The owner of an Atlanta insurance consulting firm is appealing a recent $1.76 million court award against him in a suit filed by his former employer, Merger & Acquisition Services, Inc. (M&A). The award was against Aaron N. Prisco, owner of Prisco Consulting, who was an employee of M&A until November, 2003. Prisco was accused of keeping M&A customer information and other property after he left M&A, and using it to compete unfairly against his former employer.
The judge also awarded, as part of the judgment, M&A and its founder, David Schofield, $500,000 in punitive damages. It was stated in the court’s order that Prisco “showed willful misconduct and specific intent to harm” Merger & Acquisition Services. The award of damages followed a court finding that Prisco “concealed evidence, destroyed evidence and made false statements about such evidence” showing “a blatant contempt for this court and a fundamental disregard for the judicial process.
After Prisco left M&A in 2003, he brought contract claims against the company for unpaid compensation and for retirement benefits. M&A subsequently filed counterclaims, alleging that Prisco improperly competed after his departure. The case will now go up on appeal.
Source: Insurance Journal
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