The owners of a Chicago men's clothing store are suing their former manager, their former accountant and their bank, J.P. Morgan Chase, for the embezzlement of hundreds of thousands of dollars over the course of four years.
According to a lawsuit filed March 12 in Cook County Circuit Court, Arthur and Lisa Holstein, as well as their men's clothing business, Isle of Man, are suing J.P. Morgan Chase; their former accountant, Michael Levinstein; and their former manager, Jim Bechtold, for breach of contract and/or embezzlement.
According to the lawsuit, Bechtold embezzled hundreds of thousands of dollars primarily through the unauthorized use of the company credit card, "forging Arthur Holstein's signature on numerous checks and signing his — Bechtold's — name for unauthorized expenditures, or arranging for either in-person (at Chase Bank locations) or electronic transfers of funds, including from plaintiff's personal and family bank accounts, into the Isle of Man operating account, from which funds were wrongfully taken and/or embezzled."
Their attorney and bank also are included as defendants, according to the lawsuit, since both were entrusted to safeguard the plaintiffs from such embezzlement.
The plaintiffs seeks damages in excess of $500,000, plus costs.
The plaintiffs are represented by attorney Kevin E. Bry of Oak Park, Ill.
Cook County Circuit Court case number 15-L-2563.