Miami Condotel Ex-Owner Sues Partner Over $17M Loan

July 18, 2014 – In The News

Joseph A. DeMaria was quoted in the Law360 article, "Miami Condotel Ex-Owner Sues Partner Over $17M Loan.” Full text can be found in the July 18, 2014, issue, but a synopsis is below.

The largest shareholder in a now bankrupt Miami hotel and condominium development has sued his ex-business partner, alleging he was fraudulently convinced to lend $17.5 million for the condotel that was never intended to be repaid.

The defendant’s attorney, Joseph DeMaria, said the complaint is “a rehash of claims that have been litigated for the past three years, with a twist.”

DeMaria said until now, the plaintiff had been a co-defendant with his client, and that this suit is an attempt to deflect attention from the plaintiff by claiming he did not know about the condotel’s management.

“That claim is false,” said DeMaria.