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United Central Bank Borrower Declared a Fugitive

Recently, a federal judge in Chicago declared Boca Raton developer Atul Bisaria a fugitive after he failed to appear for his arraignment on numerous criminal charges. In 2012, U.S. attorneys filed an indictment against Bisaria, alleging that he secured millions of dollars from two Chicago area banks, Broadway Bank and Mutual Bank, for renovations at two hotel properties. Prosecutors allege that Bisaria would submit phony invoices for steel to be used in the renovations, but that no construction work was ever done on the properties. The indictment further alleged that Bisaria would use the proceeds of the loan for personal expenses and other business ventures.

Firm client United Central Bank holds both loans now and is represented by WSH Member and Miami-Dade Partner-in-Charge Michael S. Popok. United Central Bank has successfully obtained a $35.9 million judgment against Bisaria for loans taken out for Hotel Pontchartrain, a luxury hotel in Detroit. With the assistance of Partner John J. Quick and Associate Eric P. Hockman, Michael reviewed dozens of invoices submitted by Bisaria to Mutual Bank, including invoices for $1.9 million in steel to be used in the renovation of a Boca Raton hotel. In an interview with the Sun-Sentinel, he explained that Bisaria’s conduct was clearly part of a scheme to defraud. In a separate interview with the South Florida Business Journal, Michael stressed that there was no evidence that the properties had been renovated, and that he had forwarded his findings to the Federal Deposit Insurance Corporation (“FDIC”) for future use in the federal criminal case.

As Chair of WSH’s Strategic Development Committee, Michael has extensive experience in business complex litigation, including the successful representation of numerous companies in multimillion dollars suits. Specifically, he has represented United Central Bank in a series of multimillion dollar foreclosure cases involving hotels around the country. Michael also has extensive experience in construction litigation and government/municipal litigation. A member of our Litigation Division and Appellate Practice Group, Michael’s successful advocacy on behalf of his clients has also resulted in a number of reported appellate decisions in both Federal and State courts.

To read the Sun-Sentinel article, please click here.

To read the South Florida Business Journal article, please click here.

 

Categories: LitigationCriminal Law
Tags: Jamie A. ColeEric P. HockmanMichael S. PopokJoseph H. SerotaFort Lauderdale Business Litigation AttorneysFort Lauderdale Business Litigation LawyersMiami Commercial Litigation AttorneyMiami Commercial Litigation LawyerSouth Florida Commercial Litigation AttorneySouth Florida Commercial Litigation LawyerSouth Florida Business Dispute Litigation AttorneysSouth Florida Business Dispute Litigation LawyersMatthew H. MandelFort Lauderdale LitigatorsMiami LitigatorsSouth Florida LitigatorsFlorida Commercial Litigation LawyerFlorida Litigation AttorneysFort Lauderdale Civil Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysFort Lauderdale Commercial Litigation AttorneysMiami Commercial Litigation AttorneyMiami Litigation AttorneyJohn J. Quick
Author(s): Brooke P. Dolara