Update: Braidy Industries founder denies misusing company funds

ASHLAND, Ky. (WSAZ) – Update 2/23
The ousted CEO of Braidy Industries is firing back at allegations that he was misusing company funds.

Last week Craig Bouchard filed suit against the company he founded over his removal as CEO and Chairman. He said then that the board violated a voting agreement when they removed him.

In a response filed Thursday, Braidy officials say there were several "red flags" concerning Bouchard's use of funds, including personal expenses charged by Bouchard to the company's credit cards, more than $330,000 in unsubstantiated meal and travel charges.

Bouchard denies those claims.

"Based on all the allegations and purported evidence I have been shown to date, I can say without reservation that the Braidy Defendants' allegations are completely false," Bouchard said in his latest filing. "I take great care with the expenses that I incur on behalf of the Company and to my knowledge, I have at all times acted properly, and in accordance with Company operating agreements, authorities, bylaws and my employment agreement."

The filing says Bouchard had never heard anything from the board or other company officials about expense concerns until after he was removed as CEO.

Bouchard is asking the Court of Chancery in Delaware, where the suit was filed, for a quick ruling. He says 10 companies, some international, are now on the fence about investing a combined total of $260 million without Bouchard at the helm. He says there is a window of opportunity for one company in particular to invest beyond their borders which closes in April.

The company said that they need more time.

Altogether, the company still needs to raise nearly $435 million to build the mill in Boyd and Greenup counties.

Original Story
A legal filing by Braidy Industries says its former chairman and CEO was misusing company funds and that Craig Bouchard’s social media posts showing his travels back up the concerns raised by the company's chief financial officer.

Bouchard was replaced in both of his roles within the company earlier this month. He rejected the ouster by filing an injunction to remove the people on the board who let him go.

The filing claims several "red flags" concerning Bouchard's use of funds, including personal expenses charged by Bouchard to the company's credit cards, and more than $330,000 in unsubstantiated meal and travel charges. The filing also alleges unauthorized charges associated with chartered private planes, which are all in violation of the company's travel policies.

Bouchard says he is concerned about a potential $60 million investment in the aluminum alloy mill and asked for a speedy trial.

The company said that they need more time.

Altogether, the company still needs to raise nearly $435 million to build the mill in Boyd and Greenup Counties.