Wednesday, October 05, 2005
Miers Led Law Defrauds Investors
According to the 5/1/00 newsletter Class Action Reporter, Miers headed Locke, Liddell & Sapp at the time the firm was forced to pay $22 million to settle a suit asserting that "it aided a client in defrauding investors."
The law-firm admitted that it "knew in March 1998 that $ 8 million in [the company's] losses hadn't been reported to investors" but didn't tell regulators.
This wasn't an isolated incident, either. The Austin American-Statesman reported in 2001 that Miers' lawfirm was forced to pay another $8 million for a similar scheme to defraud investors.
As the 9/20/00 Texas Lawyer reported, Miers' firm helped a now-convicted con man "defraud investors and allowed the firm's [bank] account to be used as a 'conduit.'" The suit said "money from investors that went into the firm's trust account was deposited into [the con man's] bank accounts and was used to pay for his 'expensive toys.'"
If you think Miers wasn't involved in any of this -- think again. Miers wasn't just any old lawyer at the firm. She was the Managing PartnerFrom huffington post