GSBD & Associates was formed for the purpose of buying and selling petroleum products, including jet fuel. One of the members of GSBD approached Kalitta about selling jet fuel to Kalitta at less than market prices. GSBD represented that it could buy directly from overseas refineries and that it had a banking relationship with the Atlantic owned by Dhafir Dalaly along with his U.S. affiliated companies, FIEC and FIEG). GSBD allegedly had a $500,000,000 line of credit with Atlantic Bank and was backed by the Saudi Royal Family, according to plaintiff’s counsel.
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