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DMM Group accuses investment advisers of fraud over loan to Blackwolf Security Group


By Kristine Gonzales-Abella | Oct 8, 2018

Law money 10

HOUSTON – A Houston corporation alleges its investment advisers failed to disclose a business it invested in was failing.

DMM Group Inc. filed a complaint on Sept. 13 in the Harris County District Court against J. Patrick Magill, Paul Cherry and J. Patrick Magill PC alleging fraud, negligent misrepresentation and other counts.

According to the complaint, the defendants provided the plaintiff investment advice and acted as fiduciaries for it. It alleges the defendants solicited it to invest in Blackwolf Security Group (BSG) and it loaned $150,000 to BSG. The suit states BSG defaulted on the loan and did not make any payment on it.

The plaintiff holds J. Patrick Magill, Paul Cherry and J. Patrick Magill PC responsible because the defendants allegedly failed to disclose that BSG was a poorly run business and it was at a high risk of default.

The plaintiff seeks actual and exemplary damages, attorney's fees, costs, interest and such other and further relief to which plaintiff may be justly entitled. It is represented by J. Durkin Ledgard of Renshaw PC in Houston.

Harris County District Court Case number 2018-63200

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