Ex-CEO Raided Entertainment Co.'s Assets, RICO Suit Says

Law360, New York (May 10, 2013, 2:36 PM EDT) -- Entertainment company ValCom Inc. launched suit in New Jersey federal court Friday accusing its ousted former president and CEO Vince Vellardita and other top brass of defrauding ValCom out of millions of shares in violation of the Racketeering Influenced Corrupt Organizations Act.

ValCom alleges that Vellardita and five other executives and shareholders schemed to defraud Valcom out of millions of shares and assets, engaged in self dealing and business activities that conflicted with ValCom’s business interests, such as consulting for rival entertainment companies, and usurped corporate...
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