SEMAPHORE TAX STRATEGIES, LLP v. WILLIAM SLATTERY

Sean Michael Novak

Case Conclusion Date:June 10, 2010

Practice Area:Contracts / Agreements

Outcome:JUDGMENT: $1,340,994.00

Description:Defendant William Slattery fraudulently and materially breached the terms of an Asset Purchase Agreement that he entered into with the Plaintiff on or about March 7, 2008.The key terms of the Agreement provided that defendant would sell to Plaintiff his existing business, client list, goodwill, and other assets in exchange for the purchase price of $968,229.90. Immediately following close of the sale, defendant began stealing clients and funds from Plaintiff in violation of the terms of the contract and an express non-compete agreement. Defendant was alleged to have misappropriated in excess of $400,000.00 in funds from Plaintiff, and diverted a portfolio of business valued at in excess of $500,000.00. After an eight day binding Arbitration, the Arbitrator returned a Judgment against defendant in the amount of $1,340,994.00, allocated as $670,497.00 in economic damages; $670,497.00 in punitive damages