Represented by DeCristofaro Law, Members of Kingsley Enterprises NY Inc Seek Restitution after being Allegedly Defrauded By Way of Failed Humanitarian Project

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Members of a large import/export corporation have recently brought a massive lawsuit on the managing partners of a major marine industrial service company. Represented by DeCristofaro Law, members of Kingsley Enterprises are claiming that Joseph McElroy, of Dumas Intl. Ltd. defrauded their humanitarian project of $10 billion dollars.

Upon the deterioration of a joint global humanitarian venture, members of Kingsley Enterprises NY Inc. recently filed a lawsuit against Joseph McElroy, of Dumas International, within the New York federal court (Case Number: 13-cv-05043). Kingsley President, Pir Mumtaz Khan, and company board member, Lorenzo Palazzolo, are claiming that Dumas managing partner, McElroy, defrauded them of nearly $10 billion dollars, and aimed to lift an additional $80 billion.

According to court documents, the plaintiffs and defendant initially decided to join forces in order to create Kingsley/Dumas LLC. Utilizing funds provided by Malaysian investor Sumadi bin Wardi, the company was intended to purchase $90 billion dollars in US Treasury bonds, before reselling them to gain additional funding. The plaintiff claims these proceeds would then have been utilized to finance a number of global humanitarian projects.

Upon receiving their first $10 billion from Sumadi’s Bank Islam Malaysia Berhad account, however, Khan and Palazzolo allege that McElroy absconded with $75 million dollars in liquidated net proceeds from their initial bond sale, according to the suit. The plaintiffs also claim that McElroy allegedly stashed away the remaining $9 billion dollars in bonds in a Schwab Bank account for safe keeping.

According to the lawsuit, Khan and Palazzolo learned that McElroy, who was in charge of incorporating Kingsley/Dumas, failed to follow through on this responsibility. When Sumadi learned of the alleged behavior, he immediately cut off his funding of the project.

Now, according to the suit, the plaintiffs seek at least $31 million dollars in salaries and net proceeds stemming from the $75 million dollar bond sale, represented by James J. DeCristofaro of DeCristofaro Law. At the time of writing, the defendant’s counsel and contact information was not readily available.

DeCristofaro Law
406 W 47th St. #4D
New York, New York 10036
Phone: (212) 500-1891
Email: James(at)dclfirm.com

Court Documents:
Pir Mumtaz Khan and Lorenzo Palazzolo v. Joseph McElroy et al., case number 13-cv-
05043, in the United States District Court for the Southern District of New York
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James Decristofaro
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