Seafood Co. Hits Former CEO With Racketeering Suit
By Michael Lipkin
Law360, Los Angeles (October 25, 2013, 10:21 PM ET) -- A Massachusetts seafood wholesaler on Friday accused its former owner misled investors about the value of the company and orchestrated a racketeering scheme to steal business for rivals and drive up costs using insider knowledge when he stayed on as CEO after the company’s sale.
Mar-Lees Seafood LLC said former owner and CEO John A. Lees Jr. violated the Racketeering Influenced and Corrupt Organizations Act by committing wire and mail fraud when he invested in and helped manage competitors, even though he had pledged to devote...