Former broker sues Samuel Waksal, Kadmon
Anastasios Belesis filed suit against Kadmon Corp. LLC (New York, N.Y.), Samuel Waksal and Steven Gordon in the U.S. District Court for the Southern District of New York alleging breach of contract. The former founder and CEO of now-defunct brokerage firm John Thomas Financial Inc. and a former managing member of ATB Holding Co. LLC alleges that Waksal did not meet the terms of a stock purchase agreement with ATB to trade 1,000 Class B units of Kadmon, convertible to 1 million Kadmon shares, in exchange for $1.
According to the suit, Gordon subsequently proposed and failed to follow through on an agreement in which Belesis would renounce his interest in Kadmon and claims against Waksal in exchange for $15 million. Belesis alleged the agreement was designed to "avoid mandatory disclosure to investors" and "evade Waksal's lifetime bar from participation as an officer or director of any publicly traded company." ...