ING has filed a lawsuit in the United States against the American investment company 777 Partners over possible fraud. The bank lent $28 million, but wants that money back. This is evident from American court documents.
The case was filed in New York on October 17. ING accuses the company and founders Steve Pasko and Josh Wander of providing incorrect information to obtain the loan and then using the money differently than agreed.
For two years
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 discovered that hardly any collateral had been purchased. To the extent that this had happened, this collateral was also used for loans from other parties.
ING states that the borrowed money went to 777 Partners itself 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 speaks of fraud and demands compensation in addition to the repayment of the loan.
Possibly more victims
According to the FD, there may be more victims of 777 Partners. For example, British investor Leadenhall Capital is demanding damages in a lawsuit over a $350 million loan. Like ING, Leadenhall states that the same collateral has been used for multiple loans.
In addition, 777 Partners came under controversy after the failed takeover of the Everton football club. The US Department of Justice also follows suit ABC News investigation into the investment company for money laundering.
ING said in a response that it often happens that customers do not repay their loans, but does not want to respond substantively: “If it is not possible to reach a solution with the customer, this sometimes leads to legal proceedings. It is our policy not to comment on that.”
