Ex-CEO blew $445,000 in company money on lavish lifestyle, escorts — even giving

Feb 24, 2017, 3:53 AM

Finally a CEO who is not boring.

"In late 2007, Grimstad and another iPayment employee visited the Spearmint Rhino strip club in Las Vegas, where they “became acquainted with an employee of that establishment who also worked as a personal escort,” papers charge.

Grimstad offered the escort $4,000 for “certain sexual activities,” according to the suit.

The pair established a bond, and Grimstad hired the prostitute as an employee in 2008 “despite lacking any apparent qualifications for the job for which she was hired,” papers read."

nydailynews.com

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Dominic778 years ago

It saws he is a co-founder. So he built and organization and put women** on the payroll. Well done, sir. Well done.

**the escort and the escort's mother.

HoHoHoDetwaah8 years ago

Wow. The guy was golfing 100 times a year. Basically, twice a week. Dropping big bucks of company funds at strip clubs, had a hot stripper working for him, who he was probably boning in the office and at hotels nearby, and even had a pretty wife. He was living the high life. Will probably wind up in Fed Pen now though. I've heard of ipayment. It's funny because their website says they are a pillar of integrity, etc., etc.

shailynn8 years ago

Man what an amateur, last time I was at Rhino I only had about $700 tied up in an OTC session by the end of the night.

etsutwigg2228 years ago

He was putting women to work in high paying positions. Seems that the liberals and feminist groups should be marching for his release!!!

vincemichaels8 years ago

Give em time, women will march for anything these days.

JohnSmith698 years ago

I love stories about guys who pay more than I do for sex. It makes me feel just a tiny bit less pathetic.

pensionking8 years ago

I hate stories about guys paying more than I pay -- fucking curve breakers! LOL

san_jose_guy8 years ago

One question I would ask was, how closely held were that company's shares? If very closely held, who is being defrauded, except maybe for the tax man.

Now if it were public, no you cannot do that.

Jim and Artie Mitchell had put their mother on the payroll, as Corporate Astrologer.

nydailynews.com

Well, someone fired him, and someone filed the lawsuit. So he must not have singular control of the company. And also, one could never get away with doing things quite his way.

SJG

Corvus8 years ago

Sounds like he spent $445,000 having a great time, and just wasted the rest of his money.