PHILADELPHIA — Garibian Law has obtained a $1.18 million judgment in federal court on behalf of an investment company who sued a Philadelphia financial business for fraud arising out of real estate development in Philadelphia.
According to the Complaint, in 2013, the Defendants planned to begin constructing and developing residential and commercial real estate throughout Philadelphia. They solicited Plaintiff’s participation in several joint ventures as the limited partner. The Defendants promised high returns to Plaintiff on its investment, which Plaintiff never received.
Plaintiff alleged that the Defendants misrepresented themselves, accepted bribes, failed to pay contractors and used Plaintiff’s investment money to pay off creditors and investors on unrelated projects.
Antranig Garibian, on behalf of Plaintiff, presented evidence before Judge Cynthia M. Rufe regarding Plaintiff’s allegations and the underlying support for the requested damages. Based on the evidence, testimony and arguments, judgment was awarded in favor of Plaintiff against the general partner.