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Business and Economy

Developer Who Planned Island Project Denies Embezzlement

SACO, Maine - A developer in coastal Maine is denying a claim by a former business partner that he embezzled from the company they founded. John Veneziano filed a lawsuit in June against Bernie Saulnier. He accused Saulnier of taking money from their business, J&B Partners, to pay for other business projects and his own personal debt. The company was founded for development projects in Saco and Portland.
 
The Portland Press Herald reports Saulnier has filed a response saying Veneziano is responsible for the company's money trouble. He says Veneziano's inability to secure $32 million in loans led to foreclosure auctions on Saco and Portland properties. The Saco property was on Saco Island and had been slated for a $40 million project.
 
An attorney for Veneziano says his client will respond via court filings.