04-07-2012 08:11 AM CET - Industry, Real Estate & Construction
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Joe Moshé Files $2,000,000 Lawsuit against Paul Purcell, Kathy Braddock and other Charles Rutenberg LLC Partners for Fair Share of Profit Distribution

Press release from: Charles Rutenberg Realty
PR Agency: PRMG
Joe Moshé, Broker/Owner, Charles Rutenberg Realty, Inc. and owner of the Charles Rutenberg name for Real Estate Brokerage in New York State, has announced that he has filed a lawsuit seeking approximately $2,000,000 in damages against Paul Purcell, Kathy Braddock (who have the day-to-day responsibility to operate the Rutenberg Real Estate Agency in Manhattan), and two other Charles Rutenberg LLC (CRLLC) partners. The lawsuit states that he and his Trust were denied a share of the quarterly profits that went to the defendants who also operate a competing consulting firm out of the CRLLC-owned office without paying for use of the space.

On January 21, Mr. Moshé, who owns and operates Charles Rutenberg Realty’s offices on Long Island, Queens and Westchester, and is a co-owner of the New York City office, filed a lawsuit in New York State Supreme Court against Paul Purcell and Kathy Braddock two other CRLLC’s partners. Mr. Moshé says in his lawsuit that neither he nor The Krug Family Trust — of which he is the Sole Trustee and Beneficiary and which controls the Charles Rutenberg Realty name and owns a 33% interest in CRLLC — have received any of the profit distributions.

Further, the lawsuit contends that Mr. Purcell and Ms. Braddock operate a separate consulting firm, Braddock + Purcell, which Mr. Moshé says is a competitor of CRLLC. According to the lawsuit, the firm Braddock and Purcell currently operates their business out of the same office as CRLLC without paying rent.

CRLLC was to begin distributing its quarterly profits in February 2008, but, according to the lawsuit, hundreds of thousands of dollars was improperly distributed to Mr. Purcell, Ms. Braddock and other CRRLLC partners, but nothing to the Krug Family Trust. When Mr. Moshé asked to see copies of CRLLC’s financial records, the CRLLC principals refused. The lawsuit also alleges that, to this day, Mr. Moshé and The Krug Family Trust have not received any distributions.

“I believe that Mr. Purcell, Ms. Braddock and their partners acted in bad faith and unjustly enriched themselves,” Mr. Moshé said. “Even after I filed the lawsuit, Mr. Purcell and Ms. Braddock still continue to make unauthorized decisions and distributions. What I also cannot understand is why they continue to avoid meaningful face-to-face discussions with their partners over this legal matter. The only ones who can resolve these issues are the owners of the LLC.”

About Charles Rutenberg Realty

Founded in 2006, Charles Rutenberg Realty of New York is one of the nation’s fastest-growing, most progressive Real Estate Agencies with over 1,300 Agents on Long Island, Queens, Westchester and Manhattan. Charles Rutenberg Realty specializes in residential properties in Nassau, Suffolk, Queens, Kings and Westchester Counties. Among the 1,900 independent Real Estate offices represented by Multiple Listing Services (MLS), Charles Rutenberg Realty has the highest market share for available inventory, listings taken for the first six months of the year and listings under contract. Its Agents are trained in the latest creative marketing programs and can fulfill all their clients’ financial and personal needs when buying or selling a home. Charles Rutenberg Realty is headquartered in Plainview, New York, with offices in New York City, Florida and Illinois. For more information, call (516) 575-7500 or visit www.crrli.com.

Hank Russell, Public Relations Director
The Public Relations and Marketing Group
156 North Ocean Avenue
Patchogue, NY 11772
(631) 207-1057
hrussell@theprmg.com

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News-ID: 217018
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