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Sat Apr 20, 2019, 07:43 PM

Lawsuit claims Lakeway man fleeced $8 million from investors

An Austin-area man is at the center of what a lawsuit alleges is an investment scam that bilked about $8 million from a handful of private financial trusts and individuals, under the guise that their money was being used to fund short-term, high-interest commercial loans.

The lawsuit contends that David Seibert, a Lakeway resident, never made any of the loans and that “every single one of these transactions was a fiction and a fraud.” The lawsuit says the investment deal began in mid-2017 and unraveled last month after a $1.15 million purported loan for improvements to a Houston restaurant was revealed to have been faked.

The suit, filed in state district court in Travis County, lists Seibert as a defendant, along with a number of associated companies, including Seibert Equity Investments and Great American Funding.

Seibert declined to comment this week when contacted by the American-Statesman.

Read more: https://www.statesman.com/news/20190419/lawsuit-claims-lakeway-man-fleeced-8-million-from-investors

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