Austin, Texas-based GVA Property Management and others allegedly engaged in a fraud scheme under which they misled investors about the financial health of real estate projects, according to a new lawsuit.
GVA Property and its founder and CEO, Alan Stalcup, falsified accounting records to inflate key financial metrics they knew would influence investment decisions, plaintiff Hill Country Hillside Ltd., and other investors said in their Wednesday petition filed at a Texas district court in Travis County.
GVA Property’s alleged misconduct scheme cost investors, lenders, and others “hundreds of millions of dollars,” the petition says. The plaintiffs seek damages for fraud, ...