On October 9, federal prosecutors in Illinois filed an indictment against Atul Bisaria and his contractor, Steve Lewis, alleging that both men engaged in a scheme to defraud two Chicago area banks and obtain money and property by means of materially false and fraudulent pretenses, representations, promises and material omissions. Mr. Bisaria allegedly persuaded Mutual Bank and Broadway Bank to loan him in excess of $9 million and $10 million each to renovate and hotels he owned in Boca Raton and Cincinnati. Mr. Lewis allegedly sent invoices to the bank falsely representing that payment was due for materials and work performed at the hotels to justify the large sums being loaned by the banks. In reality, no work had been completed at either job site. The indictment further alleges that Bisaria used the proceeds of the loan for personal expenses and failed real estate ventures. United Central Bank, a Texas based community bank which has acquired Mutual Bank’s assets, has retained WSH Member and Miami-Dade Partner-in-Charge Michael S. Popok to represent it in a related foreclosure. Commenting on Bisaria’s phantom renovations, Michael stated that the “only thing [Bisaria] built was a pile of invoices.”
WSH’s Litigation Division routinely represents private businesses and individuals in the prosecution and defense of a wide variety of general commercial and business dispute litigation in both individual and class action settings. Our attorneys have experience with Fraud and RICO litigation, securities litigation and fraudulent transfer litigation. Our representation of our clients does not end at the judgment stage; the attorneys in our Bankruptcy and Creditors’ Rights Group are skilled in enforcing and collecting domestic and foreign money judgments. The Group has directed collection efforts throughout the world, including Central and South America.
You can read a copy of the October 9 indictment here.
Author(s): Brooke P. Dolara