Investors File Class-Action Suit Against Real Estate Syndicator
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A group of investors has filed suit in federal court in Santa Ana against a Los Angeles real estate syndicator, accusing him of defrauding them of as much as $100 million.
The class-action suit, filed Monday in U.S. District Court on behalf of 6,000 investors, charges that the syndicator, Richard W. Traweek, defrauded them by misleading them about the financial condition of his businesses.
Traweek, 43, has seen his multimillion-dollar financial empire unravel since two jury verdicts in civil fraud cases four years ago led to $3.35 million in judgments against him. The verdicts came in cases in which real estate sales people alleged that Traweek had defrauded them of their commissions on properties he bought for his partnerships.
Since those verdicts, a series of legal actions has stripped the syndicator of his wealth. Traweek has filed for Chapter 11 bankruptcy protection.
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