‘About That $475,000 …’

      HOUSTON (CN) – A Hong Kong company conned $475,000 from a Houston partnership with a “phantom banking” transaction, the Texas company claims in court.
     Legendary Partners Ltd. sued Baoming Group (Hong Kong) Company Limited, its U.S. affiliate The Baoming Group LLC, and three alleged Baoming agents, two of them in the United States, in Harris County Court.
     The individual defendants are Jefferson Blair, of Conyers, Ga.; Le Minh Tuan, of Vietnam; and Tasha Thuy Huang, of McLean, Va.
     “Defendants have sprung their scheme on many unsuspecting investors, including plaintiff, making off with millions of ill-gotten gains in the process,” the complaint states.
     Legendary Partners claims Baoming’s agents approached it in Harris County, and talked it into a deal “in which Baoming-Hongkong would purportedly lease a highly valued international financial instrument to plaintiff for a stated period of time.”
     Under their first agreement, Legendary Partners says, Baoming-Hongkong was to lease it an instrument called a “Fresh Cut Bank Guarantee,” or “BG,” with a 500 million Euro face value, for one year and a day.
     The second deal had the same terms, with a bank guarantee valued at 200 million Euros.
     “Under the terms of the agreements, plaintiff was to first pay Baoming-Hongkong the transmission cost of E 300,000 and later, a leasing fee of 13 percent of the face value of the BG instrument plus a 1 percent commission,” the complaint states.
     Legendary Partners claims that by June 6 it had transferred $475,200 to Baoming LLC for the leases.
     Though Baoming-Hong Kong agreed to deliver the instruments within three to five banking days, Legendary Partners says, its executives kept pushing the date back, citing “issues with banking coordinates,” while assuring Legendary the instruments would be delivered.
     “Despite all these assurances, no BG instrument was ever delivered to plaintiff’s account,” the complaint states. “In summary, plaintiff has paid Baoming LLC an amount of $475,200 and has received nothing in return.
     “Plaintiff now believes that it has been defrauded. Plaintiff alleges that defendants conspired to operate a scheme to defraud investors out of millions of dollars on phantom banking transactions.
     “Defendants furthered their scheme by forging documents from banks and other institutions to give their scheme the appearance of legitimacy.”
     Legendary Partners seeks $9.1 million in damages for breach of contract, conversion, negligent misrepresentation and conspiracy.
     It is represented by Michael Hawash with Hawash, Meade & Gaston in Houston
     Several attorneys’ offices in New England have been approached recently with similar offers, though not from these defendants.

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