STATE BAR OF TEXAS “DISCIPLINES” WELL KNOWN DALLAS ATTORNEY WES HOLMES
On May 8, 2019, T. Wesley Holmes [#09908495], 55, of Dallas, agreed to a 48-month active suspension effective May 15, 2019.
An evidentiary panel of the District 6 Grievance Committee found that Holmes failed to hold funds belonging to a third person that were in Holmes’ possession in connection with the representation separate from Holmes’ own property.
Holmes failed to promptly deliver to the third person funds that the third person was entitled to receive. Upon request by the third person, Holmes failed to promptly render a full accounting regarding such funds.
Holmes engaged in conduct involving dishonesty, fraud, deceit, or misrepresentation.
Holmes violated Rules 1.14(a), 1.14(b), and 8.04(a)(3).
He was ordered to pay $987,807 in restitution and $1,500 in attorneys’ fees and direct expenses.
THE UNDERLYING AND LENGTHY LAWSUIT(S)
In 2011, the parties settled part of a case involving a dispute over the sale of a business. In the rule 11 settlement agreement, which was dictated into the record, the parties agreed to entry of a $1.7 million judgment to address one aspect of the dispute and agreed to allow the trial court to resolve one issue of contract interpretation.
The parties also agreed to allow the contract interpretation ruling to be appealed, and agreed that the party who ultimately prevailed on that issue would be entitled to receive fifteen percent of gross receipts collected by CTMI from certain projects during the course of the appellate process.
Those funds were to be kept in an escrow account established and held by attorney Wesley Holmes.
CTMI was required to fund the escrow account as revenue from the Devon projects was received. The fifteen percent gross receipts would be distributed to the party who ultimately prevailed on appeal. Following appeals to this Court and the Texas Supreme Court, Ray Fischer ultimately prevailed on the issue of contract interpretation and was entitled to distribution of fifteen percent of the gross revenue being held in escrow.
See Ray Fischer and Corporate Tax Management, Inc. v. CTMI, L.L.C., 479 S.W.3d 231 (Tex. 2016).
The Supreme Court’s mandate issued in that appeal on February 19, 2016.
The current dispute relates to the money owed to Fischer from escrow.
Relators claim they complied with their responsibilities under the settlement agreement by placing all required funds into the escrow account held by Holmes.
However, CTMI alleges that Holmes absconded with the money it placed in the escrow account.
Wes Holmes, Dallas Attorney
“A former scout team linebacker for the Baylor University football team, Wes had been practicing law since 1989 and specialized in probate and business litigation. He had spent more than a year involved in a contentious probate case in Judge Peyton’s court, with a brother and sister fighting over their father’s $100 million company. The judge had a reputation for being fair and mild-mannered. Was it possible, Wes wondered, that Judge Peyton was romantically involved with a lawyer on the opposing side?”
Hunt vs. Hunt: The Fight Inside Dallas’ Wealthiest Family
The Hunt family is one of the richest and most private families in Dallas. Now, with one member suing the others, things are about to get very public and very ugly.
Wes Holmes, a Dallas lawyer specializing in trust and estate disputes, is quite possibly the last lawyer left in Dallas who has not worked for the Hunt family. Trust law is quite malleable, unlike tax law, he says. Even self-dealing isn’t always illegal, if the end result was fair and benefited the beneficiary, included full disclosure and didn’t line the pockets of the trustee. “But as a general proposition, you don’t get to come in and rewrite the trust, he says.