April 13, 2011 (Press-News.org) A Travis County jury recently awarded a Texas man $1.6 million in damages resulting from business fraud committed by businessman and broker Christopher Bounds. Bounds worked for Merrill Lynch in Austin, where he conducted several business transactions that came to be the subject matter of the District Court lawsuit.
Plaintiff David Fernea accused Bounds of committing investment fraud and theft through the sale of stock in two telemarketing businesses. In the sales agreement, Bounds was to transfer his business interests in Austrends Inc. and Bounds and Pinto Marketing to Fernea, who paid Bounds $480,000 for the stock purchases. Instead of lawfully transferring the company interests to Fernea, Bounds gave him counterfeit stock certificates. Bounds illegally retained his interests in Austrends and Bounds and Pinto Marketing, using the companies' profits to fund his lavish lifestyle.
The jury arrived at its lofty damage award by imposing punitive damages of $1.2 million. Such exemplary damages are awarded when a jury finds the defendant's conduct to be so outrageous or unscrupulous that it wishes to severely punish the wrongdoer and deter others from engaging in similar behavior. The Travis County jury was clearly disgusted by Bounds' actions, as the actual damages caused were small in comparison at $400,000.
Investment Fraud Far from Rare
America's economical strength is fueled by investment in companies. Because investors are putting their hard-earned money at stake, Texas and the federal government have developed a regulatory scheme that focuses on proper information disclosure and the lawful transfer of business interests once purchase agreements are reached.
However, the number of daily business transactions in Austin alone is overwhelming; the purchase and sale of securities still depends largely on the honesty and integrity of company directors, financial officers and brokers. Sadly, investors are routinely the victims of nondisclosure, material misrepresentations and fraudulent documents. While most brokers operate legally, far too many greedy businessmen shamelessly deceive or steal so they can fatten their own wallets.
If You Suspect Investment Fraud Act Quickly
When an investor discovers that he or she has been defrauded, it is usually months or years after the wrongdoer began the course of deceitful conduct. In fact, the recent investment-litigation verdict against Bounds stemmed from business transactions occurring five years ago. It is crucial for defrauded shareholders to quickly take legal action so that they may recover damages in a timely manner, while the wrongdoer still has assets to recover.
A skilled Austin business attorney can help with the array of complex legal issues surrounding investment fraud. An experienced business lawyer will not only help a client recover all damages he or she is entitled to, but will hold guilty individuals accountable for their deceitful actions via a civil lawsuit.
Article provided by John McDuff, Attorney at Law
Visit us at www.johnmcduff.com/
Austin Jury Intolerant of Investment Fraud, Awards Man $1.6M
Investment fraud is alarmingly common, unlawfully costing investors billions of dollars each year. However, Austin citizens recently sent a strong message to deceitful brokers.
2011-04-13
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[Press-News.org] Austin Jury Intolerant of Investment Fraud, Awards Man $1.6MInvestment fraud is alarmingly common, unlawfully costing investors billions of dollars each year. However, Austin citizens recently sent a strong message to deceitful brokers.