Eddie Sitt has filed a lawsuit to remove Ralph and David, his brothers and fellow principals at Sitt Asset Management, from the firm, and is seeking $30 million in damages.
In the suit filed in Manhattan Supreme Court Monday, Eddie accuses them of excessive spending of company funds for personal use. Ralph and David charged the firm roughly $12,000 for luxuries in 2013, and David charges the company account $6,000 per month to lease a Bentley, Eddie claims.
The suit also alleges that Ralph used the profits from the sale of Sitt Asset buildings in an effort to acquire properties on his own. Eddie also accused Ralph of trying to steal his share of the family business, the New York Post reported.
Stephen Meister, attorney for Ralph, told the newspaper that the lawsuit is “full of untruthful allegations.”
In November, Jack Sitt, a former principal there, sued the firm and Ralph, alleging he was deprived of millions of dollars in commission and distributions and was subjected to a “long series of abuses,” as The Real Deal reported. [NYP] — Mark Maurer