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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRepublican National Committee finance chair Ray Washburne lured into investment scam
Among the wealthy investors who Austin investment manager Mark Powell lured into an investment scam was the top fundraiser for the national Republican Party, who gave Powell $650,000 and has filed a claim against Powells estate.
Ray W. Washburne, a Dallas investor and restaurant chain owner, was named the national finance chair for the Republican National Committee in February 2013, nearly two years after he gave money to Powell that he says wasnt paid back in full before Powells death in May from a self-inflicted gunshot wound.
Ray W. Washburne, a Dallas investor and restaurant chain owner, was named the national finance chair for the Republican National Committee in February 2013, nearly two years after he gave money to Powell that he says wasnt paid back in full before Powells death in May from a self-inflicted gunshot wound.
More at http://www.mystatesman.com/news/news/national/among-mark-powells-alleged-victims-republican-nati/nc3Dx/ .
Additional background stories:
Will $15 million in life insurance help repay bilked creditors after Austin investment manager Mark Powells death?
Court documents show Powell borrowed at least $28 million from nearly 90 people, foundations and banks; where the money went remains a mystery.
An Austin investment manager who borrowed millions of dollars from wealthy investors throughout Texas including a former Round Rock mayor, a major league pitcher and one of the states most powerful lobbyists had more than $15 million worth of life insurance when he took his own life in a rural cemetery last year, court documents show.
And that has his creditors nearly 90 of them so far more optimistic that theyll get at least some of their money back, even though what happened to the money remains a mystery.
And that has his creditors nearly 90 of them so far more optimistic that theyll get at least some of their money back, even though what happened to the money remains a mystery.
More at http://www.statesman.com/news/news/local/will-15-million-in-life-insurance-help-repay-bilke/nc3Dp/ .
http://www.mystatesman.com/news/news/local/austin-financial-advisers-death-sparks-inquiry-int/nX5Yp/
http://www.mystatesman.com/news/news/new-details-emerge-in-dead-investment-managers-fin/nYQDt/
Note: All links are behind the paywall at the Austin American-Statesman.
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Republican National Committee finance chair Ray Washburne lured into investment scam (Original Post)
TexasTowelie
Jan 2014
OP
Later in the article it indicates that Washburne may have traded on inside information.
TexasTowelie
Jan 2014
#1
TexasTowelie
(111,279 posts)1. Later in the article it indicates that Washburne may have traded on inside information.
He (Washburne) said Powell later approached him with a pitch for a loan, claiming he had inside knowledge of the impending sale of United Surgical Partners International, an Addison-based chain of surgical facilities. Powell said his father, Boone Powell Jr. the former CEO of Baylor Health System in Dallas was about to retire from the companys board and had options to buy the companys stock.
The way Washburne saw it, he was helping Powell with a deal, Im going to make a little bit of money on my end, so why not?
But Washburne and nearly 90 other investors say their money disappeared and the promised investment never happened.