Soft

Chapter 8 - MARLOW DEVELOPMENTMarlow was not automatically illegal.

Executives can own side businesses.

The issue was disclosure.

Julian had not disclosed it to Mercer’s board despite company conflict-of-interest policies.

Marlow purchased two small commercial properties.

One warehouse.

One mixed-use building.

The plan was renovation and resale.

The warehouse project went badly.

Structural problems.

Permit delays.

Cost overruns.

Interest.

Julian personally guaranteed part of the debt.

How did North Field fit?

Rebecca’s consulting payments from Mercer helped fund her side of Marlow’s capital calls.

Not necessarily directly dollar-for-dollar.

Money is fungible.

But bank statements showed transfers from North Field to Marlow within days of several Mercer payments.

That looked bad.

Julian’s attorney said:

“North Field performed legitimate services. What Ms. Sloan did with profits afterward is not Mercer’s concern.”

True in principle.

Then forensic accountants compared billing.

Several North Field invoices described work actually performed by Mercer employees.

Duplicate value.

Not every invoice.

Enough.

May you like

The case began to take shape.

Still not complete.

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