A double whammy hit Austin-based Clark, Thomas & Winters this month. On June 17, a Blanco County grand jury indicted Bennie Fuelberg, former general manager of Pedernales Electric Cooperative (PEC), and Walter Demond, a former Clark, Thomas shareholder who represented the PEC for two decades. Then on June 18, the firm agreed to pay the PEC a $4.1 million settlement, thereby avoiding a civil suit.
The two indictments obtained by the Texas Office of the Attorney General, which investigated and will prosecute Fuelberg and Demond, charge both men with misapplication of fiduciary property, theft and money laundering stemming from allegations of payments of PEC money to two outside consultants.
