In a Memorandum Opinion entered January 27, 2015, after the conclusion of a four-day trial and post-trial submissions, the Circuit Court for Carroll County entered judgment in favor of BTLG's client 1st Team Fitness LLC, individually, and derivatively for Pozzuoli LLC, the company in which 1st Team Fitness was found to have held a fifty-percent (50%) membership interest. Judgment was entered in favor of 1st Team Fitness LLC against Francesco "Frank" Illiano in the amount of $263,915, and in favor of Pozzuoli LLC against Illiano in the amount of $527,831. In rendering its well reasoned opinion, the Judge Fred S. Hecker held that Illiano committed fraud and conversion. Notably the Court found that:
Illiano breached his fiduciary duties to the plaintiffs (p. 42);
Illiano made numerous intentional misrepresentations (p. 42-45);
Illiano engaged in "extreme mismanagement of company funds, books and records in violation of common law fiduciary duties" (p. 43)
"Illiano intentionally converted funds that belonged to Pozzuoli LLC" (p. 47);
Illiano appropriated sale proceeds by "creating false expenses" (p. 47);
The matter is captioned as 1st Team Fitness LLC, et al. v. Frank Illiano case number 06-C-13-063876.
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