San Antonio lawyer who allegedly looted client accounts of millions surrenders his law license

The San Antonio lawyer accused of looting client accounts of millions of dollars won’t be practicing law any longer. Estate-planning and personal-injury attorney Christopher “Chris” Pettit has surrendered his law license rather than face disciplinary action from the State Bar of Texas. The Supreme Court of Texas accepted Pettit’s resignation Monday. At least 14 lawsuits have been filed by clients who allege Pettit stole their money and commingled accounts. He served in multiple roles for clients, including as legal counsel, investment adviser and trustee. He also prepared tax returns. Though he has denied the allegations in some complaints, he also entered into agreed judgments — which include punitive damages — with a handful of clients.

The FBI has been investigating. The Internal Revenue Service also has its own investigation, according to a person with knowledge of the matters. Pettit’s alleged scheme has unraveled in recent months, culminating last week with him and his firm each filing for Chapter 11 bankruptcy protection. Pettit’s petition listed $27.8 million in assets and $115.2 million in debts, making it one of the largest personal bankruptcy cases ever filed in San Antonio. Among the assets are multiple homes, including a 7,300-square-foot Disney World mansion that’s listed for sale at $8.9 million and a house at 555 Argyle Ave. in Alamo Heights overlooking Olmos Dam. That’s valued at $3.6 million. Pettit also owns two Porsches and two Mercedes-Benz vehicles. On May 24, he filed a motion for the Supreme Court to accept his resignation. He offered no explanation. The State Bar of Texas’ Office of the Chief Disciplinary Counsel had detailed Pettit’s “professional misconduct” in a response, citing four grievance complaints it received.