Best & Flanagan Attorneys Bradley Williams and Edward Sheu Quoted in The Star Tribune
Best & Flanagan has represented key investors that lost significant funds in an elaborate real estate shell game involving DBSI, a privately held real estate firm based in Idaho that catered to mom and pop investors. On Wednesday, April 10th, Douglas Swenson, CEO of DBSI, was indicted on fraud charges in a case where losses were at least $169 million and could be considerably more.
When DBSI filed for bankruptcy in November, 2008, there were more than 8,500 investors involved and nearly 240 commercial properties valued at $2.4 billion across over 30 states, including properties in Minnesota. The company had substantial impact in Minnesota —it once owned properties like the Landmark Tower in St. Paul and elsewhere, and there were many local investors who lost out as well as Minnesota-based broker-dealers who have been sued.
Brad and Ted, as well as many other attorneys at the firm, worked diligently to obtain an arbitration award of $3.1 million on behalf of seven clients who invested approximately $3 million with DBSI in 2008 just months before the company filed for bankruptcy. This result was the first and only award to come out of arbitration. The US District Court of Idaho confirmed the award in April 2012.
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