Project Investor Sues Attorneys for $1.4 Million Alleged Stolen by Partner

Law360, New York (August 08, 2012, 9:45 PM ET) — A foreign participant in a real estate joint venture filed a lawsuit Wednesday in Texas state court aimed at the project’s banker and lawyers, alleging they secretly allowed the property to be used as collateral for $1.4 million in loans funneled into an unrelated business.

Lichtenstein-based Immobiliere Jeuness Establissement claims that attorneys with Davis Cedillo & Mendoza Inc. and a banker at InterContinental National Bank enabled the project’s general partner Michael H. Beucler to quietly obtain $1.4 million in personal loans, using the venture’s assets as security.