Here's something you might be interested in.
Ask a Hipster — Advice you didn't know you needed
Big Screen — Movie commentary
Blurt — Music's inside track
Booze News — San Diego spirits
Classical Music — Immortal beauty
Classifieds — Free and easy
Cover Stories — Front-page features
Drinks All Around — Bartenders' drink recipes
Excerpts — Literary and spiritual excerpts
Feast! — Food & drink reviews
Feature Stories — Local news & stories
Fishing Report — What’s getting hooked from ship and shore
From the Archives — Spotlight on the past
Golden Dreams — Talk of the town
The Gonzo Report — Making the musical scene, or at least reporting from it
Letters — Our inbox
Movies@Home — Local movie buffs share favorites
Movie Reviews — Our critics' picks and pans
Musician Interviews — Up close with local artists
Neighborhood News from Stringers — Hyperlocal news
News Ticker — News & politics
Obermeyer — San Diego politics illustrated
Outdoors — Weekly changes in flora and fauna
Overheard in San Diego — Eavesdropping illustrated
Poetry — The old and the new
Reader Travel — Travel section built by travelers
Reading — The hunt for intellectuals
Roam-O-Rama — SoCal's best hiking/biking trails
San Diego Beer — Inside San Diego suds
SD on the QT — Almost factual news
Sheep and Goats — Places of worship
Special Issues — The best of
Street Style — San Diego streets have style
Surf Diego — Real stories from those braving the waves
Theater — On stage in San Diego this week
Tin Fork — Silver spoon alternative
Under the Radar — Matt Potter's undercover work
Unforgettable — Long-ago San Diego
Unreal Estate — San Diego's priciest pads
Your Week — Daily event picks
Navy contractor sued over big-money shell game
"He has hidden assets," says lawyer
Back in August, Alfredo Liburd, chief executive of San Diego–based defense contractor NevWest, pleaded guilty in federal court to aiding and abetting Navy port engineer John Nasshan, who improperly administered projects in which he had a financial interest. Nasshan loaned money to Liburd. Eventually, Liburd was given probation.
On December 8, two San Diegans filed a civil suit in federal court, claiming that Liburd had fleeced them, partly to pay back the money he owed Nasshan, an attempt at keeping his sinking corporate ship afloat.
Stuart and Shizue Teshima state in the suit that Liburd fraudulently induced them to invest almost $95,000 for 44 percent of NevWest. Later, Liburd convinced the two to put another $190,000 in the company. Then Liburd hired the Teshimas for a combined $150,000 a year but never paid them a cent, according to the suit.
The final insult was that Liburd got the Teshimas to sell their stock back to him for $1 — an indication of how deeply NevWest was in trouble, according to Adam Davalos, attorney for the Teshimas.
"A few months after they began working there, [the Teshimas] found the company was mired in debt that had not been disclosed to them," says Davalos. Liburd kept insisting that he had a cash-flow problem.
But Liburd paid back Nasshan 15 days after getting money from the Teshimas, says Davalos. The suit charges NevWest and Liburd with securities fraud, negligent misrepresentation, unfair business transactions, and the like.
I asked Davalos how the Teshimas expect to get money from Liburd if he is so broke. "He has hidden assets," says Davalos.
Here's something you might be interested in.
Navy contractor sued over big-money shell game
"He has hidden assets," says lawyer
Navy contractor sued over big-money shell game
"He has hidden assets," says lawyer
Back in August, Alfredo Liburd, chief executive of San Diego–based defense contractor NevWest, pleaded guilty in federal court to aiding and abetting Navy port engineer John Nasshan, who improperly administered projects in which he had a financial interest. Nasshan loaned money to Liburd. Eventually, Liburd was given probation.
On December 8, two San Diegans filed a civil suit in federal court, claiming that Liburd had fleeced them, partly to pay back the money he owed Nasshan, an attempt at keeping his sinking corporate ship afloat.
Stuart and Shizue Teshima state in the suit that Liburd fraudulently induced them to invest almost $95,000 for 44 percent of NevWest. Later, Liburd convinced the two to put another $190,000 in the company. Then Liburd hired the Teshimas for a combined $150,000 a year but never paid them a cent, according to the suit.
The final insult was that Liburd got the Teshimas to sell their stock back to him for $1 — an indication of how deeply NevWest was in trouble, according to Adam Davalos, attorney for the Teshimas.
"A few months after they began working there, [the Teshimas] found the company was mired in debt that had not been disclosed to them," says Davalos. Liburd kept insisting that he had a cash-flow problem.
But Liburd paid back Nasshan 15 days after getting money from the Teshimas, says Davalos. The suit charges NevWest and Liburd with securities fraud, negligent misrepresentation, unfair business transactions, and the like.
I asked Davalos how the Teshimas expect to get money from Liburd if he is so broke. "He has hidden assets," says Davalos.
Comments