Michigan Tribe sues Mexican businessmen
January 29th, 2009
The chairman of the Lac Vieux Desert Band of Lake Superior Chippewa Indians warned tribes who are thinking of economic development projects outside the United States.
“If it looks too good to be true, it probably is,” Chairman Jim Williams warned.
This is advice we have all heard before about any type of financial investment.
The Lac Vieux Desert Band has filed a lawsuit against Arturo Rojas Cardona and Juan Jose Rojas Cardona and their company, alleging that they defrauded the tribe of its $6.5 million investment in a casino in Guadeloupe, Mexico.
The lawsuit was filed in Arizona state court in April 2008 but was removed to the U.S. Federal District Court of Arizona in July. The tribe alleges multiple claims: breach of contract, conversion, breach of fiduciary duty, fraud, breach of the implied covenant of good faith and fair dealing, and constructive trust against the Cardonas and a host of companies in Mexico, the U.S., and Panama.
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February 3rd, 2009 13:25
Thank you for spreading the word. In reading the entire story, I get the sense that though the Lac Vieux Desert Band did its due diligence, the statement of returns might have clouded their vision just a little bit. There are ways to control the deposits, but true extortionists will find a way to get around them. Hopefully, the company is sold by the brothers and the LVD Band is able to at least get its investment back. Please stay at home with this money next time and take care of your nation. I’m sure you can find some other useful ways to diversify with that amount of money.