California co-founder of $8 billion asset management firm fired for skipping his own return-to-office rule, now seeks $30 million
William Nieporte, co-founder and former chief compliance officer at Bramshill Investments, claims he was wrongfully terminated in 2022 after he failed to return to the firm’s Southern California office under its five-day-a-week in-person work policy. He claims the policy was used as an excuse to fire him and strip him of his ownership stake, according to The Wall Street Journal.
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Co-founder fired over return to office policy
Bramshill Investments, which manages approximately $8 billion in assets, was founded by William Nieporte with high school classmates Stephen Selver and Art DeGaetano.
In 2022, as businesses across the U.S. welcomed employees back to the workplace in the wake of the COVID-19 pandemic, the three co-founders released an email directing staff to return to one of the firm’s three offices five days a week by July or face layoffs.
Nieporte later received a termination letter from Selver and DeGaetano stating that he “intentionally and knowingly failed to report to work ‘in person,'” according to the report.
Why did William Nieporte appeal his dismissal?
Nieporte filed a lawsuit against Bramshill’s human resources company in May, arguing that the return-to-office policy did not apply to him as a co-owner of the business.
The lawsuit states that Nieporte owns a 12% stake in Bramshill and alleges that the office attendance requirement applies only to employees, not company ownership. That’s why he “conveniently ignored the email,” the application states.
His lawyer, Matthew Press, argued that a return-to-office policy was not a valid legal basis for terminating a company’s co-founder.
Move to Northern California approved, lawsuit says
At the time of the dispute, Nieporte was living in San Ramon, California, several hundred miles from Bramshill’s nearest office in Newport Beach.
He moved there in 2017 with the approval of his fellow founders, according to the lawsuit.
The filing also alleges that Selver and DeGaetano later tried to oust him from the company and offered to buy out his ownership stake in 2021 before implementing a return to office policy the following year.
‘You think this policy does not apply to you’
After the July 2022 deadline passed, Art DeGaetano allegedly sent Nieporte a warning reminding him that the office’s authority applies to everyone.
“Both our junior and senior employees commute more than an hour to and from work, but you still think this policy does not apply to you.”
According to the lawsuit, DeGaetano gave Nieporte 30 days to return to in-person work.
However, Nieporte argues that the notice is invalid because company rules require the notice to be delivered by hand, fax or mail rather than electronically. The lawsuit states that he restarted acquisition discussions but terminated them before the 30-day period expired.
Bramshill denied the allegations
Bramshill denied Nieporte’s allegations.
A company spokesman told The Wall Street Journal that Nieporte made up the allegations and said the legal process would show that the remaining co-founders did nothing wrong.
William Nieporte wants $30 million
In the lawsuit, Nieporte is seeking at least $30 million, including alleged earnings, future profits and the value of his 12% stake in Bramshill Investments.
The case will now continue in the courts.
Where is William Nieporte now?
According to The Wall Street Journal, Nieporte now works remotely for a Nevada-based startup after leaving Bramshill Investments. The case is expected to determine whether his dismissal was legal and whether the firm’s reinstatement policy can be enforced against one of its own co-founders.
