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ND businessman's firm sued over failed complex

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Bismarck, N.D. (AP) A federal judge in Bismarck is considering a lawsuit filed by the Bank of Oklahoma against one of North Dakota businessman Gary Tharaldson's companies in a dispute linked to a failed Las Vegas complex.

Tharaldson and his financial adviser, Brad Scott, owner of Bismarck's Scott Financial Services, are at the center of lawsuits over millions of dollars in financing, including $15 million from the Bank of North Dakota, for the Las Vegas condominium complex called ManhattanWest.

The Bank of Oklahoma, a lead investor, sued Tharaldson Motels II Inc., in North Dakota to recoup its $20 million investment as well as accrued interest.

Tharaldson and his companies, Club Vista Financial Services and Tharaldson Motels II Inc., earlier sued the Bank of Oklahoma and Scott Financial Co. alleging that they hid information about the development.

U.S. District Judge Daniel Hovland in Bismarck is considering whether to allow the North Dakota case to proceed while the Nevada case goes forward.

Information from: Bismarck Tribune, http://www.bismarcktribune.com (Copyright 2009 by The Associated Press. All Rights Reserved.) APNP 11-24-09 1452CST | save this article / add to your favorites list
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