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Silicon Valley Bank Sued Smerling For Fraud Now Judge Entered Judgment For $80 Million

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, June 14 –  Silicon Valley Bank has sued Elliot Smerling for $95 million, asserting fraud and deceit. 

    On March 26, U.S. District Court for the Southern District of New York Judge John P. Cronan held a proceeding. Inner City Press covered it.  

Smerling was arrested by the FBI on February 26 and charged with wire fraud.

Judge Cronan took note of it, issued a TRO and set a hearing for April 7.

 On March 29 Judge Cronan held another proceeding; Inner City Press again covered it. Judge Cronan ordered that Silicon Valley Bank can now serve third party discovery on Canes Nineteen LLC, RIchard Annunziata, Adam Bleggi and Martin Nestares.

On June 1, Silicon Valley Bank  moved for an Order to Show Cause to attach, among others, a 2018 Alfa Romero, a 2021 Audi, a 2020 Cadillac, a 2017 Ferrari, a 1991 Harley and a 1996 Triumph.

On June 3, Judge Cronan held another proceeding, and Inner City Press again covered it. He was told about the appointment of a receiver, James Feltman of Kroll in Miami, in the Florida case Citizen Bank, N.A. v. JES & Elliot Smerling, 12-cv-80815 (Cannon).

On June 9, Smerling through counsel opposed the attachment of property, arguing that the real properties "have been placed in an irrevocable trust of which Elliott Smerling is not a beneficiary." He says the requirement of NY CPLR 6201 have not been met.

But on June 14, in another proceeding that Inner City Press again covered, Judge Cronan entered judgment for SVB against Smerling on Counts II, III and IV of the company, for $80 million plus interest.

This SDNY case is Silicon Valley Bank v. JES Global Capital GP III, LLC et al., 21-cv-2552 (Cronan) 


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