GVA PropertyManagement, an Austin-based multifamily real estate investment and operating company, today announced that a preliminary expert report prepared by Jason S. Flemmons, CPA, CFE, CFF – a former Deputy Chief Accountant of the SEC’s Division of Enforcement – has concluded that GVA’s accounting practices are consistent with applicable IRS rules and do not constitute evidence of falsified records.
The report was prepared in connection with a lawsuit filed by Hill Country Hillside Ltd., River Retreat 1228 LLC, Hill Country Meridian LLC, and Sierra HC LLC – entities associated with Bryan Kastleman – in the 455th District Court of Travis County, Texas. The plaintiffs allege that GVA “systematically and routinely reclassified bad debt” to fraudulently inflate revenue and financial metrics reported to investors.