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Mark Inabinett |
Marcell Dareus is a central figure in a lawsuit filed in Utah federal court this week. But not Marcell Dareus, the Buffalo Bills' defensive tackle. Instead, it was someone thought to be the former Alabama star that secured a loan for nearly $1.3 million.
TDC Lending LLC is suing Private Capital Group Inc., accusing PCG of losing $1 million of TDC's money by issuing a loan to an imposter.
Law360.com, a legal-news web site, reported on the lawsuit this week.
TDC Lending said it learned about an opportunity to make a $1.5 million loan to Dareus from Private Capital in July 2012. At that time, Dareus had completed the first season of a four-year, $20.4 million contract signed after being selected with the third choice in the 2011 NFL Draft.
TDC Lending thought the loan would be due in two months and its investment would yield a 10 percent payoff. TDC Lending said it provided $1 million of the almost $1.3 million loaned by Private Capital in July 2012.
The loan was never repaid, Law360.com reported.
TDC Lending said it learned in September 2015 that the money hadn't gone to Dareus. The lawsuit alleges that Private Capital made misrepresentations that the borrower's identity had been verified.
"The PCG defendants did no independent research to verify the identity of the purported borrower and, in fact, never actually met him," TDC Lending's complaint says.
Continue reading...
TDC Lending LLC is suing Private Capital Group Inc., accusing PCG of losing $1 million of TDC's money by issuing a loan to an imposter.
Law360.com, a legal-news web site, reported on the lawsuit this week.
TDC Lending said it learned about an opportunity to make a $1.5 million loan to Dareus from Private Capital in July 2012. At that time, Dareus had completed the first season of a four-year, $20.4 million contract signed after being selected with the third choice in the 2011 NFL Draft.
TDC Lending thought the loan would be due in two months and its investment would yield a 10 percent payoff. TDC Lending said it provided $1 million of the almost $1.3 million loaned by Private Capital in July 2012.
The loan was never repaid, Law360.com reported.
TDC Lending said it learned in September 2015 that the money hadn't gone to Dareus. The lawsuit alleges that Private Capital made misrepresentations that the borrower's identity had been verified.
"The PCG defendants did no independent research to verify the identity of the purported borrower and, in fact, never actually met him," TDC Lending's complaint says.
Continue reading...
