Wells Fargo Wins $10M From Investment Fraudster On Appeal

Law360, Houston (July 9, 2013, 6:26 PM EDT) -- A Texas appeals court on Tuesday said both a one-time real estate magnate imprisoned for stealing millions from investors and his former business partner victimized by his scams are obligated under a loan agreement to pay a $10 million judgment held by Wells Fargo Bank.

The Fourteenth District Court of Appeals ruled that Michael B. Smuck, who admitted to running an investment scheme involving a portfolio of apartment complexes worth $1 billion, and commercial real estate broker Edwin A. White are personally liable under an indemnity...
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