Bank accuses gemstone sellers of fraud

By Philip Gonzales | Feb 13, 2017

GALVESTON — A banking corporation is suing gemstone sellers, alleging fraud by nondisclosure.

GALVESTON — A banking corporation is suing gemstone sellers, alleging fraud by nondisclosure.

Moody National Bank, as representative of Robert L. Moody of Galveston County, filed a complaint on Jan. 20, in the Galveston County District Court against Still Collum of Rockwall County and Joe Pacetti of Dallas County alleging that the gemstone sellers failed to comply with the Federal Trade Commission requirements.

According to the complaint, by deliberately remaining silent, the defendants caused Robert Moody to suffer monetary injury resulting in damages of $80,000, the amount Moody paid for the ruby and diamond necklace. 

The plaintiff alleges Collum and Pacetti failed to disclose material facts in connection to the sale of the necklace, including that the ruby had been heavily treated with lead glass.

Moody National Bank seeks trial by jury, judgment against the defendants, jointly, for actual damages of $80,000, pre- and post-judgment interest, court costs and all other proper relief. It is is represented by attorneys Andrew J. Mytelka and Stephanie Ng of Greer, Herz & Adams LLP in Galveston.

Galveston County District Court Case number 17-cv-0080

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