GRETNA – A businessman is being sued by his partner for allegedly converting business funds for personal use and entering unauthorized agreements and transactions.
Wayne Banquet Jr. filed suit against Bear Investments LLC and Richard Hebert in the 24th Judicial District Court on Dec. 10.
Banquet asserts that on Sept. 17, 2013 he and Hebert entered into an operating agreement in relation to Bear Investments of which they both have a 50 percent membership. The plaintiff claims that the defendant, Hebert, has committed intentional acts including wasting, misusing and misapplying the assets of Bear Investments. Banquet alleges that Hebert failed to take the proper steps to protect the best interests of Bear Investments and made unauthorized withdrawals, overdrew the bank account, loaned funds to third parties and converted loan payments and other monies to his own use causing the company to default on its obligations.
The defendant is accused of breach of fiduciary duty, breach of contract and bad faith breach of contract.
An unspecified amount in damages is sought by the plaintiff.
Banquet is represented by attorney James R. Washington III of New Orleans.
The case has been assigned to Division B Judge Cornelius E. Regan.
Case no. 745-012.
Dispute over alleged defrauding of Bear Investments lands co-owners in court
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