YachtPath Files Bankruptcy; Fraud Allegations

YachtForums · May 7, 2013

The compass rose points to a troubled path...

Did Yacht Path owners commit fraud, mismanagement? - South Florida Business Journal

Dennis Cummings and Kevin Cummings, owners of Palm Beach Gardens-based Yacht Path International, face a court hearing Tuesday morning to appoint a trustee to oversee their business.

Five customers have alleged civil fraud and mismanagement at the company, one of the world’s leading yacht transport providers.

Yacht Path filed for bankruptcy in mid-March, declaring $7.5 million in debt.

The company “was plagued with mismanagement, the misappropriation of funds, and fraud in the operations by its directors,” according to a court motion filed by the five customers.

The customers alleged that Yacht Path collected advance payments for yacht transportation when the company knew that it couldn’t perform.
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YachtPath Files Bankruptcy; Fraud Allegations

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