Clark, Thomas & Winters Agrees to Pay Millions to Former Client
A double whammy hit Texas-based Clark Thomas this month. First, a grand jury indicted Bennie Fuelberg, former general manager of Pedernales Electric Cooperative, and Walter Demond, a former Clark Thomas shareholder who represented the PEC for two decades. Next, the firm agreed to pay the PEC a $4.1 million settlement, avoiding a civil suit. The indictments charge both men with misapplication of fiduciary property, theft and money laundering stemming from allegations of payments of PEC money to two outside consultants.
