Last year during the fraud trial for Kimora Lee Simmons' estranged husband Tim Leissner, he was exposed as a double bigamist who lied about his wealth [click here if you missed that].
Now Tim is being accused of stealing millions from Kimora's beloved Baby Phat company...
From Westfair Online
A Purchase business that owns part of the Baby Phat fashion brands is suing another co-owner for $10 million for allegedly stealing funds.
Loconte Family LLC accused Keyway Pride Limited, of Sacramento, California, of fraud, in a July 7 complaint filed in Westchester Supreme Court.
Loconte contends that Tim Leissner, an admitted fraudster and the estranged husband of Baby Phat Holding Co. CEO Kimora Lee Simmons, somehow got his hands on Baby Phat funds.
Loconte “is perplexed how Keyway allowed Leissner … to simply convert $5 million of cash without Keyway’s knowledge,” the complaint states.
The complaint does not name Simmons or Leissner as defendants. It accuses Keyway of fraud, breach of fiduciary duty, and conversion, and is demanding $10 million.
Attempts to find contact information for Simmons and Keyway, to ask for their side of the story, were unsuccessful.
