Developer facing theft, fraud charges
Gary Cain accused in 2007 Windcrest deal
SAN ANTONIO – Developer Gary Cain is accused of theft and fraud in a 2007 real estate deal aimed at reviving Windsor Park Mall in Windcrest.
During opening arguments in Cain's trial Tuesday, prosecutor James Ishimoto told the jury that Cain inflated real estate prices that were quoted to web space hosting company Rackspace for portions of the mall and that his brother Ronnie Cain, who was Windcrest's city manager at the time, illegally diverted money from the City of Windcrest Economic Development Corporation.
"There's two crimes here," Ishimomto said during opening arguments. "One is the $6.9 million for overcharging Rackspace and the other is the false invoice for $2.8 million."
Cain's lawyer told the jury that this was no crime -- just a civil dispute -- and that the brothers never intended to deceive anyone.
"There's nothing hidden -- no back-door dealings," said defense attorney Woody Halstead. "It was all out in the open for everyone to see."
Testimony will resume on Wednesday in Judge Ron Rangel's 379th Distsrict Court.
If he is convicted, Cain faces a punishment range of from 5-99 years to life in prison.
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