“According to the Clark County, Nev., district attorney’s office, there is a warrant out for Walter Lembi, managing director of the financially troubled Lembi Group, for allegedly passing $298,500 worth of bad checks earlier this year at Caesar’s Palace in Las Vegas.”
UPDATE: “Under [a] deal, Lembi has agreed to pay the full amount, plus fees, for a total of $328,450, in a payment plan beginning Friday…”
Real estate leader’s name on bad-check warrant [SFGate]
Lembi’s markers met [SFGate]
The Chronicle Reports “Dozens,” A Plugged-In Source Says Over 100 [SocketSite]

11 thoughts on “Lembi’s Fear And Loathing In Las Vegas”
  1. It’s so awful to delight in the misfortunes of others, but it’s a joy to see San Francisco’s most notorious landlord, after years of complaints about the awful way his tenants were treated, getting his comeuppance.
    Maybe if he hadn’t gambled his money away he’d be able to return people’s security deposits…

  2. My favorite quote from the Business Times article from a previous Lembi thread:
    “Russell Flynn, who owns about 3,000 units in San Francisco, bought seven of the Lembi buildings, … Like most buyers in the city, we have been shut out of the market for the last five or six years…”
    The Lembis were the Hunt Brothers of the Ess Eff apartment market.

  3. Caesar’s Palace? Mr. Lembi might want to buy a wheelchair before he does anything. Something tells me these checks are going to be paid, somehow, very quickly.

  4. For those of you unfamiliar with how the law works in Nevada (which is still basically run by the casinos) exclusively, a signed casino marker is considered a check. Therefore, the casino can pursue the deadbeats who welsh on their markers in criminal court without the hassle of getting civil judgements etc.
    I guess Mr Lembi just got used to not honoring the commitments of his signature on documents. If only CitiApt lenders had the same legal rights as the casinos in Vegas this all would have gotten worked out long ago and the Lembis would be in the poor house where they belong.

  5. I hate to take pleasure in others misfortune, however he deserves all this. They are total slum lords. I have first hand experience.

  6. Just over a 20% interest rate, since he had the money for around 6 months — more or less the same as if he had been able to put $300K on a credit card, no? He paid back an additional 10% + $100.

  7. Speaking of Russell Flynn, I heard he just bought a few more Lembi buildings in the past few days. Anyone have any insight into that?

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