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A Florida federal judge has dismissed a lawsuit alleging Young Conaway Stargatt & Taylor aided a treasure hunter's phony search for emeralds, but the firm's attorney, Bruce Silverstein, could still face sanctions for his alleged role in the hoax.
U.S. District Senior Judge James Lawrence King of the Southern District of Florida issued two orders last week in JTR Enterprises v. Colombian Emeralds. The first order dismissed the fraud claims against the Delaware law firm, but the second order scheduled a Thursday sanctions hearing for Silverstein.
Motivation Inc., a Key West, Fla., salvage company, alleged both Silverstein and Young Conaway promoted the fraudulent search and attempted to conceal testing disputing the emeralds' value. But King said there was not enough evidence for the claims against Young Conaway to stand.
"The court agrees that there is indeed a disparity of evidence regarding this particular respondent to the point that, after a careful and thorough review of the documentary exhibits and the live testimony of the three witnesses offering testimony on the merits, that there is not sufficient evidence in this record upon which the trier of fact could make factual findings respecting Young Conaway Stargatt & Taylor," King said in the five-page order.
Felicia A. Gojmerac, a spokeswoman for the firm, declined to comment.
"Until all the litigation is over, the firm of Young Conaway Stargatt & Taylor has no comment," Gojmerac said in an emailed statement.
King did reject Silverstein's motion to dismiss the sanctions claims. Motivation presented three witnesses and submitted 54 exhibits while asking the court to sanction both Silverstein and Young Conaway, according to court documents. The judge noted none of the witnesses or evidence concerned the law firm and also said Silverstein had yet to introduce any evidence during the two previous sanctions hearings.
"The court finds that claimant Motivation has presented sufficient evidence, which if believed by the court after the close of evidence by all sides, would sustain imposition of sanctions against respondent Silverstein," the judge said.
Neither Silverstein nor his attorney, John T. Rogerson III of Adams and Reese, responded to phone calls and emails seeking comment.
King also dismissed claims against Paul Sullivan, a former deputy campaign manager for former President Bill Clinton, who invested in JTR Enterprises, the entity formed to own the emeralds. The judge said both witnesses testified Sullivan had nothing to do with the litigation.
Motivation alleged in court documents that Silverstein and the law firm aided and abetted treasure hunter Jay Miscovich's fabricated discovery of precious emeralds dumped into the Gulf of Mexico supposedly originating from a 17th-century shipwreck. Miscovich claimed the emeralds were worth half-a-billion dollars.
Motivation's lawsuit is the second legal problem to arise from Silverstein and Young Conaway's involvement in the treasure hunt. Azalp LLC, the New York investment group that financed the treasure hunt, has also filed litigation asserting Silverstein and the law firm aided and abetted Miscovich's scheme. The Azalp litigation is still pending in the Southern District of Florida and raised similar claims.
In 2010, Miscovich, who committed suicide last year, paid $80,000 to purchase roughly 80 pounds of low-grade emeralds from a Jupiter, Fla., gem dealer, according to the initial complaint. Miscovich told investors that he found the gems after buying a treasure map to the 17th-century shipwreck in a Key West bar for $500.
Upon securing the treasure map, Miscovich began to solicit investors to recover the missing jewels. The plaintiffs invested or loaned roughly $1.6 million to fund the treasure hunt, according to their complaint. However, in 2011, the plaintiffs began to suspect Miscovich had hijacked their investment, but believed the emeralds were still a legitimate investment. Azalp filed a lawsuit in the Delaware Court of Chancery accusing Miscovich of waste of assets, breach of fiduciary duty, breach of contract and mismanagement.
Miscovich retained Silverstein and Young Conaway to represent him in the Chancery Court lawsuit. Azalp accused the attorneys of employing "hardball tactics ... that far exceeded the bounds of proper advocacy." The Chancery Court litigation eventually settled.
