A Florida property developer has been sued for allegedly funneling over $3M for his personal use. Zack Davidson was contracted to build a large community in Marin Metropolitan District and was given money by the district to help with the project. The lawsuit explains that those monies were misdirected and names the law firm, accounting firm and listing broker as parties that allowed the fraud to be perpetrated.
While this suit is still in its early stage, the complexity of the case promises to make it an expensive and drawn out trial. InsureAccountants.com explains that court costs can easily climb into the six figures and a proper insurance program will provide defense costs in such a scenario. Contact us to discuss whether your firm is adequately protected for the risks your firm may encounter.