Facts

Plaintiffs were introduced to defendants Tommy's T Inc., Biandi Corp., Quan Trinh Doan, Anh Thi Dinh, Minh Anh Nguyen and Tommy Du to do a business transaction by defendant Jacqueline Yen Van, broker for defendant Sunshine Realty & Funding.

Plaintiffs were to loan defendants $200,000 at 15 percent with a term of 12 months. Thereafter, defendants borrowed another $150,000 with promise to pay $700,000 (which included the initial $250,000 plus interest) or transfer the ownership of their viable clothing label "Jessica Max (TM)". Through discovery, defendants no longer owned Jessica Max but had transferred its ownership to defendant Joann Q. Pham. Defendants also used the money loaned to them to invest in defendant Memsonics Inc.

Thereafter, it was discovered that defendants Tommy's T Inc., Biandi Corp and Memsonics, Inc., closed up their businesses.

PLAINTIFF'S CONTENTIONS:
Plaintiffs claimed that they have been defrauded of $350,000 in which they were promised to be repaid $700,000 or take over the viable clothing line - Jessica Max (TM). Plaintiffs are entitled to $700,000.

DEFENDANT'S CONTENTIONS:
Defendants Quan Trinh Doan, Anh Thi Dinh, Minh Anh Nguyen, Tommy Du and Memsonics, Inc., promise to pay back the loans and interests, but that they need more time.

Result

Defendants Quan Trinh Doan, Anh Thi Doan, Tommy Du, Minh Anh Nguyen and Memsonics, Inc., stipulated for an Entry of Judgment for $700,000 in favor of plaintiffs and executed a promissory note for $700,000 plus 10 percent interest per annum. Defendant Joann Q. Pham was dismissed. Defendants Jacqueline Yen Van and Sunshine Realty & Funding settled for $4,000.

Other Information

Defendants Quan Trinh Doan, Anh Thi Dinh, Minh Anh Nguyen and Tommy Du were in pro per. FILING DATE: Sept. 30, 2008.