It is also alleged by both Motivation and Azalp that both Silverstein and Young Conaway orchestrated a series of transactions designed to generate a profit from Miscovich's treasure hunt. Young Conaway took an equity interest in an entity formed by Miscovich to finance the treasure hunt and Silverstein invested $100,000 of his own funds in the venture, according to court documents. The plaintiffs in both Florida suits contend Silverstein's ownership interest was a violation of professional ethics prohibiting lawyers from taking a financial interest in ongoing litigation.
In 2011, the plaintiffs learned through laboratory tests that the emeralds were coated with modern-day epoxy resins, exposing the shipwreck story as false, Azalp alleged in its complaint. The plaintiffs also alleged Silverstein was "troubled" by the epoxy findings, but still insisted there was no "dispositive proof" that Miscovich had invented the claims.
Jeff Mordock can be contacted at 215-557-2485 or jmordock@alm.com. Follow him on Twitter @JeffMordockTLI.
Read more: http://www.delawarelawweekly.com/id=1202678403292/Sanctions-Against-Young-Conaway-Nixed-in-Jewel-Hoax-Lawsuit#ixzz3QEOzjnaU
I hear a lot of bullshit on here. It does not come from the crew of dpbe.
Speaking of dirt balls associated with dpbe. Didn`t scum bag Darrell Nether go bankrupt?
I heard he turned against wilf for money. How did that work out for him?
Judge Rules that attorney could face sanctions for emerald scam.
http://www.delawarelawweekly.com/id=1202678403292/Sanctions-Against-Young-Conaway-Nixed-in-Jewel-Hoax-Lawsuit?slreturn=20150020103757
Trueblue, I watched the History channel last night and saw Wilf and a crew of divers diving for treasure at a site in Utah. Wilf looked very professional. It was a history channel project on a show called America Unearthed. The history channel hired Wilf and his crew to dive for the show.
Maybe dpbe is branching out and making money on other projects while the DR is shut down for the present time. Job well done. DPBE is not dead as some claim. The show was produced in 2014.
Jrf30, Yes 81 chests of silver coins would be quite a haul. My personal opinion would be, instant International news, book deals and instant fame for sfrx. Plus all of it would be free. No paid promoters needed.
Question for GTG, wlfr01 and other experts for SFRX.
Is the name of the ship that SFRX is looking for or has located. Named: CONCEPCION? If so, I found this. Which may be the manifest of registered cargo. It does not include contraband.
I would think that 81 Chests of Silver Coins would be a nice haul for SFRX.
Appendix: 1715 Fleet Santissima Trinidad y Nuestra Senora de la Concepcion. Ship Manifest: 252,171 pesos in silver coins in 81 chests and some loose sacks belonging to private persons 13 chests of worked silver 280 serones of cochineal 595 serones and chests of indigo 3,320 cured hides 21 barrels and jugs of liquid amber 257 uncured half hides 6 jugs of balsam 198 bales of Purga de Jalapa ( a drug) 75 chests of ceramic drinking vessels 30 chests of chocolate 19 bales of cocoa 22 chests of vanilla 25 tons of Brazilwood 11 bales of sneeze-wort ( a type of snuff) 136 chests of gifts 77 serones and chests of uncultivated cochineal 300 uncured hides 3 Chinese folding screens 32 chests of Chinese porcelain 3 ½ tons of sarsaparilla 2 bales of quinine bark 1 chest of sugar 2 copper discs or ingots 4 chests of achiote (vegetable dye) 700 pounds of sassafras
I think sfrx has a great team and they are on the trail of a treasure wreck. Km has a great business plan and Jim Sinclair has a lot of experience and I expect good things when the weather clears.
I wonder if someone could provide some insight on the bottom conditions that sfrx is encountering? I was under the impression that since sfrx has new blowers or mailboxes on their boat for blowing holes in the sand. That the bottom conditions were sand. Which would be easy to survey with the right equipment. Now I hear about compact clay. Does anyone know what the bottom conditions are like?
I wish the team luck and expect we will hear of more artifacts recovered in the Spring.
