Shareholder Sues CEO of International Gemological Institute

Legal
15/06/2015 17:15

A CEO of the International Gemological Institute (IGI) took millions of dollars by using the gem authenticator as his "personal piggy bank," a major shareholder claims in court. Vazon Investments sued IGI and its co-CEOs Roland Lorié and Jerry Ehrenwald in New York County Supreme Court. "Lorié even admitted to having stolen more than $7.1 million from the IGI Group," the complaint states. Lorié repaid the money, but another owner of IGI, Marc Brauner, who owns 40 percent of IGI's shares, discovered other suspicious transfers authorized by Lorié. "There were also unexplained transfers of millions of dollars from the accounts of IGI Dubai to Lorié's personal accounts," the lawsuit states. Vazon claims that Brauner also found that $4 million in royalties that should have been paid to IGI Antwerp were sent to IGI Dubai, and paid as "consulting" fees to Lorié.