An investor is suing Solera National Bancorp over concerns that its chairman—allegedly a Denver Nuggets superfan known as “the red pants guy"—spent corporate funds buying a fleet of private jets he uses to fly around the country attending NBA games.
The lawsuit seeks internal files from the regional bank to investigate allegations that Michael Quagliano, who owns a majority stake of Solera, has exploited his control by pushing it to spend more than $10 million in 2021 and $17 million in 2022 on “a veritable airline” consisting of five planes and a helicopter.
“The company owns more aircrafts than it ...
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