The US subsidiary of the Belgium-based cranes specialist Elaut has started a civil action against its former president alleging that he stole from the company.
Elaut USA Inc has started the case in New Jersey against Jack Guarnieri, Michael Carle and Jersey Jack Pinball Inc, seeking to recoup $1.6m, which it alleges Guarnieri channelled into his personal bank accounts and into his new venture.
Guarnieri was president and CEO of Elaut USA from 2008 until 2011 when he left to form his Jersey Jack Pinball company. Michael Carle was brought into Elaut USA as chief financial officer by Guarnieri.
Elaut USA is alleging that during his period in control of the company, Guarnieri with the help of Carle diverted cash from Elaut sales into his personal account and also into the formation of Jersey Jack Pinball.
In a statement released to the trade press this week, Jack Guarnieri said: “I have categorically denied these allegations in response to this complaint and I categorically deny them now. The complaint is utterly without merit and a frivolous waste of judicial resources. I intend to vigorously defend this matter and anticipate that when the truth emerges, I will be fully vindicated as to each and every allegation.”
