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Monday, February 24, 2020

Class action filed in Florida by immigrant investors

Federal Court

By John Suayan | Feb 14, 2020

Money 05

MIAMI (Legal Newsline) - Two Chinese immigrants claim in a class action complaint they fell victim to a bogus investment.

Ting Peng and Lin Fu’s 90-page lawsuit, which was filed on Jan. 27 in the U.S. District Court for the Southern District of Florida, alleges Nicholas Mastroianni and Richard Yellen “created a group of companies to perpetrate a fraudulent scheme by which they obtained $99,500,000 from a group of immigrant investors for the purpose of funding a construction loan that was to have been repaid when it matured more than two years ago, but had no intention of keeping their promise to repay.”

According to the plaintiffs, when the loan matured over two years ago, the defendants “used the money they obtained for the loan to buy an equity interest in one of their companies in which the immigrant investors, including Peng and Fu, have no rights and no ability to recover the money that was stolen from them.”

U.S. District Court for the Southern District of Florida Case No. 9:20-cv-80102

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U.S. District Court for the Southern District of Florida

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