Ordered to repay loans The arbitrator, however, didn't see it that way. In addition to ordering the Arnolds to repay the loans, the arbitrator tossed the fraud case out of court. Elliott told The Light Tuesday that he and his partner dissolved their relationship with the Arnolds because the clients didn't qualify for enough financing. When we got to arbitration, the facts came out. I felt like I was dealing with Jim and Tammy Faye Bakker.
Litigation is risky and the only winners are the lawyers.
Elliott said he and Burman have not received any of the money awarded them in the judgment. We did all the work and put up all the money, and they just stuck it to us. Basically, we got swindled. He added he should have followed his partner's early advice to steer clear of the deal. I was a fool.