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Can a CEO of a very small public company "loan" the company operating capital by taking out a home equity loan?
Carlsbad, CA
Viewed 45 times.
Posted 5 months ago in Lawsuits / Disputes
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The CEO of a penny stock company "loans" the company money by taking out a loan and putting the money in the bank. He later complains when employees are paid from the bank account claiming that was HIS money. *throws hands in air*
Additional information
Is he entitled to be paid before the employees are? Does he have a claim on any part of the bank account? Hasn't he just "invested" in the company like every other share holder? He took out a Home Equity Line of Credit and used that money to "loan" the copmpany operating capital. The employees are paid from the corporate checking account which is where he deposited the funds and where he wants the funds returned from. Best Answer (as selected by the question's author)
Jonathan H Levy
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