A Bronx developer with a past in organized crime is accusing his lender of running a playbook straight out of it.
James McManus, a former associate of the Lucchese crime family (think Goodfellas) turned contractor, filed a sweeping federal lawsuit against Fairbridge Asset Management and its executives, alleging they orchestrated a racketeering and fraud scheme to wrest control of his development site at 1932 McGraw Avenue. The complaint, filed in Manhattan federal court, seeks $75 million in damages, Crain’s reported.
At the center of the dispute is a $2.1 million loan Fairbridge issued in 2021 to finance McManus’ plan to replace a two-story house with a 23-unit affordable housing building. McManus claims the Darien, Connecticut-based private credit firm, led by his childhood acquaintance John Lettera, lured him in with promises of funding, then abruptly withheld capital, manufactured a default and used aggressive tactics to force a foreclosure.
The lawsuit has 15 counts, including racketeering, extortion, money laundering and fraud. McManus alleges Fairbridge demanded accelerated repayment despite him staying current, pressured him to list the property under threat of seizure and extracted a $1 million payment to keep the loan active, only to foreclose anyway. He also claims the eventual foreclosure auction in October 2025 was a “sham,” conducted while he was recovering from major heart surgery.
Fairbridge disputes the allegations, calling them “utterly spurious” in court filings. The firm maintains McManus defaulted in 2023 and received multiple extensions before it moved to protect its investment.
Its attorneys have asked a judge to dismiss the case, arguing McManus lacks standing and is attempting to recast routine enforcement actions as criminal conduct.
What makes the suit especially interesting is how it reads more like a mob indictment than a standard commercial dispute. McManus refers to Fairbridge as the “Sixth Family” and casts its executives in mafia roles, from “Boss” to “Consigliere.”
The rhetoric underscores his broader claim: that lightly regulated private credit lenders can operate with few guardrails, particularly when dealing with borrowers shut out of traditional banks.
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