Chancery Orders Payback In $4.4M Investment Fraud Suit

Law360 (June 16, 2021, 11:38 PM EDT) -- A Delaware judge found Wednesday that a bankrupt real estate investment fund founder fraudulently induced entities to invest in his "carelessly run" fund and then secretly lent out nearly $4.4 million of their money to a friend trying to set up sports pub franchises, ordering him to repay the investors.

The Chancery Court judge ruled in his 32-page opinion that fund manager Albert Adriani persuaded investors, such as the investment vehicle Sehoy Energy LP, to invest in his fund under false pretenses and must now return their investments, plus interest.

"I believe that [Adriani] got in over his head and made a series of...

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