02 / 27 / 2014

Dishonest Partner Pounded for $50 Million

The Vethan Law Firm, P.C. (“VLF”) is pleased to announce that a Harris County District Court recently entered a $50 million judgment in favor of our client, a minority shareholder in a regional placement and staffing company that placed personnel at various pipeline and steel yards across the United States.

Our client filed suit because he was excluded from management, deprived from examining the books and records of the company, and discovered that the controlling shareholder had taken company money and assets for his personal use, including buying lavish properties in the Texas Hill country, his personal home, and taking exorbitant trips to Las Vegas with his friends. In this case, what happened in Vegas did not stay in Vegas.

VLF's business trial attorneys also discovered the controlling shareholder used company money to pay over $3 million on his personal credit cards over a few short years, and used company money to pay members of his family a salary, when they did not work at the company.

The case is now set for final judgment against the remaining Defendants, and VLF has requested a wind down of the company, including the liquidation of its assets.

VLF’s business attorneys once again show that Texas law requires corporations and businesses to be run with transparency and fairness to all its partners and shareholders. If the company fails to do so, a VLF attorney may be on the other side.

 

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