A company says it was duped into starting work on a waterfront development that was never real. A jury ordered two businessmen to pay $400M.
A Georgetown business was duped into starting work on a fictitious waterfront development. The 400-acre waterfront development looked like an oasis in the heart of Central Texas.
It turned out to be little more than a mirage. The glossy promotional materials showed cobblestone streets lined with shops, restaurants and parks. Modern and historic-looking office buildings were scattered about. A canal where boats could dock beside waterfront restaurants glistened in the lights.
But the proposed luxury development was a trap, a beacon for investment in a fraudulent plan that was never intended to become reality, according to Dripping Springs attorney Tanner Neidhardt. And it wasn’t the first scheme dreamed up by two Frisco businessmen, court records show.
Last week, a jury in Williamson County ordered Gopala Krishnan and Sakthivel Gounder to pay more than $400 million in damages to Energy Commissioning Inc., a Georgetown business that sold them the land and was hired by the defendants to bring water, sewer, roads, electricity and other needed infrastructure to the site, Neidhardt said.
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