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Indictment of Arts Patron

Patron of the arts, real estate executive, and general partner are all terms being thrown around about a man accused of defrauding investors of more than six million dollars, declares a NY Criminal Lawyer.
In Dallas a 68 year old real estate executive is under federal indictment for allegedly committing fraud. This patron of the arts is said to have defrauded his investors out of over six million dollars in conjunction with two separate projects. It has been alleged that the real estate executive made false claims and representations to investors to gain funds. However, it has been said that most of the funds were used for things unrelated to the projects. One project in New Mexico and another in Parkwood Crossing in Fort Worth are those that are involved in the alleged scam. It has not yet been declared what the funds were used for, whether other projects or personal use.
The real estate executive’s attorney finds the indictment surprising as it came the day after a settlement was agreed upon between the real estate executive and the investors. The attorney states that the fact that the investors agreed to enter into a settlement and provide affidavits of non prosecution seems to point toward a sentiment of favor toward the defendant. This type of agreement can be seen as unusual in this type of case. The lawsuit that was just settled out of court was not exclusive to the Parkwood Crossing or New Mexico projects though they were included in the overall settlement.
It can be argued by any New York Criminal Lawyer, just as it was argued by the defendant’s lawyer that all of these properties lost value due to the worldwide recession, not because of mishandling of funds. A continuing economic recession could not have been predicted by the real estate executive, nor is real estate always a sound investment in an uncertain economy.
Prosecution contends that the executive made false representations to investors on behalf of two large developments. However prosecution has not yet released how the investors were defrauded or where the money was used. This kind of fraud is not uncommon in areas like New York and Westchester County.
This case may not soon end as it has been reported that the defendant has fled the country. This seems to have occurred shortly after the fall of his real estate business in 2009. The defendant is said to be living in Brazil. Prior to the alleged incidence the executive and his wife were major supporters of the Dallas Arts world, including the Opera and Performing Arts Center.

A New York Criminal Attorney could easily fight the allegations as set forth by the prosecution. If you or a loved one find yourself in trouble and require a lawyer then a NYC Criminal Attorney is the place to begin and end your search.The Office of Stephen Bilkis and Associates can offer you support and guidance as well as a free consultation when you contact us at 1-800-NY-NY-LAW. We have offices in New York City, including Brooklyn, Queens, Manhattan, Staten Island and The Bronx and in Nassau County, Suffolk County and Westchester County.

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