Syd Ghermezian

Syd Ghermezian Among the Names in a Lawsuit Over Fake Hand Sanitizer

Ghermezian Family Malls of New Jersey and Minnesota. However, their names have now been included in a lawsuit regarding fake hand sanitizer.

According to the Proposed Second Amended Complaint, the Ghermezians chose Triple Five Worldwide as the entity through which they would facilitate sale of Counterfeit Products in the US market.

Early Life and Education

Ghermezian family are best known for creating North America’s largest shopping malls. Led by patriarch Jacob, who immigrated to Canada from Armenia in 1964, their work can be found across New Jersey’s American Dream Mall, Minnesota’s Mall of America, Edmonton Canada’s West Edmonton Mall and more.

Triple Five’s family also manages an extensive art collection and chain of luxury hotels. Furthermore, they have made charitable contributions to various causes and organizations including Crown Heights Young Entrepreneurs.

Nixon Peabody’s complaint alleges Don and Syd Ghermezian, respectively CEO and Vice Chairman of their conglomerate, are defendants. Additionally, Community Federal Savings Bank owned by Don and Syd Ghermezian as well as their families is named in this suit, alleging fraud, breach of fiduciary duty, veil piercing and alter ego claims against each of these defendants.

Professional Career

He has participated in the creation of over a dozen start-up companies, some of which have gone on to be highly successful while others failed. He boasts an impressive professional career and has received multiple awards throughout his career.

Jacob Ghermezian not only established his family’s rug-importing empire, he hosted US President Franklin Roosevelt, UK Prime Minister Winston Churchill, and Soviet leader Joseph Stalin during World War II in his Tehran apartment for meetings to discuss final stages of battle planning as well as their victory strategies.

According to the proposed second amended complaint, CFSB “oversaw wire transactions for payments related to counterfeiting schemes. Don and Syd Ghermezian served as managers until May 2020 when they were replaced as de facto managers of Triple Five Worldwide by Berkowitz, Saba, and Orly Ghermezian Saba.”

Achievement and Honors

Ghermezian was honored with the Canadian Heritage Medal for his contributions to both his community and Canada. As founder of Gynger and T5 Capital – as well as part-owner of American Dream Mall in New Jersey.

He lists 163 companies on his LinkedIn profile. In these organizations, he has held various roles such as CEO or co-founder.

Ghermezian’s business empire includes shopping complexes of an Asian city-state’s scale. Two Ghermezian cousins and an associated family company were named defendants in a 2021 lawsuit alleging counterfeit gel distribution, though the case was later settled for an undisclosed amount without any settlement being announced or agreed upon; nonetheless, neither side denied any wrongdoing in relation to that lawsuit.

Personal Life

Ghermezian family has an important place in Jewish communities worldwide. Renowned for their philanthropic efforts and having donated over $5 Million to over 500 Jewish organizations since 1995, according to Nevada corporate records, they also own various commercial real estate properties including West Edmonton Mall.

A 2021 lawsuit filed against two Ghermezian cousins and their family company claimed they believed significant sums could be made selling fake hand sanitizer during the COVID-19 pandemic, as well as fraudulent conveyance and veil piercing claims.

Don Ghermezian is president of Triple Five Group and grandson of Jacob Ghermezian, an Iranian rug merchant who immigrated with his sons from Iran in 1964 and built an extensive real estate portfolio here in Canada.

Net Worth

Ghermezian family has built some of the world’s largest shopping complexes, such as New Jersey’s American Dream Mall and a stake in Minnesota’s Mall of America. Additionally, they own West Edmonton Mall in Canada.

Philanthropically, the family has made substantial donations to arts, education and political campaigns and organizations; one example being their donation of $20,000 to the State Republican Committee on May 28 according to campaign-finance filings.

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