The CEO of North Texas-based residential real estate development lender United Development Funding and three of his colleagues were found guilty late this afternoon on securities fraud, wire fraud and conspiracy charges. After nearly two days of deliberation, the jury convicted UDF CEO Hollis Greenlaw, CFO Cara Delin Obert, director of asset management Jeffrey Brandon Jester and partnership president and committee member Benjamin Lee Wissink on all counts. Dallas Business Journal reporter Bill Hethcock was in the courtroom every day and has the details on the verdict.
More Stories
Q&A with Jackson Walker Deal Partner Kyle Hooper
The Texas Lawbook caught up with Hooper about his decision with Brian Lidji to join forces with one of the largest firms in the state, memorable deals he and Lidji have handled and their clients’ concerns.
Jackson Walker Adds Fiduciary Litigation Muscle to Wealth Planning Group
With the additions from Crain Caton, Jackson Walker has recruited 12 partners over the past three months.
Judge: $4B Stanford Fraud Case Against Banks to Go to Trial in Houston
After more than a dozen years of motions, objections, petitions and appeals, the multibillion-dollar civil fraud case against five banks that provided financial services to Ponzi scheme perpetrator R. Allen Stanford and his investment firm will finally go to trial later this year in Houston.
A federal judge, who has overseen the massive litigation brought by thousands of investors who claim they were defrauded more than $5 billion in hard money by Stanford and the Stanford Financial Group between 1999 and 2008, said the biggest and final of all the lawsuits is ready to be sent back to Houston to be decided by a judge and jury in the town where the scheme took place.
Tellurian Founder Sued by Major Investor — Updated
An investor in Houston-based Tellurian Investments has sued Charif Souki on claims that the company co-founder and chairman of the board reneged on a promise to pay back the investor for tens of millions in losses after Tellurian’s stock value plummeted.
DBJ: Fate of UDF Execs in Jury’s Hands as Closing Arguments End
After a week-long trial, the fate of United Development Funding CEO Hollis Greenlaw and three other top executives at the North Texas-based residential real estate development lending firm is in the hands of the jury.
Becky Diffen: Catching the New Winds in M&A
Over the past couple of decades Becky Diffen has managed to fashion a student passion into a formidable career guiding M&A transactions for renewable energy projects. She’s not only seen the energy business change, she’s literally been an agent of that change. Nushin Huq profiles her personal transition for The Texas Lawbook.
CDT Roundup: 12 Deals, 9 Firms, 155 Lawyers, $7.6B
2021 was a record year for private equity in the U.S. According to PitchBook stats there were 8,600 PE deals worth more than $1.2 trillion, waaay higher than even the previous record. The Roundup has more on the banner year, as well as last week’s reported transactions.
Locke Lord Corporate Team in Dallas Departs for O’Melveny
The five-partner team — highlighted by Whit Roberts and Jack Jacobsen, two Locke Lord lifers — includes three who have held firm or department-wide leadership roles. This latest move brings O’Melveny’s Texas partner total to 15, with more lateral poaching expected by the Los Angeles-headquartered firm.
SDTX & NDTX Chief Judges Talk Retirement, Pandemic’s Impact on Trials
During a 90-minute webinar over Tuesday’s lunch hour, Northern District Chief Judge Barbara Lynn and Southern District Chief Judge Lee Rosenthal talked retirement plans (or lack thereof) and courtroom trends from the pandemic and when jury trials (currently paused by Omicron) in their jurisdictions are likely to resume