A Los Angeles judge has ruled that Neil Kadisha misappropriated millions of dollars in two trusts and must pay a friend's widow and children about $102 million in damages and interest.
Kadisha, widely known in the plastics industry, plans to appeal.
Dafna Uzvel sued Kadisha in 1999 after lawyers she hired uncovered questionable practices in Kadisha's performance of trustee duties.
Her husband, Rafael Uzvel, died in 1986.
Superior Court Judge Henry Shatford calculated that Kadisha misappropriated about $6.2 million from 1988-96 and funded an investment in Qualcomm Inc. of San Diego, loan repayments, a house down payment and real estate ventures.
The judge deemed the Qualcomm investment risky, although it paid off handsomely.
``Although the court ruled in favor of Mr. Kadisha on most of the petitioners' claims, we nonetheless are dismayed that the judge ruled in the petitioners' favor on a few remaining issues,'' Kadisha spokesman David Bloom said in a statement.
``We intend to address those claims further in the appeals court.''
Shatford forbid Kadisha from selling any of his Qualcomm stock, worth almost $200 million, or his stake in a condominium tower under construction in Las Vegas. Shatford found actual damages of $57 million and punitive damages of $5 million, and he calculated interest at $40 million.
Kadisha is a principal and partner of diversified management firm Omninet Capital LLC of Beverly Hills, Calif. Omninet is not involved in the litigation.
Among its investments, Omninet has a stake in plastic packaging thermoformer PWP Industries of Vernon, Calif., which has other manufacturing facilities in Mineral Wells, W.Va., and Abilene, Texas. Omninet also controls defense-aerospace high-precision parts and components maker Stadco of Los Angeles.
Kadisha is no longer personally a PWP or Stadco officer, director or shareholder, according to Bloom.
>From 1996-2001, Stadco owned HPM Corp. of Mt. Gilead, Ohio, a manufacturer of injection molding machines, sheet extrusion lines and die-casting machines.