03 Oct Wall Group denies wrongdoing – TBJ
By Lauren K. Ohnesorge – Staff Writer, Triangle Business Journal
A Raleigh company continues to deny civil embezzlement claims made by a prominent Triangle entrepreneur and investor.
Raleigh dry wall company Wall Group filed its response Oct. 2 to the lawsuit brought by one of its chief investors: O2 Fitness founder and MDO Holdings CEO Michael Olander Jr.
In the response, Wall Group’s attorney, James White of Parry Tyndall White, claims the company’s founder, Frank Byrd, had “authority to open as many bank accounts as he chose on [Wall Group]’s behalf.” When Olander and MDO took control of some of Wall Group’s finances, it did so “without any written authority,” the document claims.
“Plaintiffs improperly seized control of [Wall Group]’s bank accounts, making it impossible for [Wall Group] to meet its obligations,” the response continues.