The Real Deal New York

Bellmarc founder Neil Binder allegedly misused company funds

$2M suit could endanger Coldwell Banker franchise deal

August 26, 2014 04:20PM

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Neil Binder

Neil Binder

Neil Binder, co-founder of the Bellmarc Group, is being sued by his business partners for allegedly embezzling hundreds of thousands of dollars, according to court papers.

Larry Friedman and Anthony DeGrotta, Binder’s business partners, filed papers on Tuesday in Manhattan Supreme Court, stating that Binder allegedly used the company’s funds as “his personal piggy bank.” The business partners are looking to receive $2 million in damages. Bellmarc could be in danger of losing its franchise deal with Coldwell Banker and the embezzlement the suit alleges could cause tax problems for the company.

The funds Binder allegedly took out of the company account — in one case an escrow account that was used for employees’ health insurance premiums, according to the court papers — were  used to support a “lavish lifestyle” and pay “personal debts,” according to court papers cited by the New York Daily News.

Binder’s debts include the mortgage on his luxury co-op in Westhampton and rent on his $11,950-per-month apartment on East 90th Street.

The suit also alleges that Binder has “issues” with his female employees, according to the Daily News, and claims he used Bellmarc resources to improperly pay his wife, sister and daughter.

Binder did not immediately respond to the Daily News’ calls or emails seeking comment. [NYDN] – Claire Moses

  • Slapintheface

    To me, this guy always looked liked a cross-eyed, greasy (for an accountant), used-car salesman dressed in a cheap suit and a pair of glasses that he thought were classy and rather stylish. His whole look just rubbed me the wrong way. And I never met him or said a word to him. I only saw him in person once.

  • john

    oy vai ga haged

  • spam888

    bad karma does to bad people ….. Those two had done to someone before…not they are tasting there own medicine !!! love it !

  • Mike Kennedy

    Donald Trump is America’s Builder and Top Developer!

  • Broker bob

    Going back over 20 years Binder took 4 weeks after a closing to pay the agents. We all suspected he was playing with our money.

  • bewbgd

    Neil is a good man, and there is no way this accusation could be true.

    I worked at Bellmarc for several years. I don’t know exactly what happened between him and his partners, but I know what kind of person Neil is.

    I remember a discussion during the recession after the 2008 financial crash. The company was losing money, really struggling, barely hanging on. Someone suggested that Neil save money by listing everyone in the property management division (which we had at the time) who was not a hard worker, and laying them off.

    Neil refused to discuss it. He said that they had families to support, and that mattered more than whether it would save money.

    Most business owners would not have cared. Neil did.

    Instead, he started putting his personal savings into the company to keep it running.

    It’s also well-known that he’s continued to pour significant amounts of his own personal money into the company in the last couple of years – far more money than the amount that he’s being accused of supposedly “embezzling” out of it.

    Why would he steal money out of the company when he was pouring so much of his own money into it? He wouldn’t. It’s irrational. It’s a completely rediculous accusation.

    Why would Anthony and Larry make this stuff up? Perhaps they’re doing it to force Neil out so they can seize control.

    Based on what I’ve heard from within the company, they made no secret of the fact that they were power hungry, that they coveted Neil’s position, and that they wanted to push him out and take control for themselves.

    I guess they finally hatched a scheme.

    Their accusation against Neil is so absurd that it would be funny if it were not so sad.

    An honest businessman’s name is being smeared with lies by a pair of snakes, so they can steal the company that he built.

    I felt compelled to write, because this is unjust, unfair, and Neil deserves better!

    • hmmm…

      Same reply on each article? Who is bewbgd?

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