Richter’s Company Lost Millions, Fined by SEC for Fraud
Richter Took Millions in Salaries and Perks
The DCCC released its first ad in New Jersey’s Third Congressional District today. The ad, “Failed,” highlights David Richter’s failed record as CEO and businessman.
In a recent debate, Richter touted his alleged business acumen, but his record leaves much to be desired.
Hill International, his family business, lost $10.9 million during Richter’s first year as CEO and announced a quarterly loss of $7.1 million the day he resigned in disgrace in 2017.
David Richter’s company was also charged with “engaging in fraudulent accounting practices” and fined $500,000 by the Securities and Exchange Commission.
What’s worse, while the company was hemorrhaging millions of dollars and engaging in fraud, Richter was taking millions in salaries and perks including $30,550 in cars for himself and family members, $44,235 for household staff, cash bonuses for his family and even $1.2 million in “vacation days.”
DCCC Spokesperson Christine Bennett released the following statement:
“David Richter says he’ll use his private sector experience to help South Jersey, but all he’s done is hemorrhaged millions in company profits while collecting cars, vacations and family bonuses. If this is the record he’s touting, we can’t trust him to do any good for New Jersey’s families.”
Transcript
The facts are public record.
David Richter failed as a CEO. His company lost millions and was fined $500,000 for accounting fraud.
Worse, while the company was losing millions, David Richter was taking millions in salary and perks – personal vehicles, household staff, even cash bonuses for his family.
Until he resigned, in disgrace.
His own company couldn’t trust David Richter.
Why would we?
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