Ex-Investment Firm Exec Slapped With $20M Arbitration Award

Law360, New York (January 5, 2016, 11:34 PM EST) -- An arbitrator in New York has ordered a former executive of Pangea Capital Management to pay the investment firm around $20 million, finding that he engaged in a scheme to enrich himself by diverting funds from Pangea's investment in another company.

Stephen G. Crane, a retired New York judge with the arbitration firm JAMS, entered an award for more than $19 million plus interest against John Lakian, a former Massachusetts gubernatorial and senatorial candidate. In a decision dated Dec. 30, Crane found that Lakian had negotiated a transaction for Pangea Capital Management LLC with his own interests in mind, then proceeded...

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