Stockholder Sues Pacific Suns Owner

A Pacific Suns stockholder has sued owner Don DiCarlo for allegedly misrepresenting the value of team stock and allegedly conspiring with family members to defraud shareholders.

The lawsuit, which seeks unspecified damages, was filed Thursday in Ventura County Superior Court. A hearing is set for Monday.

Thousand Oaks resident Paul Regina brought the lawsuit against DiCarlo and Channel Islands Sports Management, the Oxnard-based corporation that owns and operates the minor league baseball team.

DiCarlo is the team president and chairman of its board of directors. The lawsuit also names DiCarlo’s wife, Karen, and his father, Anthony, who are also board members.

On Friday, Don DiCarlo said he had not seen a copy of the lawsuit but was stunned by its allegations.

“It’s shocking to us that this guy would do this,” he said, referring further comment on the matter to his Beverly Hills attorney, Charles Hack.

In the lawsuit, Regina, who holds 18% of the corporation’s stock, accuses DiCarlo and his family of defrauding Suns shareholders by selling stock valued at more than it was worth.

The lawsuit also alleges that Don DiCarlo wrongfully converted corporate funds into his family trust, and has since diminished the value of the team to create a liability in favor of himself.

“The conduct was despicable and subjected [the corporation] and the whole body of its shareholders [to] cruel and unjust hardship,” the 19-page lawsuit states.

Regina’s Westlake Village attorney, Garry S. Malin, declined to discuss the lawsuit or what action he will seek in court next week.