The executives of Willard & Kelsey Solar Group, a struggling solar-panel manufacturer, began lending themselves company funds the same day the firm received $5 million from a group of Italian investors, internal financial records show.
Michael Cicak, Willard & Kelsey's chairman of the board and chief executive officer, received a $40,000 loan that day. Mossie Murphy, chief financial officer at the time, received a $30,000 loan.
The loans to five company executives totaled more than $500,000 from August to October, 2008, records show. In addition, the top five executives also received payments of almost $1 million from November, 2008, through March, 2009.
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| Most employees at the Perrysburg company have been laid off. |
Michael Cicak, Willard & Kelsey's chairman of the board and chief executive officer, received a $40,000 loan that day. Mossie Murphy, chief financial officer at the time, received a $30,000 loan.
The loans to five company executives totaled more than $500,000 from August to October, 2008, records show. In addition, the top five executives also received payments of almost $1 million from November, 2008, through March, 2009.
Read More
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