NYC Developers Bilked Investors In $119M Project, Suit Says

By Stewart Bishop (October 25, 2013, 3:32 PM EDT) -- Investors in a $119 million residential property development in New York City on Wednesday sued the developers for fraud, alleging they misrepresented the plans for the project in order get their hands on $2.2 million of the investors' money.

After the developers defaulted on the loan agreements and plaintiffs Cornwall Management Ltd. and Oleg Soloviev made a formal demand for a return of their investment, hedge fund Thor United Corp., Atlant Capital Holdings LLC and North 3rd Development LLC and others involved in the project claimed they only needed more time to sell the property and concealed their plans to short...

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