Equico Lessors, Inc. v. Nova Machinery Co.

Both the appellant and appellee, Nova Machinery Company, Inc., were “bilked” by a third person, into a sale leaseback and financing of a phantom piece of machinery. After default on the loan and discovery that the machinery did not exist, the appellant brought an action against Nova and its principals seeking to recover money it lost in financing the phantom machinery, alleging causes of action sounding in fraud; civil conspiracy; unjust enrichment; civil theft; and breach of contract.

After trial, the trial court made many findings of fact, ultimately determining no fraud on the part of the…