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Compounder Gitto Global's finances under investigation.

Publication: Plastics News
Publication Date: 07-NOV-05
Format: Online
Delivery: Immediate Online Access
Full Article Title: Compounder Gitto Global's finances under investigation.(News)

Article Excerpt
Byline: Frank Esposito

Plastics executives can justify a lot of business expenses, but it's tough explaining why your firm is paying the $70,000 salary of the captain of your personal boat.

That's one of the claims laid out in a lengthy report outlining alleged financial wrongdoing at Gitto Global Corp., a Lunenburg, Mass.-based compounder that filed for bankruptcy late last year. The 154-page report from independent examiner Charles Glerum was released Oct. 27 by U.S. Bankruptcy Court in Worcester, Mass., after a legal challenge by the Worcester Telegram & Gazette newspaper.

In the report, Glerum claims Gitto executives Gary Gitto, Charles Gitto Jr. and Frank Miller created false financial records and spent company funds for personal...

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