Former NanoMech CEO Responds To Allegations Of Financial Wrongdoing
SPRINGDALE, Ark. (KFSM) — Jim Phillips, former chairman and CEO of Springdale-based nanotechnology manufacturer NanoMech, has filed a response to the claims of financial wrongdoing while in his role with the company.
Phillips, in the Tuesday (July 16) filing, highlighted several claims that have come to light in court documents related to NanoMech’s ongoing bankruptcy case in U.S. Bankruptcy Court for the District of Delaware.
Some of the claims include he spent more than $750,000 of the company’s money on personal expenses and took trips to Paris and to automobile races in Indianapolis and Dallas.
Phillips said the trips were work-related and noted claims of trips to South America and Hong Kong and that those were listed in an initial filing but not in the amended filing.
“These were not pleasure trips for Mr. Phillips and his wife,” according to the filing.
“Rather, they were high profile business development trips, and the costs expensed to NanoMech for those trips were more than justified as business development expenses.”
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