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BOONTON TOWNSHIP, N.J.,
May 10, 2013 /PRNewswire/ -- ValCom, Inc. (OTCPink: VLCO), an integrated entertainment company, announced today that it has filed a Federal RICO designated lawsuit against
Vince Vellardita, its former President, Chief Executive Officer and Chairman of the Board of Directors, former Board of Director Frank O'Donnell, Bridgeport Enterprises, Inc.,
Rahul Rathod and
Ingrid Clavijo seeking statutory RICO damages, as well as compensatory and punitive damages based inter alia, on allegations of RICO, civil conspiracy, fraud, breach of contract, and breach of fiduciary duties.
The lawsuit concerns the fraudulent activities of certain Defendants charged with having engaged in self-dealing, reckless behavior, breach of their fiduciary duties, usurping corporate opportunities for themselves and others, embezzlement, negligence and bad faith.
The lawsuit has been filed in the United States District Court for the
State of New Jersey.
The allegations set forth in the Complaint characterize the Defendants' blatant disregard for civil and criminal law, as well as their ignoring and circumventing ValCom, Inc.'s By-Laws and SEC regulations to fraudulently take control over ValCom's assets for their personal financial gain. ValCom, Inc. alleges in its lawsuit that Defendant Vincent Vellardita, together with other Defendants, engaged in an enterprise and civil conspiracy barred by law to defraud ValCom, embezzle monies and divert corporate opportunities to them, to the company's substantial financial detriment. As announced on
April 9, 2013 Vincent Vellardita is currently Chairman and President of Seven Arts Entertainment.
Tim Harrington, Chief Executive Officer of ValCom, Inc. stated, "After Vince Vellardita was removed as Chief Executive Officer by Order of the Chancery Court in
Delaware, the Board initiated a detailed forensic review of ValCom, Inc.'s books and records. During the course of this lengthy investigation and based on the depth and extent of the malfeasance discovered, it became apparent that Mr. Vellardita and others acting on his behalf raided the company's assets over a period of time to serve their personal and collective financial agendas. Accordingly, the Board of Directors has determined that it is in ValCom, Inc.'s best interests to move forward today by filing suit against Mr. Vellardita and the other named Defendants in the United States District Court for the District of
New Jersey. Additional charges may be forthcoming as the company's investigation proceeds."
Mr. Harrington further stated that "Despite the massive time and effort spent investigating and compiling this lawsuit, ValCom, Inc. has continued to seek avenues to monetize the company's assets for the benefit of the company and its shareholders. To that end we have been making significant progress and expect to be able to announce new initiatives shortly as we refocus our efforts for the future."