The Real Deal New York

Eddie Sitt looks to boot his brothers from Sitt Asset

Ralph, David accused of spending thousands of company funds on personal luxuries
February 10, 2015 05:45PM

Eddie Sitt has filed a lawsuit to remove Ralph and David, his brothers and fellow principals at Sitt Asset Management, from the firm, and is seeking $30 million in damages.

In the suit filed in Manhattan Supreme Court Monday, Eddie accuses them of excessive spending of company funds for personal use. Ralph and David charged the firm roughly $12,000 for luxuries in 2013, and David charges the company account $6,000 per month to lease a Bentley, Eddie claims.

The suit also alleges that Ralph used the profits from the sale of Sitt Asset buildings in an effort to acquire properties on his own. Eddie also accused Ralph of trying to steal his share of the family business, the New York Post reported.

Stephen Meister, attorney for Ralph, told the newspaper that the lawsuit is “full of untruthful allegations.”

In November, Jack Sitt, a former principal there, sued the firm and Ralph, alleging he was deprived of millions of dollars in commission and distributions and was subjected to a “long series of abuses,” as The Real Deal reported. [NYP]Mark Maurer

  • John

    Sitt down please

    • Cindy

      And Eddie is spending on attorneys instead of having a sit down meeting.

      • Ryan Serhant

        This is going to become messy. Sloppy Joe anyone?

        • BS politician

          Are you talking about the one with ththe big mouth?

  • Sy


  • BS politician

    Eddie ain’t so clean either. He cheats on his wife too. Let her look to Michelle Dwek and see.

  • whocares

    The fact that the post got all the ages wrong discredits the whole article. If they cant fact check the simplest details whos to say anything in the article is correct

    • Vic Vega

      Common, the Real Deal is usually pretty on the ball. Remember when they reported on Brazilian Investor Mony Shababo? As it turns out, he’s probably happy he didn’t invest with these bozos.

    • BS politician

      Agreed! They also remove factual posts! What’s foing on with their publication? Probably PR controlled! I am questioning the integrity of this publicarion

  • Jeff

    Papi not gonna be happy with this….

    • BS politician

      Ay Papi!!!

  • BS politician

    Spoiled boy, crying the blues. Lazy, Cheating, overspending, showing off. Who’s wife is Eddie with now? Ay Papi! Don’t cut me off!! Does his wife know yet?

  • BS politician

    Are the s-its paying off the Reql deal for removing posts? Sure looks like it. Seems like the highest bidder controls this publication. Are you into fair reporting or is this a socialist paper controlled by oligarchs?