Trustee Says Tech VC Firm Stole Millions From Investors

Law360, Los Angeles (January 22, 2014, 5:25 PM EST) -- The trustee of a tech-focused venture capital firm being sued in Delaware by its shareholders launched a suit Friday in California court alleging the company’s executives breached fiduciary duties and cost shareholders hundreds of millions of dollars.

In a complaint made public Tuesday, Bram Portnoy, who was appointed in Delaware Chancery Court as receiver for Silicon Valley Innovation Co. LLC, claims the company’s executives ran a scheme beginning in the early 2000s to take investors’ funds. The trustee claims the executives used these funds to pay...
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