Real Estate Scam of the Day: Former NHL Player Sues Minneapolis Developer

If Ned Abdul, a Minneapolis real estate developer and landlord, thought he had put his troubled past and possible fraud behind him earlier this year, he was wrong. Abdul, who is already in hot water thanks to possibly skimming cash from a nightclub and event center and fraudulent billing of tenants, now faces charges from a former NHL player who claims that Abdul and a real estate agent conned him out of $1.5 million by flipping commercial properties at inflated prices to him and “other unsuspecting buyers”[1].

Already the target of a federal probe, Abdul now faces charges that he sold the properties at inflated prices the same day he bought them, marking at one up by more than $13 million. While Abdul has big problems and may not be a “nice guy” as a federal probe indicates he is suspected of everything from mail and wire fraud to money laundering, the fact that he is being sued for marking up a property is cause for some concern. Do you think that this lawsuit is justified?

Both Abdul and his partners have denied wrongdoing.

Thank you for reading! Your comments and questions are welcomed below.

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[1]http://www.startribune.com/business/104911004.html?elr=KArks:DCiU1OiP:DiiUiD3aPc:_Yyc:aULPQL7PQLanchO7DiUr