Jury awards fraud judgment against Life Partners CEO Pardo
A jury in Fort Worth has found that Brian Pardo, longtime CEO of Waco-based Life Partners Holdings, committed fraud in his operation of the company he founded and owes millions of dollars to creditors who filed suit against Pardo and several family members.
An attorney for Life Partners Creditors Trust, Jennifer Ecklund, of Dallas, said the finding could result in Pardo owing creditors as much as $65 million. But Robert Burford, a Houston attorney representing Pardo, said the award for damages will not exceed $15 million.
“The judge will have to sort it out,” Burford said of the verdict form. “But I know the judgment will be nowhere near $65 million. Considering this was a $750 million lawsuit, I would say it is a victory for us.”
The trial in U.S. District Court in Fort Worth lasted six days, and the jury reached its verdict on the second day of deliberation, Ecklund said. The original lawsuit was filed in August 2015 by the trustee in the Life Partners Holdings bankruptcy case, she said. The suit later became consolidated with other legal action taken against Pardo by more than 200 investors.
Read more: http://www.wacotrib.com/news/business/jury-awards-fraud-judgment-against-life-partners-ceo-pardo/article_b726c611-bbed-563f-ae4c-15c9b0281ecd.html
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