Schwab Founder Can't Escape $25M Real Estate Fraud Suit with Plaintiff, Nicholas Behunin
Sealutions LLC et al v. Charles Robert Schwab Jr. et al. case number BC546925 in the Superior Court of the State of California for the County of Los Angeles causes unrest for both parties
LOS ANGELES, Sept. 14, 2015 /PRNewswire/ -- A California judge on Friday, September 4, 2015 denied Charles Schwab Corp. founder Charles Schwab's attempt to get out of a lawsuit alleging he was involved in fraudulent business dealings involving the family of corrupt dictator General Suharto of Indonesia.
For a high profile billionaire that trades on trust and accountability, this is far from the brightest moment of his career. For the average American citizen, it might just be a sign of hope that not even famous billionaires are always above the law in an era when banks are deemed too big to fail and Wall Street heathens oftentimes walk away from flagrant violations of the law with millions in their pockets to show for it.
Los Angeles resident Nicholas Behunin claims Charles Schwab and his son, Michael Schwab, their various business entities and others plotted to force him out of an environmentally friendly real estate fund that focused on Indonesia. Shortly after pushing Behunin out of the fund, the Schwab defendants restructured the real estate fund to focus on maximizing profits instead of having a positive environmental impact by simply repackaging assets held by the Suharto family and their affiliates and selling them.
"The Suharto's and their associates assembled a massive portfolio of property worth billions of dollars through military force, systemic corruption, and in some cases murder," says Behunin. "How can a public figure like Charles Schwab who has made billions by convincing Americans he values integrity and accountability not be held accountable himself for this level of hypocrisy?"
Behunin accuses the defendants of fraud, negligent misrepresentation, breach of fiduciary duty and breach of contract. He is seeking compensatory damages of at least $25 million.
Nicholas Behunin created Chuck-You.com in order to bring to light the corrupt practices of corporate financiers who affect the lives of millions around the world. The website highlights the hypocrisy of the Schwab family positioning themselves to the public as an ethical, trustworthy and philanthropic family while cutting deals with one of the most brutal and corrupt regimes in world history behind closed doors.
Photo: http://photos.prnewswire.com/prnh/20150913/265992-INFO
SOURCE Nicholas Behunin
Share this article