The plaintiffs and defendants, who are family members, entered into a business venture to purchase and manage an apartment building through a corporation.
The plaintiffs alleged that the defendant managing the building breached his fiduciary duties by misappropriating corporate funds for personal use and to purchase other properties.
After a 40-day trial involving extensive forensic accounting evidence, the court found the defendant's evidence lacked credibility and determined he had misappropriated $592,671.43.
The court imposed a constructive trust on the properties purchased with the misappropriated funds and ordered the defendant removed as an officer, director, and shareholder of the corporation.
