CEO’s $17,000 Birthday Party Spurs Commodity Brokerage Lawsuit
- Co-owner lawsuit alleges OTC Global executives misused funds
- $17,000 Sweet Sixteen party, $4,000 Nobu dinners among charges
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One of Houston’s largest commodities brokerages is being by its co-owner who alleges that the lavish personal spending of its top executives left the company “deeply in debt.”
John Klosek, founding partner of Houston-based OTC Global Holdings LP, filed suit Monday against several of the company’s employees, including Chairman and Chief Executive Officer Javier Loya and Chief Operating Officer Joseph Kelly. The suit, filed in Harris County District Court, alleges that extravagant spending by Loya, Kelly and others drove the company’s value to “a negative net worth.”