A lawsuit filed by Greg Eagle in federal court in New York outlines a sophisticated and complex scheme to make him believe the people he was dealing with were legitimate financiers.
They were not, said the New York-based attorney, Alfred Walendowski.
At heart of the conspiracy, he said, was Michael Reis, a Wells Fargo vice president working with Eagle to secure hundreds of millions in financing to develop a massive homeland security training center in Charlotte or Highlands counties.
“If Wells Fargo sends you a letter saying you have $200 million set aside for you, wouldn’t you believe them?” Walendowski asked. “Wells Fargo created falsified proof of funds. Why would you have any reason not to believe their written assurances?”
The suit’s allegations are backed up by numerous letters from Reis to Eagle and other victims on Wells’ stationery.
Was Wells an innocent dupe of the financing group, EVMC Real Estate Advisors Inc.?
“Follow the money” is Walendowski’s response. “Wells Fargo had a consulting agreement with EVMC. They stood to earn $250,000 per transaction in consulting fees.”
The lawsuit, 182 pages, details a process in which Eagle was asked over and over to pay more fees or make more deposits to satisfy the requirements of Wells or EVMC to secure the loan.
Each time, however, the money failed to materialize and more demands were made over a period from 2006-2008.
Wells Fargo spokeswoman Veronica Clemens said: “Because of pending litigation, we do not have a comment on the lawsuit’s allegations.”
But Walendowski said “when the dust settles and all the facts are brought to light, I think you’re going to see Greg Eagle is an honorable businessman. He’ll be vindicated.”