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Meenu Gaind, S.A v. Angel Garcia Cordero and Anta Inversions Y Asesoramiento

August 25, 2011



Meenu Gaind brings this pro se action to recover 50 percent of the gross profits of a global securities trading and initial public offering ("IPO") flipping venture that she claims she entered into with Robert Jacobus Pierot, Sr. Flipping consists of acquiring securities in IPOs and then selling those securities in the immediate aftermarket for a profit.

Gaind asserts a fraud claim and a fraudulent conveyance claim against defendants Angel Garcia Cordero, who worked with Pierot as a trader, and Anta Inversions y Asesoramiento, S.A. ("Anta"), a company controlled by Cordero.

Defendants move for summary judgment dismissing both claims. The motion is granted.


The following facts are undisputed except where otherwise indicated.

In August 1993, Gaind began working with Pierot in his global securities and IPO flipping business.

In her Second Amended Complaint, Gaind alleges that she entered into a joint venture with Pierot in 1994 and that she was entitled to 50 percent of the gross trading profits from Pierot's worldwide securities trading and IPO flipping business. Gaind further alleges that Cordero, a former trader for Pierot, and Cordero's company, Anta, were deeply involved with this joint venture. She claims that Cordero bought and sold securities on behalf of the joint venture through Anta and other entities. Pierot died on November 14, 1997, and Gaind alleges that, by this time, Pierot had not paid her the share of the joint venture's profits that was owed to her.

In her fraud claim, Gaind asserts that Cordero falsely represented to her in 1997 and 1998 that a business reorganization of the joint venture was taking place when, in actuality, he was stealing assets that rightfully belonged to her. In her fraudulent conveyance claim, Gaind alleges that Cordero, Anta, and the Pierot children moved or helped move assets from the joint venture that were part of Pierot's estate offshore to deprive her of those assets.

Prior Proceedings

On September 24, 1999, Gaind commenced an action against the estate of Pierot, several of Pierot's children, as well as Cordero and Anta. The latter two defendants apparently were not served. At this time, Gaind was represented by an attorney. The Pierot children filed a motion to dismiss the complaint. Gaind failed to respond, and the court dismissed the action as to the Pierot children in an order dated March 30, 2001. Gaind did not appeal.

On November 30, 2004, Gaind commenced the present action pro se. The complaint named the same defendants and contained the same factual allegations as her 1999 complaint. In response to a motion to dismiss, the court ruled that Gaind's claims against all defendants except Cordero and Anta were barred by the doctrine of res judicata. Gaind v. Pierot, No. 04 Civ. 9407, 2006 WL 846268, at *3-4 (S.D.N.Y. Mar. 31, 2006). The court also dismissed Gaind's breach of fiduciary duty, waste, and conversion claims against Cordero and Anta for failure to comply with New York's three-year statute of limitations. Id. at *6-7. Further, it dismissed her quantum meruit, unjust enrichment, and equitable estoppel claims against Cordero and Anta due to other defects. Id. at *8. The court ordered judgment to be entered in favor of all defendants except with regard to Gaind's fraud and fraudulent conveyance claims against Cordero and Anta. Id. The Second Circuit affirmed. Gaind v. Pierot, 282 Fed. Appx. 946, 947 (2d Cir. 2008).

On November 22, 2006, Gaind filed an Amended Complaint against Cordero and Anta in the 2004 action. On April 9, 2010, Gaind filed a Second Amended Complaint. Her Second Amended Complaint contains the fraud and fraudulent conveyance claims that are presently before the court.


The Alleged 1994 Agreement

The validity of Gaind's claims of fraud and fraudulent conveyance against Cordero and Anta depend entirely on whether there was the agreement with Pierot in 1994. In other words, her claim of fraud is that Cordero misrepresented what he was doing with assets to which she was entitled under the alleged agreement. The fraudulent conveyance claim is a claim that Cordero and Anta ...

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