RAIT Accuses Developer Of $25M Loan Kickback Scam

Law360, New York (September 21, 2012, 5:51 PM EDT) -- Philadelphia-based real estate firm RAIT Partnership LP sued development company Commercial Ventures Inc. in Florida federal court on Thursday, accusing its principal of fraudulently inducing RAIT to make a nearly $25 million loan to buy a Tampa apartment complex in a kickback scheme. 

The suit, which was filed in state court last month and moved to federal court on Thursday, alleges that developer Richard J. Nathan and his company misrepresented their own equity contributions into the project in order to secure RAIT's loan. Most of the...
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Case Information

Case Title

Rait Partnership, L.P. v. Nathan et al


Case Number

2:12-cv-01643

Court

Nevada

Nature of Suit

Contract: Other

Judge

Gloria M. Navarro

Date Filed

September 19, 2012


Case Title

Rait Partnership, L.P. v. Nathan et al


Case Number

8:12-cv-02110

Court

Florida Middle

Nature of Suit

Contract: Other

Judge

Mary S. Scriven

Date Filed

September 19, 2012

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