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Fraud and Misrepresentation

Business Court Allows Securities Fraud Lawsuit to Move Forward

In a September 13, 2016 Order, Department 7 of the Washoe County Business Court denied a securities fraud defendant’s motion to dismiss, but ordered the plaintiff to re-plead its complaint. Background The Plaintiff alleged that he invested $1,000,000 in a redevelopment of the Cal Neva Lodge located in Crystal Bay, Lake Tahoe. He alleged that […]

High-Yield CDs: Red Flags That Signal a Scam

The FINRA Investor Education Foundation has issued an investor alert regarding promotions about certificates of deposit (CDs) promising interest rates that are substantially higher than current averages. FINRA has observed offers for “low-risk” products with outsized returns. Investors should be wary of unsolicited emails and calls that offer outsized interest from financial institutions, including banks […]

Washoe County Business Court Dismisses Complaint by Check Fraud Defendant Against Bank That Allegedly Divulged Confidential Information

By Jerry Carter.  The Washoe County Business Court entered a January 17, 2013 Order dismissing a third-party complaint brought by check fraud defendants.  Earlier in the case, in an August 23, 2012 Summary Judgment Order, the Business Court found that there was no genuine dispute that Defendant Davis received a check from A4 Diamond (“A4”) […]

May an Investor Suffer a Legally Compensable Loss from a Nominally Performing Illiquid Investment That Turns out to Be Riskier than Represented at the Time of Sale?

By Jerry Carter.  An investor is sometimes faced with a situation in which he or she holds an illiquid investments that is nominally performing even though the investment’s risk profile has increased due to factors that were misrepresented or inadequately disclosed at the time of sale.  The United States Court of Appeals for the Second […]

Nevada Supreme Court Overturns Fraudulent Inducement Judgment Arising out of a Construction Subcontract

By Jerry Carter.  In its recent opinion in Road and Highway Builders, LLC v. Northern Nevada Rebar, Inc., 128 Nev. Adv. Op. 36 (August 9, 2012), the Nevada Supreme Court attempted to elucidate the sometimes blurry line between breach of contract and fraudulent inducement. The general contractor was the successful bidder on a freeway construction […]

Washoe County Business Court Enters Summary Judgment Against Perpetrators of Check Fraud

By Jerry Carter.  The Washoe County Business Court entered an August 23, 2012 Summary Judgment Order against the perpetrators of a check fraud. The Business Court found that there was no genuine dispute that Defendant Davis received a check from A4 Diamond (“A4”) and then drafted a check in the amount of $200,000.00 (Canadian Dollars) made […]

Washoe County Business Court Finds That Shareholder Derivative Complaint Against International Game Technology Is Insufficient

By Jerry Carter.  In an August 23, 2012 Order, the Washoe County Business Court recently determined that a shareholder derivative lawsuit against officers and directors of International Game Technology (“IGT”) was insufficient.  Nevertheless, the Court granted the shareholder derivative plaintiff leave to amend the complaint. The plaintiff’s complaint attempted to allege derivative claims on behalf […]

Washoe County Business Court Dismisses Misrepresentation Claim

By Jerry Carter.  The Washoe County Business Court entered an Order Dated July 2, 2012 dismissing claims for fraud and conspiracy to commit fraud.  The plaintiff alleged that she was named as sole Director, Secretary, and Treasurer of a non-profit foundation.  The plaintiff alleged that, after the founder of the foundation died, certain defendants “wrongfully and fraudulently […]

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