Four wealthy businessmen guaranteed a $29 million loan tied to a fuel-investment venture that became a Ponzi scheme; on November 6, a Texas appeals court upheld a verdict awarding the bank no damages
A Texas appeals court has upheld a trial court ruling that leaves PlainsCapital Bank unable to recover money from a $29 million loan guarantee. The case involved a fraudulent fuel investment business that was later exposed as a Ponzi scheme. The decision, issued on November 6 by the Texas Fifth Court of Appeals in Dallas,…