Legal Ethics
N.Y. Law Firm Sued By Investors in Alleged $20M Real Estate Scam
Posted Aug 13, 2008, 11:34 am CST
By Martha Neil
A prominent law firm in Long Island, N.Y., has been sued by investors in an alleged $20 million real estate scam.
The plaintiffs say they bought buildings depicted in glossy brochures that Cobalt Multifamily Investors didn't actually own. They contend in the federal class action that Certilman Balin Adler & Hyman drafted documents that helped two convicted felons conceal their role as principals, reports Newsday.
Partner Martin Unger is also named as a defendant in the case, and the plaintiffs claim that two other law firms, in Bristol, Conn., and Roseland, N.J., helped facilitate and cover up the scheme, the newspaper reports. The article doesn't name these two law firms.
"The suit, filed Friday, also charges that Unger advised Cobalt's organizers that they had no legal obligation to tell investors that the FBI had raided Cobalt's offices in 2005 and seized its bank accounts," the article states.
When reached by the newspaper, Unger reportedly said he wasn't familiar with the lawsuit and declined to comment.
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