estate impresario for millions of dollars he and his accomplices allegedly swindled as part of a fraudulent scheme that drove several profitable properties into foreclosure.

Michael Kamen and his cronies including Ernest Barreca stole millions of dollars from the plaintiffs — 12 limited liability companies and limited partnerships established to develop, lease and sell individual buildings in Los Angeles — and caused nine of the ventures to either default on their loans or fall into bankruptcy, according to...
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