Pryor Cashman Client La Orilla Del Mar Sues Wall Street Investment Corp. and Pereira for $113 Million in Fraud Case
Pryor Cashman is representing La Orilla del Mar (ODM), a Colombian real estate developer, in a litigation filed in in New York County Supreme Court against the Wall Street Investing Group Corp. and Doris Henriette Yembe Pereira. The plaintiffs claim that Pereira, through her bogus investing firm, duped them out of more than a $113 million in financing that was earmarked for a planned resort in Cartagena, Colombia.
The developer was introduced to Wall Street Investing Group in 2013 as a potential source of funding with access to capital from Middle Eastern banks. After meeting with ODM, Pereira convinced them to enter into a Loan Agreement whereby ODM would receive financing totaling $113 million. ODM paid an up-front, advanced fee of $1,060,000 to secure the bond and expected the first financing installment in August 2013.
Instead, just days after receiving the advanced fee, Wall Street Investing Group shuttered its doors and Doris Pereira went on a extravagant shopping spree that included two new Porsches, a co-op apartment in Palm Beach, high-end designer clothes, dinners at New York’s most exclusive restaurants and other indulgences.
ODM never received its financing and is now trying to recoup the upfront fee.
Pryor Cashman Partner Jonathan T. Shepard and Associate Eric Dowell, both members of the firm's Litigation Group, are representing Orilla Del Mar in the litigation. They successfully obtained a TRO freezing several of Pereira’s bank accounts and are actively pursuing other property purchased with the advanced payment from ODM.
