September 7, 2012 10:50 am
A husband of one of the Real Housewives of New York has been sued for… among other things… investment fraud.
Reid Drescher was involved in raising capital for Magla… a small, privately-owned company. Magla’s line of credit with their bank was tightened and their lender strongly suggested that Magla find another source for financing their business. Magla got involved with Cape Financial to raise $4 million to keep their business afloat.
In court documents, Cape Financial (Reid Drescher) assured Magla that raising $4 million would be no problem.
However, CF could not raise the necessary $4 million which Magla needed to keep their business afloat and their employees paid.
CF understood the stress the company owners were under and suggested that Magla hand over a home the 84-year-old head of Magla owned in North Carolina. Magla followed CF’s suggestion and handed over the property!
Despite Magla’s best efforts, they were forced to lay off employees and the company folded around July 2011.
Jordan Glatt, one of the plaintiffs against Reid Drescher was the mayor of Summit, NJ until last year.
Reid Drescher’s brother, Stephen Drescher, was the answer to a recent SH blind item. Stephen Drescher was indicted, found guilty and served time for securities fraud in 2000… “Drescher was stripped of his license and is now using surrogates and “straw men” …”
NOTE: In Wall Street/investment capital speak… isn’t $4 million a paltry sum? Is PT another Housewife who is all smoke and mirrors? Was this lawsuit one of the determining factors for PT to sign up for the RHONY… knowing that the Bravo paycheck was necessary to continue their facade?
Is it REALLY about the children who are missing legs?? ’Cause PT Housewife did not get involved with her “charity” until late last year! Or is it REALLY about needing the money!?
Every time I see the ArticLights crystal being used by PT Housewife, the more I wanna get rid of mine!
(Thanks to SH readers “CNH” “LB” and “GF”!!)