A Scarsdale dentist wants to part ways with a partner he believes misallocated funds from Pelham Parkway Dental Associates P.C.
Ernest Ferrigno asked Westchester Supreme Court to dissolve the dental practice in a Nov. 2 petition filed against the business and his partner, Stuart Teicher, also of Scarsdale.
Each man owns half of the business, according to Ferrigno, but Teicher, the president and treasurer, “has complete control over the finances and operations of the company (and) has been guilty of oppressive acts towards Ferrigno.”
Teicher did not reply to a request for his side of the story.
Teicher sold half of the Morris Park, Bronx dental practice to Ferrigno in 1991, according to the petition, and the men agreed to take equal salaries.
But from 2018 through 2022 Teicher allegedly received nearly two-thirds of the compensation: $572,347 to Ferrigno’s $322,154.
Ferrigno also claims, without citing specific examples, that Teicher has used company funds to pay expenses without Ferrigno’s knowledge or consent.
Teicher advised Ferrigno late last year that he wanted to sell the dental practice, the petition states. Ferrigno responded that he would consider a sale if first he got complete access to the business records and a complete 5-year accounting of revenues, expenditures and distributions.
Ferrigno says that he received only a 2021 tax return.
He accused his partner of oppressive conduct under the state Business Corporation Law, breach of contract and breach of fiduciary duty.
He is demanding at least $300,000 in damages, the dissolution and liquidation of the business, and appointment of a referee to wind up its affairs.
Ferrigno is represented by White Plains attorneys Brian T. Belowich and Kerry F. Cunningham.
