By BJ Austin
http://stream.publicbroadcasting.net/production/mp3/kera/local-kera-953373.mp3
Dallas, TX –
A 68 year old Dallas real estate executive and "patron of the arts" is under federal indictment for allegedly defrauding investors out of more than 6 million dollars.
Prosecutors say Eric Brauss made false representations to investors in two large retail developments; one in New Mexico and Parkwood Crossing in Fort Worth. And he spent most of the money on things unrelated to the two projects.
Brauss' attorney, Larry Friedman says the criminal indictment was a surprise because it came the day after settlement of a large civil lawsuit - including investors in the New Mexico and Fort Worth projects.
Friedman: I think by the fact that all these people entered into settlement agreements and gave affidavits of non prosecution, which if you ask around, you'll find is highly unusual, you can see the sentiment in favor of Eric. All these properties lost value because of the worldwide economic recession, not because Eric Brauss is the general partner.
Bruass and his wife were major supporters of the Dallas arts, including the Opera and Performing Arts Center. He reportedly fled the country in 2009 after the collapse of his real estate business and is said to be living in Brazil.