Post Tagged with: "Lawsuit"

New Insights Into Founders Group International Lawsuit

July 7, 2017 5:02 AM
New Insights Into Founders Group International Lawsuit

(Pictured above, Dan Liu (left) and Nick Dou)

Investigation into the lawsuit filed in the 15th Judicial Circuit by Nick Dou against Dan Liu and three Chinese corporations over properties held collectively by Founders Group International continues to bring new revelations to the surface.

According to a source familiar with the lawsuit, Dan Liu was served locally with the lawsuit in recent days.

Liu’s peer to peer lending company, which did business in the Peoples Republic of China (PRC) under both its Mandarin name “Yiqian Funding” and its English name “Easy Richness”, raised the money that was used to buy golf courses and other property in Horry and Georgetown counties.

According to records in Horry County, Liu and Dou established approximately 16 limited liability corporations to hold the various properties purchased in Horry and Georgetown counties. Collectively, the llc’s are known locally as Founders Group International.

According to court documents, Dou holds 10 percent interest in Founders Group International and the associated llc’s. The three Chinese corporations, for which Liu acts as exclusive U.S. agent, hold the remaining 90 percent of the llc’s.

According to sources familiar with Yiqian Funding, the company raised a total of approximately 10 billion Yuan ($1.5 billion) from approximately 60,000 investors over a six year period. Estimates are that at least $300 million was taken out of the PRC for investment in the U.S.

Sources with knowledge of Yiqian said what was purchased was not really important to Liu. His main goal was getting the money beyond the borders of the PRC.

For that purpose, Liu established the three Chinese corporations, apparently nothing more than shell corporations, to receive the investor money from Yiqian Funding to use for purchases in the U.S.

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Chinese Fireworks Erupt Over Founders Group International, LLC

June 24, 2017 3:33 PM
Chinese Fireworks Erupt Over Founders Group International, LLC

Fireworks have erupted between the two Chinese principal owners of Founders Group International, LLC (FGI) as Nick Dou, one owner of the corporation, filed suit against Dan Liu, the other owner of the corporation, and three Chinese corporations Liu allegedly acts as exclusive agent for, in 15th Judicial Circuit Court on June 22, 2017.

According to the complaint, case number 2017-CP-2603932, Dou alleges Liu was stripping assets out of the corporation for personal and other uses. The suit alleges breach of contract, fraud and conversion by Liu.

Additionally, Dou asks for a full accounting of corporate assets as well as a temporary restraining order directing Liu “shall not divert, remove, alienate, convert, encumber or otherwise manipulate any corporate assets of FGI or any of the other FGI Entities for his personal use or benefit, until such time as the claims raised in this action have either been resolved by this Court, settled and/or withdrawn by the Parties to this action…”

The filing also states, “Plaintiff Nick Dou is informed and believes that the assets and property of FGI and the affiliated FGI Entities are at grave risk and danger of loss, and of material injury and impairment, at the hands of Defendant Dan Liu, if such property and assets are left under the exclusive control of Defendant Dan Liu.”

Dou asks the Court to “exercise its authority pursuant to S.C. Code Section 15-65-10, et seq., and immediately appoint a receiver over the property, assets, and operation of FGI and the affiliated FGI Entities.”

The three Chinese corporations named as co-defendants with Liu are: Jiangsu Tianru Danfo Commerce and Industry Co., Ltd., Nanjing Shuojun Trade and Industry Co. and Nanjing Xinyuanyuan Commerce and Trade Co., Ltd.

According to the complaint, all three corporations are organized and existing under the laws of the Peoples Republic of China and none of the three corporations have been “admitted to or authorized to conduct business in South Carolina.”

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Myrtle Beach Parking Fee Flaws

September 25, 2016 6:18 AM
Myrtle Beach Parking Fee Flaws

The more parking fees for non-city residents are discussed by Myrtle Beach City Council, the more flaws come to light in the distorted arguments of council members.

Since instituting parking fees along the “Golden Mile” strip of the oceanfront in July, city officials have heard increasing complaints from county residents and business owners.

The parking fees appear to violate deed restrictions included when Myrtle Beach Farms transferred company owned land to the city along the oceanfront. This violation not only applies to parking areas charging fees along the Golden Mile, but also to the many areas in the south end of the city where parking fees have been charged for a number of years.

One of the deed restrictions states, “…property shall not be used for commercial purposes by any person, private corporation, municipal corporation or agency of government.”

At a community forum last week where the parking issue was addressed, several city council members tried to argue that parking fees charged by the city are not a commercial venture. Instead, the arguments framed the fees as ‘more of a tax.’

