Investor Says Audit Reveals Marine Co. CEO Embezzlement

By Vince Sullivan (July 3, 2018, 5:30 PM EDT) -- A minority investor in tugboat and barge service provider Harley Marine Services Inc. filed suit Tuesday in Delaware Chancery Court seeking to oust the company's CEO after an audit allegedly revealed he embezzled millions of dollars in funds and assets to satisfy personal expenses.

In its derivative complaint, investor Macquarie Marine Services LLC said Harley Marine's founder, president, CEO and board chairman, Harley V. Franco, sold valuable company assets for personal gain, diverted company funds for his personal use and attempted to destroy evidence of this alleged wrongdoing when an audit revealed the misappropriation.

Macquarie said in its complaint it was...

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