Ted Skokos, a lawyer who made a fortune in the cell phone business and took his riches to Texas, has been sued by a former friend over an investment dispute. A quick scan of the records shows that Skokos turns up in legal disputes from time to time, maybe not surprising for an active entrepreneur.
In this case, a New York lawyer alleges that Skokos tricked him into a money-losing investment in a medical device company, though Skokos himself profited on the deal.
Somewhat more interesting were all the nuggets I stumbled across in looking up the story, particularly the philanthropic activities in which Skokos and his wife, former Miss Arkansas Shannon Boy Skokos, have engaged. There's a foundation that provides scholarship help. They made a $10 million gift to the AT&T Performing Arts Center. The stage at the Winspear Opera House and the pavilion at Annette Strauss Square are both named after them.
D Magazine featured their home on a spread on the 100 most expensive homes in Dallas, a 16,000-square-foot abode. The item mentions they also invested $19 million on a residence in the Bahamas.
If it makes you feel any better, Shannon Skokos' website says she's still a big fan of the Arkansas Razorbacks. She also provides a link to UALR's Bowen Law School, from which she graduated.
Forbes explains Skokos wealth.
Theodore C. Skokos, 62, is a retired attorney, having practiced law from 1973 through 1994. Since his retirement, he has been involved in various business enterprises, including founding and serving as an officer of three entities involved in the cellular telephone business and founding and serving as a member of the general partnership of Aloha Partners L.P., which holds the largest number of 700 MHz wireless spectrum licenses in the United States. Aloha Partners was acquired by AT&T Mobility in February 2008. Additionally, from 1999 to 2001, he served as chairman and president of The Flight Department, Inc., a privately held aircraft management and air charter company, located in Aspen, Colorado. Mr. Skokos has served as a director of ATS Medical since September 2006. Mr. Skokos was a founder and former Chairman of the Board of 3F Therapeutics, Inc. (“3F”), which was acquired by ATS Medical in 2006. ...
3F is the investment over which Skokos has been sued by the New York lawyer.
PS: Speaking of litigation, Skokos' previous marriage ended in a marathon divorce case settled by the Arkansas Supreme Court.