Four Hundred Million Dollar Fraud Verdict | Austin News

A Texas jury just slapped a $399 million judgment on two Dallas businessmen for fraud and breach of contract — a staggering sum that includes $300 million in punitive damages. The case centers on Energy Commissioning Inc., a Georgetown-based firm that loaned the duo $68 million to buy land for a housing project — which later ballooned into a $5 billion “city” dream with canals and skyscrapers. Reality hit hard: the land wasn’t canal-ready, and the businessmen were secretly under SEC investigation while lying about access to billions. The owner of Energy Commissioning lost everything — even his home — and now lives in a mobile home. The land? Already sold to another developer. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/b7c57bdfe8bd75c4