| Silicon
Valley Bank Sued
Smerling For Fraud Now
He Pleads Guilty in
Criminal Case
By Matthew
Russell Lee, Patreon
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SDNY COURTHOUSE,
Feb 8 – Silicon Valley
Bank has sued Elliot Smerling
for $95 million, asserting
fraud and deceit.
On March 26, 2021 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, 2020 and charged
with wire fraud.
On
February 9, 2022 Smerling pled
guilty in the criminal case:
"ELLIOT SMERLING pleaded
guilty today to a bank fraud
scheme that caused the
issuance of approximately $140
million in collateralized
loans on the basis of forged
documents, including
subscription agreements from
purported limited partners,
audit letters attesting to his
private equity firm’s
finances, and falsified bank
account statements....
sentencing is scheduled for
May 13, 2022 at 12:00 p.m.
before Judge Denise L. Cote."
The criminal case
is US v. Smerling,
21-cr-317
(Cote)
Back on
March 29, 2021 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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