Paul Lansford and David Cheatham, partners in the accounting firm of Cheatham and Lansford, CPA, are being investigated for allegedly stealing more than $2 million from trust accounts belonging to two of their clients.
The Texas Rangers are leading the investigation, according to District Attorney Jason Cashon.
“At this time I can confirm that an allegation of criminal conduct has been referred to my office relating to the actions of David Cheatham and Paul Lansford in their management of certain identified trust funds in Erath County,” Cashon said. “Any suspected criminal conduct revealed will be submitted to this office for evaluation and prosecution, if warranted.”
No charges against the men have been filed.
The clients involved have declined to comment on the case.
Meanwhile, Cheatham and Lansford have hired Stephenville attorney Garry Lewellen to represent them. Lewellen said his clients, who have been in practice for 35 years, are cooperating with authorities.
Cashon said the investigation has not uncovered any wrongdoing by other employees of the firm.
“Until this is resolved, both Cheatham and Lansford have agreed to measures that remove them from positions in the firm where they might have access to client funds,” Cashon said.