For Immediate Release
Merger & Acquisition Services, Inc. (M&A) has been awarded a $1.76 million judgment against Aaron N. Prisco of Prisco Consulting LLC, a former Treasurer of the company.
ATLANTA, Aug. 5, 2009 – Insurance services provider Merger & Acquisition Services, Inc. (M&A) has been awarded a $1.76 million judgment against Aaron N. Prisco of Prisco Consulting LLC, a former Treasurer of the company. The judgment was filed in the Superior Court of Gwinnett County on July 22, 2009. As part of the judgment, the Honorable Thomas N. Davis, Jr. awarded M&A and its founder, David Schofield, $500,000 in punitive damages and stated that Prisco “showed willful misconduct and specific intent to harm” Merger & Acquisition Services. The $1.76 million judgment also included M&A’s attorney fees and litigation expenses of $320,000. “We absolutely agree with Judge Davis’ ruling,” said Jason C. Murgio, principal of Merger & Acquisition Services. “We’re pleased with the significant damages awarded.” The award of damages follows a Dec. 10, 2007 order by Judge Davis, resulting in a default judgment against Prisco. The court found that Prisco “concealed evidence, destroyed evidence and made false statements about such evidence” showing “a blatant contempt for this court and a fundamental disregard for the judicial process.” The court’s order of 2007 further stated that Prisco’s conduct was in extreme bad faith and the spoliation, or destruction, of evidence was a species of fraud. Prisco’s actions “were an egregious attempt to ‘hide the ball’ and a flagrant discovery violation,” the order stated. “Prisco’s conduct warrants the sanctions imposed and relief granted herein.” Prisco left M&A in November of 2003. The original lawsuit and claims were filed in 2004. The court found Prisco willfully destroyed evidence during 2005, leading to the 2007 default judgment by Judge Davis and the $1.76 million award in 2009. Additional details on this case and the judgment can be found at http://www.priscolitigation.com.
About Merger & Acquisition Services, Inc.
Merger & Acquisition Services, Inc. is a specialist advisory and financial services Firm to the insurance and reinsurance industry, with offices in New York, Connecticut, Georgia & Cayman Islands. Founded in 1999, the Firm and its affiliates provides investment banking and insurance consulting services globally, including; merger & acquisition advisory capital raising, valuations, program placement/fronting, and reinsurance advisory. Merger & Acquisition Capital Services, LLC., a registered broker-dealer and member FINRA / SIPC, is an affiliate of Merger & Acquisition Services, Inc.
To learn more about Merger & Acquisition Services, visit https://maservices.com.