Mr. Davis turned out to be a fraud. Instead of being an ex-spy, he was a former car broker with a string of debts and failed businesses. Louis Bacon paid him about $6 million to investigate his neighbor Peter Nygard.
Nomad Preservation was a North Texas company in the thick of the 2009 mortgage meltdown that ruined lives of scores of people. Nomad employed people to care for foreclosed properties. But after about a year in business, Nomad evaporated with more than a million dollars of unpaid wages.
Jeffrey Davis was Nomad's corporate secretary. Davis' business partner and Nomad's president, was Hussein Sam El-Haje. Now in Michigan, El-Haje shares a house with Davis when he's in Texas. El-Haje said his criminal record for embezzlement and forgery in the 90s is irrelevant to the way he has run Nomad.
In lawsuits, Nomad blamed its problems on a company it took over and on Bank of America, which owes Nomad money. Bank of America denies that assertion.