Neil Binder owns $5 million waterfront property in the Hamptons and bunks in a $12,000 monthly Manhattan apartment. Allegedly he is managing that through embezzling posh real estate company Coldwell Banker Bellmarc Group, a company he co-founded.
According to Julia Marsh in the New York Post, his partners at Coldwell Banker Bellmarc Anthony DeGrotta and Larry Friedman are suing him for allegedly dipping into "his company coffers - including the employees' health-care fund ..." Here is that coverage.
Binder denies the allegations, attributing them to an ongoing business dispute wth those partners.
Around 2012, states the Coldwell Banker Bellmarc website - which you can access here:
" ... company principales Neil Binder, Larry Friedman and Anthony DeGrotta chose to become the sole Manhattan franchise of Coldwell Banker, giving its agents and clients the resources of the most widely-recognized real estate brand in the world."
Breakdowns in the relationships among partners are all too familiar in business. That's why solo entrepreneurs are warned against taking on a partner or more. All the terms and conditions should be made explicit and put in writing. Very soon resentment is bound to fester than one partner is doing most of the work and all have equal access to the goodies.
This will be an interesting high-profile lawsuit to observe.