Partnership dissolved over accusations of fraud involving helicopter and jets
Calgary banker suing former business partner
A Calgary energy investment banker has sued a former business partner for $5 million over alleged fraudulent ownership and operation of three private jets and a helicopter.
In a lengthy statement of claim filed last month, Thomas Budd alleges Marc Bombenon misrepresented costs of the aircraft and secretly pocketed profits, misled him on who were other partners in the purchases of the aircraft, overcharged him for fixed costs of the aircraft and falsified documents related to their use.
The acrimonious dispute between Budd and his company, Focus Energy Advisory Corporation, and Bombenon and MBE Jet Ltd., a bank holding company, began in 2008 and came to a head earlier this year.
It also involves a loan that was initially in excess of $4 million.
Budd alleges he initially engaged in discussions three years ago with another investor, Scott Hutcheson, who put him in touch with Bombenon.
They subsequently co-purchased three Hawker Beechcraft 390 aircraft (2007, and 2008 and 2010 models) and a Bell 206 BE Jet Ranger helicopter.
Read more: http://www.calgaryherald.com/Partnershi ... z1bzOLk8ZM