Chapter 9 - WHERE THE $220,000 WENT
Forensic accountant Teresa Walsh reconstructed the loan.
$220,000 gross proceeds.
Fees and closing costs reduced net funds.
Approximately $42,000 paid legitimate property expenses.
Roof.
HVAC.
Tax arrears.
Insurance.
About $151,000 flowed to Bennett House Interiors.
Another amount covered Vanessa and Brandon’s personal credit-card balances.
Some charges involved business expenses.
Some did not.
Vacation.
Jewelry.
Restaurant spending.
Mortgage payments on a vacation timeshare.
Vanessa argued all expenses were temporary reimbursements from funds she expected her company to repay.
No written loan agreement existed.
No repayment schedule.
No interest.
No corporate authorization from Mom.
That mattered.
The court did not need to call every dollar theft to conclude fiduciary duties had been breached.
Vanessa faced personal liability for improper transfers.
Brandon faced separate exposure for the false notarization and participation.
Again:
May you like
Different roles.
Different consequences.
