Pangea Exec Used Investment As 'Piggy Bank,' $20M Suit Says

Law360, New York (June 08, 2012, 1:42 PM ET) -- Shareholders of investment firm Pangea Capital Management LLC on Wednesday hit high-profile firm partner John Lakian with a $20 million suit for allegedly diverting nearly $7 million to a company he treated as his “personal piggy bank” and subsequently “ran into the ground.”

In a complaint in New York state court, Pangea managing partner Mark Branigan claims Lakian — a frequent commentator on Fox Business News and former Massachusetts gubernatorial and senatorial candidate — and his accountant Diane Lamm breached their fiduciary duties to the firm...
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