Syntax Trust Accuses Preferred Bank Of Aiding Fraud

Law360, New York (July 8, 2010, 2:18 PM EDT) -- The liquidation trust in Syntax-Brillian Corp.'s bankruptcy case is seeking to recover damages against Preferred Bank for allegedly providing financing and other banking services that enabled company insiders to carry out a multimillion-dollar fraudulent scheme.

In an adversary complaint launched Wednesday in the U.S. Bankruptcy Court for the District of Delaware, SB Liquidation Trust accused Preferred Bank — one of the largest independent commercial banks in California focusing on the Chinese-American market — of knowingly providing “substantial assistance” to several of the television maker’s former directors...
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