Visconti alleges fraud in Citadel Group sale. (Atlanta, Georgia real estate investor Uberto Visconti de Modrone is suing SMG Holding Societe Des Mouettes Genevoises S.A. and subsidiary SMG Real Properties)

Visconti alleges fraud in Citadel Group sale

Atlanta real estate investor Uberto Visconti de Modrone says the financial information he relied on in selling his Citadel Group to a Swiss public company last year was false, fraudulent and misleading.

Visconti has leveled those and other allegations, including violations of the Georgia Racketeer Influenced and Corrupt Organization (RICO) Act, against SMG Holding Societe Des Mouettes Genevoises, S.A., of Switzerland and its Atlanta-based U.S. subsidiary, SMG Real Properties, in a nine-count lawsuit filed in U.S. District Court on May 24.

Visconti is asking for $1.4 million - the value of 8,077 shares of SMG …