Sunday, 23 October 2016
Last updated 1 day ago
Nov 5 2009 | 2:15pm ET
Touradji Capital Management has countersued two former employees, claiming they cost the commodities hedge fund shop millions.
The suit, filed yesterday in Manhattan state court, accuses Gentry Beach and Robert Vollero of being “responsible for the destruction of millions of dollars of investor capital through a pattern of fraud, breaches of fiduciary duty, mismanagement and utter disregard for the interests of the investors.” Touradji is seeking at least $250 million.
The hedge fund also named Gentry Beach’s father, Gary, claiming that he stole money from a joint-venture between Touradji and Gary Beach’s firm, Beach Capital.
Gentry Beach and Vollero, former employees of Touradji, claim the hedge fund withheld more than $50 million in bonuses. Gary Beach has also sued Touradji, saying it “threatened and slandered” the members of their joint venture, Playa Oil & Gas.
All three men denied any wrongdoing. A spokesman for Gentry Beach and Vollero called the Touradji countersuit “a desperate attempt by Paul Touradji to distract from the serious claims against him.”