Sunday, February 20, 2011

Arts Organizations Get Stiffed By Wealthy Criminal

"Former Dallas dealmaker and patron of the arts Eric Brauss, who fled the country after his real estate empire collapsed, has been indicted for allegedly defrauding investors of more than $6 million in two commercial real estate projects. Brauss, 68, and his former wife, Christine, were major supporters of the Dallas arts, including the opera and the performing arts center. However, Brauss left town before fulfilling his $1 million pledge to the arts center. The couple’s divorce was final in early 2010. According to the federal indictment, in the Eastern District of Texas, Brauss diverted $2 million from a retail development project in Albuquerque, and $4 million from a retail project in Fort Worth." [Source]