Ex-CEO of North Carolina Software Firm Sues Financial Advisers
The former CEO of Raleigh-based software firm Red Hat Inc. is suing his family’s financial advisers, saying they misused $60 million.
Matthew Szulik (ZOO-lik) and his family filed the federal lawsuit in North Carolina against TAG Virgin Islands Inc.
The Szuliks say they wanted their money invested in a conservative portfolio of blue chip stocks and bonds. But they say about $60 million was improperly placed in questionable investments that are now worthless.
The family claims in court documents filed last week the firm received millions in kickbacks for the investments. TAG did not immediately respond to a request for comment.
Szulik stepped down as Red Hat’s CEO at the end of 2007 to deal with family health issues. He left his post as chairman this year.
- Judge Rules Bristol Myers Must Face $6.7B Lawsuit Over Delayed Cancer Drug
- Shot Employee Gets No Workers’ Comp and No Employer’s Liability
- State Farm Sued Over Policies Backed by Distressed Insurer PHL
- Barge Looted in the Bahamas Returns to Florida but Insurance Claims Mounting