Building Owners Sue Brokers Over Failed $13M Loan

Law360, New York (October 21, 2011, 2:10 PM EDT) -- Members of a real estate investment firm on Wednesday sued Chicago mortgage lender Bradford Allen Capital and asset manager Guggenheim Partners for allegedly conspiring to bilk investors of deposits on a fraudulent $13.5 million loan, leading to losses of at least $5 million.

Joseph S. Messer, Thomas R. Stilp and Samuel E. Stilp — majority members of 205 Randolph Investors LLC, owner of a nearly 200,000-square-foot office high rise in Chicago known as the Randolph Wells Building — claim Bradford and Guggenheim never planned to follow...
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