Calif. Developers Told To Pay $5.5M Over Commingled Funds

Law360, New York (June 29, 2012, 4:55 PM ET) -- A California judge ruled Thursday that a pair of San Diego developers had breached their fiduciary duty to their company's stakeholders by commingling funds and improperly taking out loans, ordering the pair to pay investors more than $5.5 million.

Judge Frederic L. Link issued a judgment against developers Jack Scull and Charles Evans and their company Simplon Corp. in a bench trial in California Superior Court. Judge Link ruled that the defendants had improperly taken out short-term loans to pay back a prior $26.9 million loan...
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