PHOENIX (CN) – A real estate company claims that an alleged member of the Saudi royal family failed to honor a $94.9 million property purchase agreement and defrauded investors in a check-kiting scheme – and that some of the money may have been used “for activities hostile to the United States”. Foundations Investment Group claims that Sultan Alshaie and Royal Holdings produced false government documents to promote themselves as “international business investors” who operated in prominent business circles.
Foundations aka FIG Global claims in Maricopa County Court that one of the Alshaies’ false documents was a bank statement showing nearly $220 million in the account.
FIG says it entered “a venture of international investing into prestigious properties around the world” with Alshaie, who claimed he was interested in a resort property in Madeira, Portugal.
Alshaie and Royal Holdings allegedly transferred $80 million to a Swiss banking institution for the joint venture, prompting FIG to complete a final investment agreement, only to find that the transfer was “a decoy which allowed for multiple ghost transfers of exactly the same amount to be wired to other recipients in other parts of the world.”
The complaint states: “(A)uthorities from the United States government familiar with this transaction and others like it, including the parties involved, suspected that these funds were used for activities hostile to the United States”.
When the defendants transferred the money into the United States, Alshaie claimed that the accounts were frozen under the Patriot Act, and he continued to claim they were frozen though he actually had access to them, according to the complaint.
FIG says Alshaie then blew off its written demand for performance.
FIG Global seeks rescission, refunds and $94.6 million in damages. Also named as defendants are Nassir Alshaie, Ahmed Alshaie, the Alshaie Family Trust, Bernard Otremba-Blanc, Royal Holdings LLC and Royal Energy LLC.
Source Courthouse News .
………. Selling fractions and raising public funds without the consent of the legal owners is and will remain to be a Federal Crime, those responsible will be prosecuted.
Let´s roll on let´s listen to the music and see the grand finale… It´s not over until it´s over … The attorney´s will show at the right time. Let´s enjoy the show…Dear Paula:
I wanted to inform you that Sandra and DCS will now completing the purchase transaction of the hotels in lieu of Paulo Costa and the Miranda Law Firm. Also, Raul in empowered to negotiate on our behalf as it relates to any of the remaining details surrounding the purchase.
Thank you.
Tom Bauer
Hi There.
My name is Raul Perestrelo I was one of the people that was betrayed by both of the above mentioned parties, I was the source of the investment properties described in your article, I arranged and opened every door possible with local and main land Government , just to find out that I was being used by a bunch of cowboys and greedy Arabes. This so called Prince Sultan and his Legal adviser Dr. Bernard Otremba-Blanc whom I had an Exclusive agreement and written contracts, will go to any length to use you and abuse you in which ever way possible. I have a high level of interest in following this matter as I still have 40% share on the two companies that were open for Mr. Sultan to transfer the referred investments funds. I am extremely interested in following this matter and obviously will have to proceed with legal action against both parties. I would very much appreciate if you could recommend a top Lawyer to pursue my side of the partnership. ———-@hotmail.com Thank you
The above comments seems like a scam. If he had a 40% share in such an endeavor, don’t you think he would have a good attorney? That’s why I erased his e-mail address -John J. O’Dell