Yeah, Its all bs. That`s why it is also in the Treasure Divers Guide by John Potter. Mel Fisher used to call that book the Treasure Divers Bible because of all the Research on Treasure wrecks. That book is pure bs too. Just ask our resident expert.
wlfr01, Most scientists would want more data. Just like some people don't believe in climate change. I know other treasure hunters that use the equipment and they swear by it. Personally, I don't care if sfrx uses it or not. I just provide links to certain equipment. I don't sell it, but I would think that sfrx should not take anything off the table.
Raider,
wlfr01, what sort of data are you looking for on compacted clay?
I can tell you if the clay is hard? A sub bottom profiler will have a hard time penitrating it, the same with coral or bedrock. Artifacts will probably be found lying on top of it. At least that is what we found on our wreck site.
The Fisher`s have developed a new type of equipment to show objects buried under sediment.
I know that Jim Sinclair has a good relationship with Kim Fisher. Perhaps he could arrange a survey with Kim, when the seas calm down.
I apolgize. I did not mean to offend anyone. I thought your comment on the equipment came from sfrx.
I was only trying to share some personal experience with certain types of equipment that may help speed up the process. Which is something sfrx may or may not interest them.
I still think site#3 will yeild treasure.
Wlfr01, I agree 100%. This is a very tough business and I am not trying to Monday morning quarterback. I am just trying to let others know about other options and equip.
( just like fishing in some ways. When I was not yet in my teens, I was shone that raw bacon will catch trout, bass and pike when nothing elze will.)
As far as the pulse star II not working in certain soil conditions? Does not happen. I have used the 18 inch search coil while detecting on the beach and have detected and dug many non ferrous beer cans, buried 4 feet in the sand.
Sounds like sfrx should do some more research on certain types of equipment. They are not getting accurate advise from someone.
HS, I do not know what the sfrx divers have found to this point. That being said.
On one side. I have to agree with Raider. SFRX, has side scanned and magged the site. Artifacts should have been recovered based on those surveys.
On the other hand KK, is absolutely correct. This ship was lost in a Hurricane. It is probably scattered to hell and back. SFRX could spend many years trying to salvage this wreck. Granted, the weather is a big factor and I doubt they will do much diving before Spring. ( that is why many companies save money by laying off divers over the winter.)
I see both sides of the coin, but like some on here. I think more artifacts should have found after tbhe mag survey that found the cannon many months ago. Perhaps more was found and we have not been told about it.
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HS, The prior link that I posted is for a sub bottom profiler with shows object buried in the sand down to bedrock. It will not tell you whether they are ferrous or non ferrous.
The equipment that you were talking about that is made in Germany is called a Pulse Star II. Here is the link for it. It can be bought in Orlando, FL at a company called Kellyco. If it is bought with a 1 meter or 2 meter coil and a 100 ft. extension cable it can be attached to PVC pipe and towed over the bottom. It will tell you when it detects either ferrous or non ferrous metal, and it will tell you what type of metal it is.
http://www.kellycodetectors.com/products/pulsestar/#P1
HS, You don't have to make the photo's up. There are easier ways to find out what is on the wreck site. All you have to do is use the proper equipment. ( Maybe SFRX already is, but since they aren't releasing any info ? We have no way of knowing.)
Here is a link for equipment that would show sfrx what is on the wreck site and under the sand.
http://www.km.kongsberg.com/ks/web/nokbg0240.nsf/AllWeb/E0788FD1BE34357FC1257C93004ABB49?OpenDocument
Seems to me that using this type of equipment would show sfrx what is on the wreck site and where to dig for it. In my opinion it would save a lot of valuable time and also a lot of money. SFRX may have a Great dive team of ex FBI agents and Navy divers, but just diving and digging may take a lot of valuable time when the weather clears to just find something. It might be a better option to have an idea what is lying under the sand and know where to dig.
Just a thought.
Trueblue, for most companies the dive season will start back up in the Spring. When the seas calm down.
Great time to buy at this price.
If you wait for the next sfrx PR, it will probably cost a lot more per share.
Lawyer Testifies in case of emeralds.
http://pdf.keysnews.com/frontpage.pdf
The experts opinion has not Changed.
They examined the artifacts and came to a conclusion.
That is public knowledge. Their opinion is not like the weather. It has not changed.
The only innocent party in this is the Fishers.
