Bellmarc founder Neil Binder allegedly misused company funds

$2M suit could endanger Coldwell Banker franchise deal

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
Survival of the slimmest: TRD looks at the future of the residential brokerage

Survival of the slimmest: TRD looks at the future of the residential brokerage

Survival of the slimmest: TRD looks at the future of the residential brokerage
WATCH: LA luxury market snapshot with Jade Mills, Rayni Williams, Stephen Shapiro & Josh Flagg

WATCH: LA luxury market snapshot with Jade Mills, Rayni Williams, Stephen Shapiro & Josh Flagg

WATCH: LA luxury market snapshot with Jade Mills, Rayni Williams, Stephen Shapiro & Josh Flagg
From left: Steven Spinola, Veronica Hackett and Joseph Beninati (Illustrations by Paul Kisselev)

Where are they now? Real estate figures who seem to have vanished

Where are they now? Real estate figures who seem to have vanished
Coldwell Banker CEO Ryan Gorman

Coldwell Banker is waiving franchise fees for minorities

Coldwell Banker is waiving franchise fees for minorities
Welcome to the broker hunger games: Only “the strong will survive.” (Photo credit: Lionsgate)

Welcome to the broker hunger games

Welcome to the broker hunger games
On Collaborative's Christine Lutz and CEO David Wolf

NRT sells On Collaborative by Coldwell Banker to division CEO

NRT sells On Collaborative by Coldwell Banker to division CEO
Coldwell Banker's Joseph Hamdan (Credit: iStock)

Coldwell Banker is coming back to Manhattan

Coldwell Banker is coming back to Manhattan
Compass poaches Coldwell Banker’s top producer Chris Cortazzo

Compass poaches Coldwell Banker’s top producer Chris Cortazzo

Compass poaches Coldwell Banker’s top producer Chris Cortazzo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...