Sports
Bank Chairman Misspent Assets Flying to NBA Games, Suit Says (1) – Bloomberg Law
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
By Mike Leonard
An investor is suing Solera National Bancorp over concerns that its chairman—allegedly a Denver Nuggets superfan known as “the red pants guy”—spent corporate funds buying a fleet of private jets he uses to fly around the country attending NBA games.
The lawsuit seeks internal files from the regional bank to investigate allegations that Michael Quagliano, who owns a majority stake of Solera, has exploited his control by pushing it to spend more than $10 million in 2021 and $17 million in 2022 on “a veritable airline” consisting of five planes and a helicopter.
“The company owns more aircrafts than it …
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