According to the complaint, the offering plan for this eight-unit cooperative building contained a misrepresentation concerning the first mortgage on the premises. The plan described the mortgage as "self-liquidating", while in fact it requires a $48,404.12 balloon payment upon maturity.
Both the verified complaint and the proposed amended verified complaint improperly attempt to plead private rights of action under the Martin Act. (See, CPC Intl. v McKesson...
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