A Holland & Knight LLP partner helped the former leader of GWG Holdings Inc. in a scheme to “loot” the bond seller, a litigation trustee for the bankrupt company’s creditors alleged.
Holland & Knight litigation partner William “Bill” Banowsky knowingly participated in a fraudulent plan orchestrated by Bradley K. Heppner, a former GWG board director and chair, the litigation trustee said in a complaint filed Feb. 28 in the US Bankruptcy Court for the Southern District of Texas.
The trustee is seeking at least $148.4 million in damages, plus other costs.
The suit accuses Banowsky of helping Heppner use a ...