Why was Troy Verdult, the artist's son fired?
Answer: For engaging in a string of shaky and improper actions consistently stealing from the corporation and engaging in fraud.
The Chief Executive Officer fired Troy Verdult, William Joseph Verdult's young son for a number of reasons. Those reasons were outlined in the CEO's letter to Troy "Troy Verdult the artist's 23 year old son Terminated for Theft."
Prior to entering into a lifetime agreement with the Corporation, William Joseph Verdult, asked the Chief Executive Officer to hire his young son Troy Verdult to work with the corporation. William Joseph Verdult had earlier approached the Corporation and requested that a lifetime agreement be made between himself and the Corporation (see the press release). Prior to this agreement, Troy Verdult, had handled William Joseph Verdult's business affairs. In short, William Joseph Verdult, in asking for an agreement with the Corporation was firing his son. Unfortunately, after a short period, the Chief Executive of the Corporation for a number of reasons fired Troy Verdult.
One of those reasons for the firing was Troy Verdult and his associates attempted to get the Corporation involved in insurance and loan fraud as well as defrauding customers. The Chief Executive Officer would not tolerate such actions.
Initially, the CEO was made aware of a scheme that he felt was clear fraud on its face. The CEO advised Troy Verdult, William Joseph Verdult, and a third party that the Corporation could not and would not get involved in a scheme to steal from the Corporation and to defraud.
The scheme was to allow the writing of over $125,000,000 in fraudulent Certificates of Authenticity to be given to a gentleman so that he could get some sort of collateralized loan backed by art and insurance. In order for the gentleman to obtain the loan or accommodation, on paper it would be made to appear that the gentleman owned the paintings. The paintings were not owned by the gentleman; they were owned by the Corporation. The gentleman would use the Certificates of Authenticity to acquire a loan and or other accommodations backed by art that he did not own. The gentleman was to pay $1,000 for in essence art valued at $125,000,000 million. After the transaction, he was to pay an additional $25,000.
Upon finding out about this scheme, the CEO advised that this was fraud; and that the Corporation would not participate in any sort of scheme. The CEO further advised Troy Verdult that has an officer of the Corporation, he could not get the Corporation involved in such a fraudulent scheme.
Later the CEO found out that Troy Verdult as well as others had in fact carried out the scheme. They met with the gentleman without authority; accepted the $1,000, and attempted to back date document so it would look like the action - fraudulent as it was - took place before William Joseph Verdult entered into a lifetime contract with the Corporation.
Based upon this as well as a number of other clear and repeated fraudulent actions, the CEO fired Troy Verdult as outlined in his letter to Troy Verdult.
The CEO saw a consistent pattern of wrongful and improper conduct by Troy Verdult and his associates that adversely impacted the Corporation's brand, shareholders' value, and people who had invested considerable dollars in Verdult artwork.
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