Czech billionaire Radovan Vítek is being sued for allegedly defrauding a New York hedge fund and a Czech investment firm of more than $1 billion, Bloomberg news reports. Kingstown Capital Management LP and Investhold Ltd. filed a lawsuit against the Czech real estate mogul in a Manhattan federal court on Wednesday, accusing him of engaging in a racketeering scheme spanning a decade. They claim Vítek used a web of shell companies and “straw owners” to gain control of a Luxembourg-based real estate development company in which Kingstown Capital held a substantial interest.