Editorial: Clear warning

POSTED: 11/7/13 2:04 PM

The court ruling in the Evmolpia bankruptcy against the Standard Trust Company and its director Corinne de Tullio-Stamm sends a clear message to people who think playing with lots of money is merely a profitable lot of fun and that they are untouchable anyway.

The court’s conclusion, that mismanagement by Standard Trust and its director has played a significant role in Evmolpia’s bankruptcy, makes clear that managing any foundation does not only come with benefits but also with serious responsibilities and – in this case – with serious liabilities as well.

Standard Trust and De Tullio-Stamm, hardly recovered from the legal troubles that stem from the Marcel Loor-investigation, are now held liable for the deficit in this bankruptcy that could amount to around $1.5 million. The court has ordered already the immediate payment of an advance of around $112,000 and the trustees have put a lien on De Tullio’s real estate for $1.4 million.

While the case may not have run its course yet, the current ruling stands as a fair warning to all other directors who manage other people’s business.

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