CEO Hurting Patriot National To Keep Control, Investor Says

Law360, Wilmington (December 1, 2016, 7:21 PM EST) -- A shareholder of Patriot National Inc., which provides administrative services to insurance companies, has sued the company in Delaware based on allegations that its CEO made a series of detrimental decisions to retain control.

Shareholder Henry Wasik on Wednesday said that Patriot National Chief Executive Officer Steven Mariano has been using the company “as his personal piggy bank” to fight off potential challenges to his majority ownership. Mariano turned down investors seeking to exercise warrants, entered into a new credit agreement in order to pay larger...
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