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DALLAS (CN) – A 68-year-old Dallas man is charged with running an $8 million real estate scam. Eric Brauss could face up to 20 years in prison for each of the 10 counts in the grand jury indictment. Prosecutors say Brauss took investors’ money for two big retail developments, in New Mexico and Fort Worth, Unser Towne Crossing ($2 million) and Parkwood Crossing ($6 million). But Brauss took the money under misrepresentations and spent most of it on “expenditures unrelated to the two projects,” prosecutors said in a statement.
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