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Article: Huge scam is alleged in Lehman Bros.' suit over mortgage deals.
- Article from:
- Los Angeles Business Journal
- Article date:
- August 4, 2003
- Author:
CopyrightCOPYRIGHT 2003 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Lehman Bros. is expected to begin foreclosure proceedings on at least a dozen Westside homes as part of its ongoing $140 million litigation with two real estate investors.
The court-appointed receiver handling the properties, David Pasternak, said he expected the motion to be filed in U.S. District Court, Central District of California, in Los Angeles, this week.
The filing would be the latest in a legal battle that commenced in April when Lehman brought suit against several investors, led by Mark Abrams and Charles Elliott Fitzgerald, alleging that the two were the ringleaders of a scheme to fraudulently obtain $140 million in mortgages to back the ...