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Maine Today Media: Former CEO Made Nearly $538K in Unauthorized Expenditures
04/24/2013 04:01 PM ET  

Maine Today Media Publisher Lisa DeSisto says former CEO Richard Connor spent company funds on vacation rentals, a new vehicle and unauthorized salary increases for himself.

Former Maine Today Media CEO Richard L. Connor gave himself unauthorized salary increases and used company funds to pay for personal expenses, including vacation rentals in Camden and a new vehicle.

In a letter to MTM employees, Publisher Lisa DeSisto says the company's employee theft policy through Travelers Casualty & Surety Co. covered the losses, totaling $537,988.68, with the exception of a $50,000 deductible. The payment was made in December, the Portland Press Herald reports.

In an interview with the paper, Connor claims that the expenses were legitimate. "They're wrong and they're lying," the paper quotes him as saying.

In her letter, DeSisto said there's a "possibility of further legal action" in the case. Meanwhile, Connor's lawyer, Peter Bennett, says his client is considering "taking action," though he doesn't specify what that action might be.

DeSisto says the recovered funds will be reinvested in the company.

Read DeSisto's letter to MTM staff.



 

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