William Nieporte, a co-founder of Bramshill Investments, has sued the firm's human resources company, claiming he was wrongfully terminated in 2022 for not complying with a return-to-office policy that he believes did not apply to ownership.
Nieporte, who served as chief compliance officer for the $8 billion asset management firm for approximately a decade, was fired by his two co-founders, Stephen Selver and Art DeGaetano, after failing to report to the company's Southern California offices five days a week. The policy, issued in an email to staff in 2022, stated that employees who did not return to one of the firm's three offices by July would face termination. Bramshill Investments was among many companies attempting to bring employees back to the office following the COVID-19 pandemic.
Nieporte received a termination letter from the other co-owners stating he had "willfully and deliberately failed to report to ‘in-person’ work." He is seeking at least $30 million in lost earnings, profits, and the value of his 12% stake in the firm, according to the lawsuit filed in May.
Nieporte's attorney, Matthew Press, stated that the policy was not a valid reason for termination and was only applicable to employees, not owners. Nieporte was living in San Ramon, California, hundreds of miles from the firm's closest office in Newport Beach. The lawsuit claims Nieporte moved to San Ramon in 2017 with approval from his co-founders, who then allegedly attempted to force him out and offered to buy him out in 2021.
According to court filings, DeGaetano wrote to Nieporte in 2022, "We have both junior and senior employees commuting over one hour each way to work, and yet you feel this policy doesn’t apply to you." DeGaetano reportedly gave Nieporte 30 days to comply, but Nieporte was fired before the month concluded. Nieporte also claims the notice was invalid because it was not delivered by hand, fax, or mail.
A spokesperson for Bramshill told The Wall Street Journal that Nieporte's accusations are false and that the legal proceedings will demonstrate the co-owners acted appropriately. Nieporte is currently working remotely for a startup based in Nevada.