Strobl v. Croft

CourtDistrict Court, E.D. Tennessee
DecidedFebruary 20, 2025
Docket1:24-cv-00140
StatusUnknown

This text of Strobl v. Croft (Strobl v. Croft) is published on Counsel Stack Legal Research, covering District Court, E.D. Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Strobl v. Croft, (E.D. Tenn. 2025).

Opinion

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF TENNESSEE at CHATTANOOGA

STACY STROBL, et al., ) ) Plaintiffs, ) ) Case No. 1:24-cv-140 v. ) ) Judge Curtis L. Collier PAUL CROFT, et al., ) Magistrate Judge Christopher H. Steger ) Defendants. )

M E M O R A N D U M Before the Court are motions filed by Defendants Matt Dira (“Defendant Dira”) and the Dira Group (“Defendant the Dira Group”) (collectively the “Dira Defendants”) (Doc. 49) and Brian Kawamura (“Defendant Kawamura”) (Docs. 51, 52) to dismiss the complaint for lack of personal jurisdiction under Federal Rule of Civil Procedure 12(b)(2) and failure to state a claim under Federal Rule of Civil Procedure 12(b)(6). Plaintiffs Stacy Strobl (“Plaintiff Strobl”) and Brian Harding (“Plaintiff Harding”) filed a consolidated response in opposition (Doc. 61) and the Dira Defendants and Defendant Kawamura each replied separately (Docs. 72, 73). Additionally, Defendant Kawamura moved to adopt the Dira Defendants’ reply (Doc. 72), arguing that he is similarly situated to the Dira Defendants. (Doc. 74.) Plaintiffs have not responded to the motion to adopt the reply. As an initial matter, the Court finds the issues raised by the three Defendants sufficiently similar to justify consideration of the Dira Defendants’ reply (Doc. 72) as it relates to Defendant Kawamura’s motions. (See Doc. 61 at 2 (Plaintiffs filed a consolidated response due to “overlap of the issues”).) The Court will GRANT Defendant Kawamura’s motion to adopt the Dira Defendants’ reply (Doc. 74). For the reasons set out below, the Court will GRANT the motion to dismiss by the Dira Defendants (Doc. 49) to the extent the complaint against them will be DISMISSED WITHOUT PREJUDICE for lack of personal jurisdiction. The Court will DENY Defendant Kawamura’s motion to dismiss for lack of personal jurisdiction (Doc. 52). Defendant Kawamura’s motion to dismiss for failure to state a claim (Doc. 51) will be GRANTED IN PART as to the RICO claim

and DENIED IN PART as to the civil conspiracy claim. Plaintiffs’ RICO claim against Defendant Kawamura will be DISMISSED WITH PRJEUDICE. I. BACKGROUND1 Plaintiffs filed a complaint on behalf of themselves and all others similarly situated. (Doc. 1.) Plaintiffs claim that the Dira Defendants, Defendant Kawamura, and fourteen other defendants collectively operated a fraudulent enterprise to induce Plaintiffs to invest in Rhino Onward International, LLC (“ROI”) through shell companies, but instead diverted the funds to enrich certain defendants and specifically to prop up co-defendant Croft & Frost, PLLC (“CF”). (Id. ¶¶ 1, 4, 9–10, 84, 97, 203–04.)

Plaintiffs lost money by investing in the Defendants’ fraudulent scheme. (Id. ¶¶ 10–11, 101–03.) Plaintiff Strobl is a resident of Tennessee who purchased membership interest in two shell companies: ROI Fund I, LLC and ROI Fund II, LLC. (Id. ¶ 14.) Plaintiff Harding is a

1 The following summary of the facts makes all inferences in favor of Plaintiffs as the non-moving party and does not consider Defendants’ “controverting assertions.” See Theunissen v. Matthews, 935 F.2d 1454, 1458 (6th Cir. 1991); Miller v. AXA Winterthur Ins. Co., 694 F.3d 675, 678 (6th Cir. 2012).

