DH Realty Partners accuses former executive of embezzlement

After months of litigation, the dispute between DH Realty Partners and its former president, John Cannon, is set to go to trial in July, with both sides alleging financial wrongdoing.

DHRP sued Cannon in March, alleging he mismanaged company funds and wasted hundreds of thousands of dollars, San Antonio Business Journal reported. The company, led by CEO Patricia Hoover and president Michael Hoover, alleges that Cannon received at least $300,000 in unauthorized payments from the company.

The San Antonio-based commercial real estate firm also claims to have found evidence of numerous other questionable deals by Cannon. The investigation into these actions is ongoing, and DHRP indicates that the total amount could be substantial and span several years.

The company also accused former accountant Naomi Faz of helping Cannon hide the unauthorized payments.

Cannon has denied the allegations and filed a counterclaim in which it blames the Hoovers for the company’s financial woes.

Cannon’s counterclaim alleges that DHRP’s management organization, Sage Seis Partners, withheld more than $40,000 from his 401(k) account. DHRP’s refusal to release the funds violates federal law and could result in negative tax consequences for Cannon and the company, Cannon’s legal team argued. The firm said it was holding the funds as a safeguard against possible embezzlement.

Founded in 1965 by husband and wife Hoovers, DHRP also has offices in Austin and Corpus Christi. It offers brokerage services and is also a commercial real estate investor, accountant and management company.

— Andrew Terrell

Read more

Elon Musk wants his South Texas base to become a city

Fighting Words: Texas Landowner Takes On Crypto Miner In Lawsuit

Schvo could lose $180 million in rent due to Transamerica Pyramid lease lawsuit