NYC Developers Bilked Investors In $119M Project, Suit Says

Law360, New York (October 25, 2013, 3:32 PM EDT) -- Investors in a $119 million residential property development in New York City on Wednesday sued the developers for fraud, alleging they misrepresented the plans for the project in order get their hands on $2.2 million of the investors’ money.

After the developers defaulted on the loan agreements and plaintiffs Cornwall Management Ltd. and Oleg Soloviev made a formal demand for a return of their investment, hedge fund Thor United Corp., Atlant Capital Holdings LLC and North 3rd Development LLC and others involved in the project claimed...
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