Greek American CEO Constantine Scurtis has sued baseball legend A-Rod for $50 million, with the latest saga giving him a mini-win in the dramatic ongoing court case.
In a bombshell revelation, the famous baseball megastar Alex Rodriguez may squander a large lump of his $350 million fortune after a judge ruled against him in a bitter ongoing civil law-suit filed by his ex-wife's brother, Constantine Scurtis.
Mr Scurtis, the current Co-CEO of Lynd Acquisition Group, is suing Mr Rodriguez because he claims the latter fraudulently cut him out of the real estate empire they built together some years ago.
In the most recent saga of the court case, Miami Judge Maria de Jesus Santovenia has agreed that 'punitive damages can be added to the complaint', a real punch in the gut for A-Rod.
This development opens up the possibility that the former New York Yankees hero would have to hand over far more money if he loses the case.
This latest setback to 45-year-old Rodriguez comes after he and fiancée Jennifer Lopez, 50, reported to have indefinitely postponed their planned wedding in Italy this year due to Covid-19.
In 2002, Rodriguez married Constantine's sister Cynthia. A year later, Rodriguez entered into a business partnership with then brother-in-law Scurtis.
Their original partnership arrangement provided the sports legend 95 per cent of the business. He offered all the cash needed to acquire such property. Scurtis got five per cent for his real estate and finance expertise, plus a three per cent acquisition fee on properties purchased or sold.
According to court papers, between 2003 and 2008, the pair bought up a host of apartment buildings which created a $1billion property empire with approximately 5,000 units.
They then established 46 separate LLC companies – one for each property investment, during those five years as business partners.
Nevertheless, Mr Scurtis, 46, claims that after A-Rod and Cynthia, 47, divorced in 2008, he was shoved out of the lucrative business investment and denied from receiving any profits.
He has also alleged Alex started 'cutting him off from money he was due by replacing his name on some of the LLCs and other companies created to run the enterprise.'
The ex-relative also claims A-Rod 'convinced him to defer the three per cent acquisition fee so the money could be used as liquid cash in the partnership'. He claims that figure is US$8 million.
However, Rodriguez filed a counterclaim in Miami, stating that Scurtis took $1.4million out of the partnership without authorization in 2004 and 2005.
In her ruling, Judge Santovenia described the requirements that must be met to request that punitive damages be included. One was that there must be 'evidence of either intentional misconduct or gross misconduct that harmed the plaintiff' (Scurtis).
Scurtis' lawyer Gonzalo Dorto insisted the decision was a big win, adding: 'Celebrities are not above the law.'
It is yet to be seen what the outcome of the case will be.
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