Court: Trust was misused to expand dealershipPosted on
A Massachusetts judge has ordered a woman to pay in excess of $10 million after finding she improperly used the assets of a family trust to expand a boat dealership owned by her and her husband.
Superior Court Judge James R. Lemire ruled that Alice P. Tsourides used real estate owned by New Deal Realty Trust as collateral to finance an expansion in the 1990s of Worcester, Mass.-based Marine USA Inc., according to an article in the Worcester Telegram & Gazette
Marine USA was founded in 1986 by her husband, Paul D. Tsourides, who died in 2005.
“From the evidence presented at trial, it is clear to this court that Alice used the assets of the Trust to invest in the expansion of Marine USA to a boating ‘superstore,’ that the enlargement of the business was a direct result of the use of the assets of NDR Trust to collateralize these expansion efforts,” the judge said in his ruling.
According to the dealership’s Web site, it sells Tracker, Nitro, Sun Tracker and Tahoe boats, along with Bayliner and Trophy fishing boats. It bills itself as, “New England’s largest selling and servicing boat dealership.”