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Simon, former executive settle fraud suit

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On The Beat Industry News In Brief

Mark Palombaro, a former senior vice president of development at Simon Property Group Inc., will pay the company $766,000, settling a lawsuit that accused him of steering construction contracts in return for kickbacks.

According to a recent stipulation filed in U.S. District Court of Western Pennsylvania, Palombaro agreed to the payment for breach of fiduciary duty and aiding a breach of fiduciary duty. All other claims against Palombaro and his company, ABBY Inc., were dismissed with prejudice.
 

OTB Simon A former executive at Simon Property Group will pay the company $766,000. (IBJ File Photo)

Simon sued Palombaro of Carmel in November 2008, saying he gave work to a Pennsylvania construction firm that then overcharged the company by millions of dollars. Palombaro, who had recently left the company, joined Simon in 1996, when it acquired DeBartolo Realty, according to the lawsuit.

Simon reached settlements with other parties in the case, including R.E. Crawford Construction of Pennsylvania, in April.

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  • What about the others?
    Palombaro was not the only one showed the door when this corruption came to light at Simon. I wonder what has happened, if anything, to the others who were involved while employed at Simon? Polambaro is and was simply the ring leader with the better known name! He got was he deserved, but there were many innocent individuals who were ousted by Simon simply because they happened to "work" within the same group in Development.

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