A agency used an online of restricted legal responsibility firms to lure Italian expats into forking over money for actual property investments it by no means made, a lawsuit alleges.
The agency, Platinvm Property Group New York, promised double-digit returns in 18 months, in accordance with a lawsuit filed in New York State Supreme Courtroom in Manhattan. Regardless of that basic pink flag, and a five-page investor pitch gentle on particulars, Elena Romagnoli dedicated $500,000, a portion of which she was instructed would go into an actual property funding belief with a “tremendous secure portfolio [of] business actual property all primarily based in NYC,” the lawsuit stated.
However the agency, managed by Nicola Pedrazzoli and Massimiliano Bonetti, by no means made purchases on behalf of the traders, the lawsuit alleges. Now Romagnoli is suing to get her a reimbursement — and $four.eight million in damages, plus court docket charges.
Romagnoli, who made the ill-fated funding with Platinvm in 2015, thought she was investing with Platinvm Property Group New York. However a yr after her preliminary funding, Platinvm allegedly did not make good on its promised return and requested an extension, which Romagnoli granted.
A equally named group, Platinvm Property Group Worldwide, was then written in because the debtor — however it’s a non-existent, bogus firm managed by Platinvm Property Group New York, in accordance with the lawsuit.
A spokesperson for Platinvm, reached by telephone, didn’t instantly touch upon the lawsuit. Attorneys for the plaintiff didn’t return a request for remark.
Romagnoli’s submitting cites a earlier lawsuit towards Platinvm alleging that the agency solicited and obtained investments from different Italian expats throughout the identical interval by way of an affiliated agency referred to as Vulcano Ventures. In line with court docket papers, it promised to buy and make capital enhancements on Brooklyn actual property on behalf of Riccardo Riccardi and different undisclosed traders.
As an alternative, the agency bought a three-story walkup at 1632 Pacific Road in Crown Heights, Brooklyn, in accordance with a 2017 court docket submitting, and left the property undercapitalized, finally sending it into foreclosures.
In the meantime, Bonetti was “bouncing checks throughout city” whereas persevering with to take cash from traders, the court docket papers allege.
Platinvm lists the fifth flooring of 110 Wall Street, a constructing leased by WeWork within the Monetary District, as its headquarters. Its LinkedIn web site says Platinvm has workplaces in Miami, Milano, Barcelona, Madrid and Rio De Janeiro.