However, taxing citizens for using city owned property is also a commercial venture. To argue any differently is to attempt to cloud the issue with semantics.

Mayor John Rhodes, reportedly, offered the possibility of selling parking decals to local, non-city residents for $300 per year. Rhodes said the $300 would equate to what city residents pay to the city in vehicle taxes each year.

This is ridiculous on several levels. I submit $300 equates to the average city tax paid on vehicles multiplied by a factor of five.

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More Legal Problems for Horry County Police Department

August 2, 2016 6:45 AM
More Legal Problems for Horry County Police Department

A recent lawsuit filed against the Horry County Police Department and individual officers highlights the systemic problems within the department.

While there have been more sensational headlines of sexual harassment of victims by HCPD detectives and a general breakdown within the entire detective division, this lawsuit demonstrates the attitude that is at the heart of the problems in the department.

The case is Brian E. Little v. Horry County Police Department et al. Case number 2016CP2604670.

In the pleadings, Little, the plaintiff, claims he had a building and a recreational vehicle vandalized by neighborhood juveniles.

In filing a report about the damage to HCPD officers, Little provided the officers with photographs from a security system on his property.

According to the pleadings:

HCPD officers did nothing.

Little, then, approached the mother of one of the juveniles and obtained a signed statement from the juvenile admitting to the damage, which he provided to police.

Again, nothing was done by HCPD.

Approximately two months later, Little’s property was vandalized again and, again, HCPD did what it does best – nothing.

Ultimately, Little began passing out circulars in his area about the vandalism to assist a neighborhood watch program. While he was passing out the circulars, little was approached by HCPD officers telling him he can’t pass out his circulars. Little complained to the officers that HCPD was doing nothing and, ultimately, they arrested Little for harassment.

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Former CEO Myers Rollins Sues Coast RTA, Others

June 19, 2014 8:15 AM
Former CEO Myers Rollins Sues Coast RTA, Others

Myers Rollins, former General Manager/CEO of Coast RTA, filed suit Tuesday against the agency he headed before being fired April 30th.

In addition to Coast RTA, Rollins is suing SCDOT, Coast RTA board members Bernie Silverman and Kitty D’Angelo, Horry County Council members Mark Lazarus and Gary Loftus, SCDOT employees Doug Frate and Hart Baker and interim Coast RTA General Manager Julie Norton Dew.

Rollins is seeking five million dollars in compensatory damages as well as punitive damages to be determined and reinstatement as GM/CEO of Coast RTA.

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Malice Aforethought

April 26, 2013 8:34 AM
Malice Aforethought

It’s not a unique event, but the SCGOP and its Chairman Chad Connelly will be defending another lawsuit in the coming weeks, this time over the verbal bombs Connelly has been dropping on fellow Republican Brian Frank over the last week.

According to party records, the SCGOP has spent approximately $366,000 in legal fees during the nearly two years of Connelly’s tenure as chairman. This is all expense that diverts the party from its primary mission of getting candidates elected.

However, that’s another story.

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Flow Control ‘Don’t Tread on Me’ Lawsuit Update

February 13, 2013 6:00 AM
Flow Control ‘Don’t Tread on Me’ Lawsuit Update

The Horry County Administration Committee will hear an update at its Friday meeting on plans to hire a law firm to sue the State of South Carolina if the General Assembly passes legislation to outlaw solid waste flow control within the state.

The ‘Don’t Tread on Me’ lawsuit would be one of the highest forms of political folly ever seen in this county of almost continuous political follies.

Couched by county council members as their line in the sand for ‘home rule’, it is anything but.

The Horry County Solid Waste Authority and then county attorney John Weaver sold county council a bill of goods in 2008 about the authority’s need to have flow control in order to stay in business.

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Judge John Rakowsky Sued in Nevada

January 14, 2013 12:39 PM
Judge John Rakowsky Sued in Nevada

Attorney and Lexington Chief Magistrate Judge John Rakowsky will have to answer charges in a Nevada lawsuit that he misappropriated funds from his trust account intended for legal expenses in the Southern Holdings case.

The action, Case No. 2:12-cv-02161-GMN-CWH, was brought by Center for Legal Reform (CLR), a Nevada Non-profit Corporation as successor in trust to Resolution Settlement Corporation (RSC), a former Nevada corporation.

The suit brings four causes of action, Breach of Contract, Breach of Implied Covenant of Good Faith and Fair Dealing, Intentional Misrepresentation and Conversion of Property.

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