Two lawsuits filed within weeks of each other accuse a San Antonio attorney of using lawyer trust accounts to collect millions of dollars from investors who were promised enormous returns that failed to materialize.
In federal court, New York couple Kevin and Holly Wyse accuse attorney Edward Valdespino and Waco law firm Naman, Howell, Smith & Lee PLLC of helping facilitate what the lawsuit repeatedly describes as a Ponzi scheme that persuaded them to wire $1 million into Valdespino’s IOLTA account with promises their money would grow to $10 million within 45 days. An IOLTA is a lawyer trust account used to hold client or escrow funds.
In a separate Bexar County lawsuit, Boca Raton, Fla.-based I.C. Deposits Development Inc. says it transferred $5 million into another Valdespino IOLTA account after being told it would receive $50 million in returns tied to a private investment transaction…