St. Clair business owner says co-owner improperly utilized company money for his own profit

By The Madison County Record | Mar 25, 2014

One of the owners of a machine shop has filed suit against the company’s president, alleging he transferred more than 35 shares of the company to his daughter without his co-owner’s approval.

Christine Wasem filed a lawsuit March 6 in the St. Clair County Circuit Court against G&S Foundry, Charles Wasem III and Katherine Wasem.

According to the complaint, defendant Charles transferred 35.56 shares of the company G&S Foundry, which is a foundry and machine shop owed by both Christine Wasem and Charles Wasem III, to his daughter, defendant Katherine. However, he did not gain Christine Wasem’s approval before doing so, according to the complaint.

In addition, Charles has used company credit cards to pay for his own expenses, then listed them as repairs and maintenance on the corporation’s books, the suit states. He has also purchased food and drinks for the property’s vending machines from company’s funds, the complaint says. He then took all the money from the machines for his own use, Christine Wasem claims.

Because of Charles Wasem’s actions, G&S lost more than $50,000, the complaint says.

Christine Wasem is asking that the transfer of stocks to Katherine Wasem be declared void. She is also seeking compensatory damages of more than $150,000 and punitive damages of more than $100,000, plus costs. She will be represented by Jarrod P. Beasley of The Kuehn Law Firm in Belleville.

St. Clair County Circuit Court case number 14-L-204.

More News

The Record Network