Partner Suits to Share Profits for Irvington Supermarket Advertising Company

An executive who helped start a supermarket advertising business in Irvington, based on a verbal agreement, claims he was cut from profits.

Edward Greenberg is demanding financial accounting from Adcorp360 Inc. to determine its share of the profits, in a Dec. 9 lawsuit filed in the Westchester Supreme Court.

Adcorp360 did not respond to a message, submitted through its website, asking for its side of the story.

Greenberg, of Pleasantville, and Peter Broccole of Norwalk, Connecticut worked side by side in the old Cosmopolitan Building, an 1895 neoclassical structure designed by architect Stanford White, overlooking Irvington Station.

Adcorp360 offices in the Stanford White building

They bonded and reflected on their common business interests, the complaint says, given Greenberg’s career in media production and Broccole’s business selling print advertisements in supermarkets.

In 2014, they started to form an idea for a new business. They would sell advertising on monitors installed in supermarket checkouts.

Adcorp360 was founded in June 2016.

Initially, Greenberg says, he was to own a 10% stake in the company, receive 10% of gross sales as a salary, and increase his stake in annual increments of 5% until he reached 25% of the stake. in 2019.

There was no formal written agreement, according to the complaint, but they signed a brief roadmap in 2018.

Greenberg says he did the research and development, worked on marketing, set up monitors, and oversaw day-to-day operations. Adcorp360 placed nearly 100 supermarket monitors, according to the complaint, and annual sales ranged from $ 1.5 million to $ 2 million.

But Greenberg reportedly received only small, intermittent payments for his work and “more often than not he received nothing at all.”

When asked about his share of sales, CFO, Broccole’s sister Eva Broccole of Mahopac reportedly said there was no money available and her brother was not taking any money. company funds.

But around 2018, he saw financial records that did not match sales data, the complaint says. From 2016 to 2018, Peter Broccole received approximately $ 375,000 while Greenberg “received little or almost nothing”.

Greenberg claims that Eva Broccole misinterpreted the payments to her brother to avoid making his payments.

He says he confronted Peter Broccole about the alleged discrepancies and was told the company would pay him his share in the future and reimburse the previous amounts owed.

“Over the next few months, Greenberg was paid intermittently,” the complaint says, “but predictably the payments stopped.”

A company’s financial record lists the obligation at $ 148,529, according to Greenberg, but the correct amount is over $ 400,000.

He accused Peter Broccole of breach of contract, breach of verbal agreement and unjust enrichment. He accused Eva Broccole of fraud and tortious interference.

Greenberg is represented by Manhattan attorney Robert Garson.

About Cedric Lloyd

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