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Keywords:

RICO,act,18 U.S.C. 1962,Racketeer Influenced and Corrupt Organizations Act,treble,triple,damages. It also alleges common law fraud,conversion,aiding and abetting common law fraud,negligent misrepresentation,civil conspiracy,pattern of unlawful activity,violation of the Securities Exchange Act,aiding and abetting breach of fiduciary duty,breach of guarantee,and breach of covenant of good faith and fair dealing

Description:

This is a lawsuit filed in federal district court by an individual and his company who lent $1 million to another individual and his company, which was supposed to be used for a land development venture, but which was stolen by the borrower and never repaid. The lawsuit alleges violations of the RICO act (18 U.S.C. 1962, Racketeer Influenced and Corrupt Organizations Act), which entitle the plaintiff to treble (triple) damages. It also alleges common law fraud, conversion, aiding and abetting common law fraud, negligent misrepresentation, civil conspiracy, pattern of unlawful activity, violation of the Securities Exchange Act, aiding and abetting breach of fiduciary duty, breach of guarantee, and breach of covenant of good faith and fair dealing. It is 33 pages in PDF format without the exhibits included. Total damages alleged are $45 million. It was filed against seven defendants involved in effectuating the loan, including guarantors and attorneys. It was filed in November 2006.