William F. White Int. sues former top execs over alleged corruption
Top Canadian film and TV equipment supplier accuses ex-president William White and ex-COO Larry Sacchetti of fraudulent kickback schemes, improper accounting and a cover-up.
TORONTO – William F. White International, Canada’s top film production equipment supplier, has filed a law suit against two top former executives, William White and Larry Sacchetti.
In a legal action filed in the Ontario Superior Court of Justice, WFW has sued White, whose father founded the company in 1963 and who was president until late 2005, and Sacchetti, most recently COO of the company until March 2011.
The lawsuit alleges the former executives engaged in kickback schemes and other corrupt practices.
Among the abuses alleged against White and Sacchetti are orchestrating fraudulent kickback schemes to purchase film production equipment from vendors Kingsway Motion Picture Ltd. and Theatricus Inc., and improper accounting treatment of the schemes.
“Sacchetti and White deliberately tried to ensure that WFW did not discover that they were receiving a commission on the sale and rental of every Power Gems ballasts and certain other lighting equipment by Kingsway,” the law suit states.
Sacchetti and White, in defense statements filed with the Ontario court, acknowledge they participated in the alleged kickback schemes, but argue they did so with the knowledge of the company to circumvent capital expenditure restrictions.
Sacchetti is also alleged to have engaged in unauthorized cash dealings when renting WFW’s equipment to customers, selling specialized camera lenses and heads for $33,000 and pocketing the proceeds, and filling his car with diesel fuel that was supposed to power WFW production trucks.
The law suit alleges the schemes, which were hidden from WFW, netted Sacchetti around $581,621 in fraudulent gains, while White secured an estimated $295,412 in proceeds.