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The Old Switcheroo

NEW HAVEN (CN) - Bodnar Capital Management sued a Los Angeles "entrepreneur" for $1.2 million, claiming Milton "Todd" Ault III said he was starting "a privately held financial company, modeled after Goldman Sachs," then switched it to "a company peddling smut and porn." Bodnar says: "Point blank - BCM did not invest $1,180,000 so it could be involved in 'groundbreaking development changes (to) the porn finance landscape.'"

Bodnar is an LLC based in Fairfield, Ct. It says it invested $700,000 in equity and $480,000 in debt in a Los Angeles-based "investment banking and security trading services" company to be called Ault, Glazer, Bodnar & Co.

Then, it says, Ault pulled the old switcheroo.

Bodnar wants its money back, plus interest and costs. It is represented in Federal Court by Eric Grayson of Greenwich, Ct.

Here are the defendants: Milton "Todd" Ault III, William B. Horne, Lynne Silverstein, Melanie Glazer, Sothi Thillairajah, Scott I. Livingston, Zealous Holdings Incorporated fka Ault Glazer Group Inc. fka Ault Glazer Bodnar & Co., Ault Glazer Bodnar Investment Management LLC, Ault Glazer Company LLC fka Ault Glazer Bodnar Securities LLC, and Adult Entertainment Capital LLC.

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