Bellmarc founder Neil Binder allegedly misused company funds

$2M suit could endanger Coldwell Banker franchise deal

TRD New York /
Aug.August 26, 2014 04:20 PM

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


Related Articles

arrow_forward_ios
Coldwell Banker's Joseph Hamdan (Credit: iStock)

Coldwell Banker is coming back to Manhattan

Compass poaches Coldwell Banker’s top producer Chris Cortazzo

Home prices in Nassau and Suffolk counties rose in June.

On Long Island, home prices jump in June

This Long Island home that once claimed to be the country’s largest sustainable residence is back on the market

Chicago’s top residential brokerages churned out $23B in deals last year

Behind the demise of Advisors Commercial Real Estate

Westchester & Fairfield Cheat Sheet: Inventory’s up but residential sales just hit a 4-year low … & more

Seeing is believing: Coldwell Banker agent makes rap spoof to market $45M Newport Beach mansion

arrow_forward_ios