GALVESTON — An investor is suing a business partner, alleging the defendant lied about the true value of Crystal Beach properties for which he was supplying investment money.
William E. Lloyd and WEL Properties LLC filed a complaint April 4 Galveston County District Court against John Manley, alleging conversion, theft by deception and common law fraud.
According to the complaint, Lloyd was approached by Manley about forming a partnership on July 11, 2018. The partnership, the suit says, would be for the purpose of developing several tracts of land in Crystal Beach.
Lloyd says he was to provide the funds to purchase the land while the defendant would provide the materials and knowledge needed to develop the lots into homes. The plaintiff alleges he delivered $400,000 to Manley July 16, 2018, for the purchase of seven acres but the defendant stated the purchase price was $150,000 higher than the amount the plaintiff delivered.
Lloyd, the suit says, then was asked by the defendant to invest $50,000 for two beachfront lots in Crystal Beach. The plaintiff delivered the payment but the defendant again misrepresented the value of the properties as $25,000 each when they were really only $2,500 each.
Lloyd seeks judgment of no less than $195,000, exemplary damages, interest, attorney fees, court costs, declaratory judgment and other just relief. He is represented by attorneys Anthony Brown and Ethan Baker of McLeod, Alexander, Powel & Apffel PC in Galveston.
Galveston County District Court case number 19-CV-0610