Developer Says Condo Finance Partner Pilfered $6.5M

Law360, New York (December 20, 2011, 5:37 PM EST) -- Real estate developer The Bobker Group on Friday sued employees of its financial partner in a New York condominium project, alleging the partner colluded with others to steal $6.5 million from the project's funds.

Bobker alleges its partner Grand Pacific Finance Corp. brought in fake investors to the development project in White Plains, N.Y., to funnel away $4 million of Bobker's funds and another $2.5 million in sale proceeds. The suit, filed in New York state court, claims the defendants used a straw company and threatened...
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