"Fireman: Adviser looted $25m' Suit says foundation, firm missing funds" by Beth Healy, Globe Staff | January 24, 2009
Paul Fireman, the former chief executive of Reebok International Ltd., says his longtime investment manager looted more than $25 million from his business and charitable foundation, according to a complaint filed yesterday in a Florida court.
It takes the pressure and attention off Madoff, doesn't it?
Arnold Mullen, an accountant and investment adviser who worked for Fireman for 20 years, transferred millions of dollars from Fireman's business, PFP Associates, and the Paul & Phyllis Fireman Charitable Foundation to various partnerships and business entities for his own benefit, the complaint alleges.
The lawsuit, filed in Palm Beach County where Fireman's business and foundation are based, accuses Mullen of theft, racketeering, fraud, and other charges.
Hey, that is where MADOFF MADE his BILLIONS, too!!!! Looks like we just found the JEWISH MAFIA'S HOME TOWN!!!!
Fireman is seeking unspecified damages, as well as interest and attorney's fees. Mullen could not be reached for comment late yesterday. He has paid some of the money back, according to the lawsuit.
Like that makes it all right?
A lawyer for Fireman said law enforcement officials were conducting a criminal investigation of the matter. The lawyer, G. Joseph Curley, said in a statement, "Arnold Mullen was seen as a trusted advisor and friend for almost 25 years while he systematically stole more than $25 million from the Fireman family and their charitable foundation. His brazen theft was a terrible betrayal of the trust Paul Fireman placed in him."
Fireman was not available for comment. The Brockton native sold Reebok for $3.8 billion to Adidas-Salomon AG in 2006. He and his wife, Phyllis, stood to make nearly $800 million for selling the Canton sneaker and apparel company.
Cripes, $25 million is pocket change to this guy. No wonder the fraud could go on that long.... he wasn't piggish about it.
According to the complaint, Fireman hired Mullen in 1985 to help manage PFP Associates, a company that oversees Fireman's "investments and business activities." Fireman said in the complaint that he hired Mullen, an experienced accountant and investment manager, on a referral from another wealthy South Florida family.
Over the years, Fireman placed increasing trust in Mullen, and Mullen ultimately advised him on investments, including private equity deals. Fireman paid him $800,000 a year, plus bonuses based on investment performance. However Mullen was not authorized to make any investments without Fireman's approval, the complaint says.
Then WHY did he need to STEAL, huh? These economic types are SICK, aren't they? Even when they have PLENTY, they STILL WANT MORE!!!!!!!
It appears that Mullen set up numerous business entities and partnerships through which he laundered funds wired from Fireman's business or foundation. In one case, Mullen allegedly created a partnership using his name and Fireman's, called Forum Partners. In December 2007, he moved $2.4 million of Fireman's money to the partnership, the complaint says. The next day, Mullen moved the money to an account of his own at Fidelity Investments, the complaint says. In other instances, Mullen allegedly wired funds of Fireman's from Fidelity to entities controlled by Mullen....
News of another scandal in Palm Beach comes as that community is still reeling over Bernard L. Madoff's alleged $50 billion Ponzi scheme, which since December has wiped out hundreds of millions of charitable dollars - and billions in personal wealth - from Boston to Palm Beach and beyond....
Notice how the Zionist-controlled MSM and government have buried the Madoff scandal?
