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.

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Email *

Submit