Ex-brokerage CEO sued over company credit card

Credit Card Chip Nimalan Tharmalingam

Sterne Agee, one of the fastest-growing brokerages in the South, sued its former chief executive officer over claims he took his corporate credit card on a decade-long spending spree for fishing boats, a yacht, a vacation condominium and ownership in a luxury ski chalet.

Bloomberg News reports that the complaint against James S. Holbrook Jr., ousted as CEO in May, follows revelations that he’s being investigated by the U.S. Justice Department over the claims.

The probes are still under way, a person familiar with the matter said, asking not to be named because the investigation isn’t public.

Holbrook is also accused of using company assets for membership in an 'exclusive' marina and golf club in Key Largo, Florida, and to acquire an interest in a luxury hunting club in his home state of Alabama, according to the complaint filed this month in state court in Jefferson County, Alabama.

Hit the link below to access the complete Bloomberg News article:

Sterne Agee Sues Ex-CEO Claiming Company-Card Spree

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