Utah Investors Hit Idaho Loan Fund With Fraud Suit

Law360, New York (April 22, 2011, 3:05 PM EDT) -- Investment partnership RS-ANB Fund LP hit KMS SPE LLC in Idaho federal court Thursday with a fraud and breach of contract suit claiming the construction loan investment entity hid a bankruptcy and civil case as RS-ANB considered investing $12 million.

Defendant David O. Kingston, who owns a company affiliated with Idaho Falls-based KMS SPE called Kingston Properties LP, never told the plaintiff that he filed a bankruptcy petition in Idaho in February to avoid a possible civil judgment in a San Diego, Calif. suit, the lawsuit...
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