“Yet another scam”: Italian investor accuses Michael Stern of fraud in North Beach deal

Italian investor and entrepreneur Gianluca Vacchi filed a lawsuit against his partner, developer Michael Stern, over his investment in a North Beach development that has not come to fruition.  Vacchi accused Stern and two companies tied to him of a “deliberated and calculated fraud” in a scathing complaint filed in December, court records show. The lawsuit was temporarily stayed — in other words paused — earlier this month, but the complaint remains active.  Vacchi’s GV NBV sued Stern, 6345 JV LLC and 6345 Manager LLC over a $2.5 million investment in the Casablanca property, an oceanfront condo-hotel at 6345 Collins […]This article originally appeared on The Real Deal. Click here to read the full story.