Wilson & Wilson Tax Services, Inc. and Billy R. Wilson Jerome Carter A/K/A Jerome Carter, Sr. v. Mohammed, Hayden and Mohammed Nazreen

CourtCourt of Appeals of Texas
DecidedFebruary 19, 2004
Docket14-02-00086-CV
StatusPublished

This text of Wilson & Wilson Tax Services, Inc. and Billy R. Wilson Jerome Carter A/K/A Jerome Carter, Sr. v. Mohammed, Hayden and Mohammed Nazreen (Wilson & Wilson Tax Services, Inc. and Billy R. Wilson Jerome Carter A/K/A Jerome Carter, Sr. v. Mohammed, Hayden and Mohammed Nazreen) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Wilson & Wilson Tax Services, Inc. and Billy R. Wilson Jerome Carter A/K/A Jerome Carter, Sr. v. Mohammed, Hayden and Mohammed Nazreen, (Tex. Ct. App. 2004).

Opinion

Reversed and Rendered in Part, Reversed and Remanded in Part, and Opinion filed February 19, 2004

Reversed and Rendered in Part, Reversed and Remanded in Part, and Opinion filed February 19, 2004.

In The

Fourteenth Court of Appeals

____________

NO. 14-02-00086-CV

WILSON & WILSON TAX SERVICES, INC., BILLY R. WILSON, AND JEROME CARTER a/k/a JEROME CARTER, SR., Appellants

V.

HAYDEN MOHAMMED AND NAZREEN MOHAMMED, Appellees

On Appeal from the 113th District Court

Harris County, Texas

Trial Court Cause No. 98-58694

O P I N I O N


Billy R. Wilson and Jerome Carter appeal from an adverse judgment notwithstanding the verdict and a directed verdict in Hayden and Nazreen Mohammed=s lawsuit against them.[1]  In four issues, Wilson contends the Mohammeds failed to prove as a matter of law that they were entitled to judgment notwithstanding the verdict.  In three issues, Carter contends the evidence supports the jury=s findings and the Mohammeds were not entitled to judgment notwithstanding the verdict.  In a fourth issue, Carter contends the trial court improperly directed a verdict on the promissory note and erred in refusing to submit requested defensive instructions on that issue.  Because the trial court erred in entering a judgment notwithstanding the verdict, we reverse and render judgment based on the jury=s verdict.  Because the trial court erred in directing a verdict against Carter on the issue of the promissory note, we reverse and remand for determination of that issue.

I.  Background[2]

Jerome Carter is an investment banker, a position he held for more than fourteen years.  At the time of the transaction made the basis of this suit, he was an officer of Trust Investment Group (ATIG@) and handled financial transactions for the company.  TIG was a fee-based business facilitator that connected investors with people or companies needing financing.  Wilson was a tax accountant, who performed various accounting functions for TIG, including helping it qualify to do business in Texas and opening a checking account in its name, on which he was authorized to write checks.

The transaction involved in the present lawsuit began as an investment in a commodity transaction to purchase Nike tennis shoes in South America, transport them to Asia, and sell them Aat a tremendous markup.@  The Mohammeds were investors and TIG was handling the financing for the purchaser of the tennis shoes, Global Commodities.


In early 1997, Nazreen Mohammed=s brother, Samuel Alie, was working with Eddie Tang.  Tang, who was associated with a company in Trinidad and Tobago, had been in contact with Carter regarding financing, through TIG, for a construction project.  Tang asked Carter if TIG needed investors for any other projects.  Carter responded that there was a possible commodity deal (the Nike investment) that was available as a joint venture.  Alie called Nazreen, told her about the opportunity, and encouraged her to invest. The Mohammeds invested some of their own money along with money they borrowed from various friends and relatives.  On February 28, 1997, the money was deposited in a TIG bank account set up by Wilson.[3]

A meeting took place between the Mohammeds, Alie, Tang, Carter, Wilson, the man who owned Global Commodities (Sajjad Sheekh a.k.a. Jack Perez), and other interested persons, including Gautum Roy and Shulekha Chandra.  Chandra was Nazreen=s sister, and, together with Roy, she owned Royko, a company that was created for investment in the tennis shoe commodity transaction.[4]  At the meeting, the participants agreed to go forward with the deal.  The plan called for the group led by the Mohammeds to evenly divide the proceeds with TIG; Alie was to receive a ten percent commission; and another $150,000 was to go to the Trinidad and Tobago company associated with Eddie Tang, as a broker=s fee.  Once profits were received they were to be returned to TIG=s account and disbursed to the investors.  Roy told Carter to transfer $160,000 of the investors= funds to Global Commodities to enable it to purchase the tennis shoes.  Carter then told Wilson to use the investors= funds in the TIG account to buy a cashier=s check.  Wilson did so and gave the check to Carter, who, in turn, gave it to Global Commodities.  Global Commodities received the money, but nothing was ever returned to TIG.


When the Mohammeds inquired about their investment, Carter and Wilson signed an undated document containing the following handwritten words: APayment Amount: $200,000 [and] We agree to transmit the above amount.@[5]  The document also included Nazreen Mohammed

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Wilson & Wilson Tax Services, Inc. and Billy R. Wilson Jerome Carter A/K/A Jerome Carter, Sr. v. Mohammed, Hayden and Mohammed Nazreen, Counsel Stack Legal Research, https://law.counselstack.com/opinion/wilson-wilson-tax-services-inc-and-billy-r-wilson--texapp-2004.