Lawsuit against Hedge Fund Manager dropped after Dismissal by Plaintiff
Eric and Stacey Lietz of Valencia, CA dismissed their lawsuit against hedge fund manager Keith Gilabert claiming unspecified damages. The dispute was over a real estate project in which they allege Gilabert of breach of contract.
The Lietzes dismissed their lawsuit against all parties after failing to provide the court any proof of loss. The presiding Judge went on to sanction the Lietzes and their lawyer for this lawsuit.
Attorney Daniel Evans states, "When a judge calls an argument "ridiculous" or "frivolous," it is absolutely the worst thing the judge could say. It means that the person arguing the position has absolutely no idea of what he is doing, and has completely wasted everyone's time."
Legal analyst Abraham Martin says, "This case was absurd. The Lietzes sued several parties and all parties were dismissed." Upon review of the facts, this can only be described as malicious and frivolous. Martin adds, "The legal arguments didn't make any sense and the factual arguments even less so."
All evidence clearly shows that Gilabert was not a participant in the real estate project. Furthermore, the Lietzes own filings state that Gilabert did not receive any monetary compensation nor was he offered any compensation from them.
The tables were turned against the Lietzes as they were then counter sued for damages. According to court records (Case Number PC042032), Eric and Stacey Lietz paid a settlement of $70,000.00 in order to have the counter-claim dismissed.
Martin says, "The Lietzes obviously knew what they did was wrong. That is why they paid a $70,000.00 settlement. If you abuse the legal system you will be held accountable."
The problems did not end there for Eric and Stacey Lietz. Their business partner Randall Roth of Encino, CA was arrested for defrauding investors of several hundred thousands dollars in a real estate development scheme. Roth used the proceeds of his fraud to pay himself and the Lietzes salaries for projects that didn't exist.  Since the incarceration of their business partner, the Lietzes have left the real estate development business and are now window blind installers.
In the end, hedge fund manager Keith Gilabert was exonerated of any wrong doing. The Lietzes paid a hefty settlement and a large legal bill to defend themselves against a case they initiated.
A call seeking comment from the Lietzes lawyer was not returned.
The Lietzes dismissed their lawsuit against all parties after failing to provide the court any proof of loss. The presiding Judge went on to sanction the Lietzes and their lawyer for this lawsuit.
Attorney Daniel Evans states, "When a judge calls an argument "ridiculous" or "frivolous," it is absolutely the worst thing the judge could say. It means that the person arguing the position has absolutely no idea of what he is doing, and has completely wasted everyone's time."
Legal analyst Abraham Martin says, "This case was absurd. The Lietzes sued several parties and all parties were dismissed." Upon review of the facts, this can only be described as malicious and frivolous. Martin adds, "The legal arguments didn't make any sense and the factual arguments even less so."
All evidence clearly shows that Gilabert was not a participant in the real estate project. Furthermore, the Lietzes own filings state that Gilabert did not receive any monetary compensation nor was he offered any compensation from them.
The tables were turned against the Lietzes as they were then counter sued for damages. According to court records (Case Number PC042032), Eric and Stacey Lietz paid a settlement of $70,000.00 in order to have the counter-claim dismissed.
Martin says, "The Lietzes obviously knew what they did was wrong. That is why they paid a $70,000.00 settlement. If you abuse the legal system you will be held accountable."
The problems did not end there for Eric and Stacey Lietz. Their business partner Randall Roth of Encino, CA was arrested for defrauding investors of several hundred thousands dollars in a real estate development scheme. Roth used the proceeds of his fraud to pay himself and the Lietzes salaries for projects that didn't exist.  Since the incarceration of their business partner, the Lietzes have left the real estate development business and are now window blind installers.
In the end, hedge fund manager Keith Gilabert was exonerated of any wrong doing. The Lietzes paid a hefty settlement and a large legal bill to defend themselves against a case they initiated.
A call seeking comment from the Lietzes lawyer was not returned.
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