2 resident of Illinois who “invested money in ROI through the issuance of a promissory note in Scorpio,” another shell company. (Id. ¶ 15.) Defendant Dira lives in Virginia. (Id. ¶ 27.) During the relevant time, Defendant Dira was an employee of Croft & Frost, PLLC (“CF”) and “at times” held the title of Executive Vice President of Client Relations of CF. (Id.) Defendant Dira is also the managing director of the Dira

Group, which Plaintiffs allege “[u]pon information and belief . . . is an unincorporated business entity owned and operated by [Defendant] Dira.” (Id. ¶¶ 27–28.) Defendant Kawamura lives in Illinois. (Id. ¶ 23.) During the relevant time, Defendant Kawamura was the Chief Executive Officer of ROI. (Id.) Paul Croft (“Mr. Croft”) lives in Illinois and Jonathan Frost (“Mr. Frost”) lives in Tennessee. (Id. ¶¶16–17.) In 2021, defendants Mr. Croft and Mr. Frost created Croft & Frost, PLLC (“CF”), an accounting firm with its principal place of business in Chattanooga, Tennessee, with additional offices in Chicago, Illinois, and St. Paul, Minnesota. (Id. ¶¶ 25, 46.) CF began as a “legitimate accounting firm with a traditional accounting practice.” (Id. ¶ 50.) But CF later began “pitching

clients on refiling previous years’ tax returns using specious tax strategies . . . which [it] promised would net individuals large refund checks.” (Id. ¶ 53.) After CF filed such amended returns and the client received a refund from the Internal Revenue Service, “a representative of CF, often [Mr.] Frost or [Defendant] Dira would reach out to the client . . . and promise[] an opportunity to invest in one of [Mr.] Croft and [Mr.] Frost’s investment schemes.” (Id. ¶ 54.) One such investment scheme centered around ROI. (Id. ¶ 55.) In January 2022, Mr. Croft and Mr. Frost founded ROI, which was “ostensibly a green energy company.” (Id. ¶¶ 2, 3.) ROI was incorporated in Chicago, Illinois. (Id. ¶ 3.) Mr. Croft was the Chairman and Mr. Frost was

3 the Vice Chairman. (Id.) Mr. Croft and Mr. Frost also created shell companies including ROI Fund I, LLC, ROI Fund II, LLC, ROI Fund III, LLC ROI Fund IV, LLC (the “ROI Defendants”), the Well Fund, and Scorpio. (Id. ¶ 4.) Each of the numbered ROI Funds were incorporated in Tennessee and Mr. Frost was named as the registered agent. (Id. ¶¶ 20–22.) Mr. Croft and Mr. Frost falsely promised to use funds invested in the shell companies to invest in ROI. (Id. ¶¶ 9, 83,

97–98.) Mr. Croft and Mr. Frost “routinely promised that [ROI] had the engineering, land development, and scientific expertise to launch an operational green energy hydrogen producing plant.” (Id. ¶ 5.) However, this was false, and “[Mr.] Frost, [Mr.] Croft, [Defendant] Kawamura, and [Defendant] Dira knew or should have known this.” (Id.) Plaintiffs assert that, “[u]pon information and belief, many of the investors in the ROI Defendants were CF clients.” (Id. ¶ 56.) Defendant Dira “used his business contacts to put investors in touch with [Mr.] Frost and [Mr.] Croft to continue their schemes.” (Id. ¶ 27, 67.) On Plaintiffs’ “information and belief,” Defendant Dira received a commission for each investor he helped persuade to invest in the Well Fund. (Id. ¶ 72.) Defendant Dira “promised investors that

[investing in the Well Fund] was a safe mechanism used to generate high rates of guaranteed annual returns.” (Id. ¶ 69.) But Mr. Frost diverted the Well Fund investments to fund other businesses for his personal gain. (Id. ¶¶ 71, 73.) Defendant Dira “knew or should have known [Mr.] Frost’s true intentions with the Well Fund promissory note scheme and nevertheless continued to steer investors to [Mr.] Frost.” (Id. ¶ 72.) Until September 2023, Mr. Frost and Defendant Dira held monthly investor calls in which “[Mr.] Frost, with [Defendant] Dira present, would make… outlandish claims about ROI’s pending success.” (Id. ¶ 96.) Specifically, Mr. Frost and Defendant Dira falsely claimed that:

4 a. recent changes to the tax code would allow a company like ROI to obtain lucrative tax credits for launching green energy and hydrogen focused energy products;

b. an Israeli company would soon be coming on board to provide a huge infusion of cash that would allow early investors in ROI to achieve 20% annual returns on investment;

c.

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Strobl v. Croft, Counsel Stack Legal Research, https://law.counselstack.com/opinion/strobl-v-croft-tned-2025.