| Silicon
Valley Bank Sued
Smerling For Fraud Now
Judge Consolidates with
Citizens Bank
By Matthew
Russell Lee, Patreon
BBC
- Guardian
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SDNY COURTHOUSE,
July 19 – 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.
On July 19, in
another proceeding that Inner
City Press covered, Judge
Cronan agreed to consolidated
the SVB and Citizens Bank
actions, to appoint James
Feltman as receiver and expand
the receivership.
This SDNY case is
now called In re Smerling
Litigation, 21-cv-2552
(Cronan)
***
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