Real Estate Co. Can't Shake $21M SEC Fraud Suit

Law360, New York (April 7, 2011, 7:05 PM EDT) -- A real estate finance company and its chief financial officer lost a bid Wednesday to dismiss a lawsuit brought in Minnesota federal court by the U.S. Securities and Exchange Commission in connection with a scheme that allegedly bilked investors out of more than $21 million.

Judge Donovan W. Frank of the U.S. District Court for the District of Minnesota denied the dismissal motions of True North Finance Corp. and CFO Owen Williams, saying the SEC's complaint met federal pleading standards.

The SEC also sued an attorney...
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