The Federal Court has already ruled that the emerald find was a Fraud.
SFRX weather conditions for diving in FL.
Gee I too wonder what SFRX could be hiding? If you think the weather is great? I do not. Here is a newspaper article about the weather conditions in Florida.
basserdan, you will find the link you requested below. It can be found on page 3, the author is Scuba Finder. He works for GME out of Tampa.
http://www.treasurenet.com/forums/shipwrecks/363282-shipwrecks-cape-canaveral-3.html
GTG, I keep hearing about why is it taking SFRX so long to get a salvage permit? Or SFRX has not found any treasure yet, why should I believe a company that has not found treasure, will find the wreck at site #3?
Here is a quote from another treasure hunting company, that has found millions of dollars worth of treasure in another Country. They got the same
type of permits as SFRX in Florida this summer and they are having trouble too. Finding Treasure is hard work and it is not easy. Give it time. I am.
HS, I think that would be a good guess. Of course without more details. Such as, how many days they have been able to actually dive on the site because of weather and knowing what they found.
ie... a cannon, timbers, ballast stones, etc... It is only a guess.
GTG, guestion. No lets make that a suggestion. I do not want anyone saying you are giving out inside information.
SFRX, Might want to conduct a survey using a sub—bottom profiler, if they are having trouble locating the shipwreck.
TG, Yes it is frustrating. But, it also takes hard work and time.
It took Mel Fisher 17 years to find the Atocha. It took Kip Wagner 2 years to find the 1715 wrecks.
Do I think site # 3 is a treasure wreck. Yes and I can wait for co firmation.
Today's newspaper article.
http://keysnews.com/node/60557
Pirategrl, I think this will be going on for awhile.
According to the newspaper article. The Emeralds that were part of the scam. ( I believe there were around 154 pounds of emeralds other minerals.)
The stones are in posession of the FBI.
I do not think the FBI would have rhem, unless the emeralds are going to be used as evidence in a Criminal Trial.
I do remember reading that the FBI sent Steve Elchleep Jr. ( one of the partners in the emerald scam). Received a letter from the FBI, Informing him that he was one of the targets in the FBI investigation of the emerald scam.
In court documents. The ceo of ORRV Scott Heimdal, Peter Tobia and others were listed as co—conspirators in the emerald scam.
The cast of charactors in this is long. Perhaps Jay Miscovich and Steve Elchleep Jr. will get their wish of the emerald scam being made into a full length Movie.
To quote Mel Fisher.
" If treasure hunting was easy. Everyone would do it."
SFRX Says they are on the trail of a treasure wreck.
It took Kip Wagner 2 years to find treasure on the 1715 treasure wrecks.
It took Mel Fisher around 17 years to find the Atocha.
I think I can wait awhile longer for sfrx to find more coins.
Yes, I can prove it. About 10 years ago. A good friend of mine, who I call uncle Vito. (Who is a retired Secret Service Agent.) Uncle Vito asnk me if he could borrow a metal detector, because he lives near where site #3 is now located. He told me that he heard of Spanish coins being found on the beach near Melbourne after storms.
I lent him the detector. About a year later I visited him on a trip from up north to Key West. He showed me one of the Spanish coins he found. It was dated 1714.
So yes I have seen proof and if Dr. De Bry said, that he found coins on the same beach? I believe him too.
I am listening. Coins found on the beach, coins found on the scatter trail.
Sounds like a good potential treasure site to me.
GTG, treasure stock is not for the faint of heart.
SFRX, is not a scam company. They are working hard trying to validate site #3. Contrary to misconspections in movies. There is no X marks the spot on maps or treasure just lying on top of the sand on a treasure site.
I do wish sfrx would provide more updates. But I am sure they have their reasons for waiting.
Rome was not built in a day and treasure is rarely found quickly.
Thanks Raider, if he worked for Roy Volker? He has been around for awhile. Roy was 84 when he passed away almost 7 years ago.
Does anyone care to post who the new consultant is, or is sfrx going to make an announcement?
I sure would like to know who it is.
Raider, In my opinion that is Great news. Thank you.