“Increasing Fiscal Neglect”
The Jockeys’ Guild released results of an internal investigation into the Guild’s financial condition on Thursday, and the news, as might be expected, was ugly: According to interim president Darrell Haire, nearly $2.1 million was inappropriately spent by former management, most of the Guild accounts were depleted by November 15 (when then president Wayne Gertmenian and most of the Guild’s management was fired), and a number of unpaid bills have been piling up for the past six months:
“The investigation reveals an apparent pattern of increasing fiscal neglect extending for at least the past 18 months,” said Haire. “While at this time it cannot be determined with certainty exactly where the money went, it is generally believed that the money was inappropriately used to fund the organization’s daily operations and for paying health insurance claims.”
The Guild expects to file a lawsuit against Gertmenian in an effort to recoup some of the losses; the FBI and local police are also investigating. Gertmenian’s attorney, Mitchell Egers, said “his client did nothing irresponsible.”
