Cy-Fair business sues ex-CFO over misappropriated funds

A Cy-Fair business is suing its former chief financial officer, from Spring, after, it says, he misappropriated company funds to support his lavish lifestyle.

Bisso Marine Co., of Cy-Fair, filed a lawsuit on Sept. 29 in the Harris County District Court against Spring resident Stephen Loeb, citing breach of fiduciary duty, common law fraud, conversion and violations of the Theft Liability Act.

Bisso Marine says on Aug. 28, 2006, it hired Loeb as its chief financial officer, but fired him on Oct. 11, 2010, because of his poor work performance. After Loeb’s termination, Bisso Marine discovered he had been misappropriating company funds to support the “lavish” and “outrageous” lifestyle he and his wife enjoyed.

The suit alleges that Loeb, among other things, failed to repay $105,000 he borrowed from the company in 2007; charged more than $100,000 in personal items, such as jewelry and electrics, on the company’s American Express card; and took money from the company bank account to pay off his wife’s luxury automobile.

Bisso Marine is seeking actual and exemplary damages, attorney’s fees and court costs. It is being represented in the case by Houston attorney Michael Golemi.

Harris County District Court Case No. 2011-58910.

This is a report on a civil lawsuit filed at the Harris County Courthouse. The details in this report come from an original complaint filed by a plaintiff. Please note, a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt, and it only represents one side of the story.