Jury Deadlocks In Fraud Suit Against Defunct Builder's CEO

Law360, Houston (March 19, 2014, 10:19 PM EDT) -- A Texas federal jury on Tuesday was unable to come to a decision in a Chapter 7 trustee’s suit against the former head of a defunct homebuilder who allegedly bilked the company out of tens of millions of dollars before it spiraled into bankruptcy.

At the conclusion of about two and a half days of deliberations, the jury notified U.S. District Judge Lee H. Rosenthal that it was unable to reach a consensus on allegations that former Royce Homes LP CEO John H. Speer executed a $33 million off-the-books leveraged buyout that left the company dangerously short on cash and then...

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