‘ING accuses American customer of multi-million dollar fraud in US’

ING has filed a lawsuit in the United States against American investment firm 777 Partners over possible fraud. The bank loaned $28 million, but they want that money back. This is evident from American court documents, he wrote Het Financieele Dagblad.

The case was filed in New York on October 17. ING is accusing the company and its founders Steve Pasko and Josh Wander of providing false information to obtain the loan and then using the money in a different way than agreed.

In 2022, ING lent $28 million to the investment company, which would make purchases that would serve as collateral for the loan. But the bank found that very little collateral had been purchased. To the extent that this had occurred, this collateral was also used for loans from other parties.

ING says the money was lent to 777 Partners themselves or was used for loans from other parties. The investment company continued to provide documents for two years as if everything was fine. The bank is talking about fraud and wants compensation as well as repayment of the loan.

According to the FD, there may be more victims 777 Participants. For example, British investor Leadenhall Capital is seeking damages in a lawsuit over a $350 million loan. Like ING, Leadenhall says the same collateral was used for multiple loans.

In addition, 777 Partners became embroiled in controversy following the failed takeover of Everton football club. The US Department of Justice is also pursuing the suit ABC News check the investment company for burning money.

ING said in response that it often happens that customers do not pay back their loans, but they do not want to give a substantial answer: “If it is not possible to find a solution by the customer, this sometimes leads to litigation. It is our policy. without commenting on that.”