A co-founder of an $8 billion wealth management company in California was let go for not adhering to a policy requiring a return to the office. This decision involved William Nieport, who had spent around a decade as the chief compliance officer at Bramshill Investments, which he co-founded with two high school friends, Steven Selver and Art DeGaetano.
In 2022, the three co-founders issued an expectation for employees to return to a five-day work week at one of the firm’s offices by July or face termination. This move aligned with a broader trend among companies trying to reintegrate staff after the 2020 pandemic disruptions.
Shortly thereafter, Nieport received a termination notice. According to his co-founders, he intentionally failed to meet the in-person requirements, which is notably rare for someone in an executive position.
Nieport subsequently filed a lawsuit against the recruitment firm tied to Bramshill. He argued that the return-to-office directive was merely a pretext for removing him from his role and that it shouldn’t have applied to his stake in the business. His complaint suggests he “appropriately ignored” the email about attendance since it possibly didn’t pertain to property rights.
He is pursuing at least $30 million in damages, including lost income and the value of his share in the firm.
The attorney representing Nieport stated that the policy used as grounds for his dismissal is not valid and should only be applicable to other employees. Notably, Nieport had relocated to San Ramon in 2017 with the consent of his co-founders. However, following this move, they allegedly attempted to push him out and proposed a buyout in 2021.
After the deadline for returning to the office passed in July, DeGaetano communicated with Nieport, expressing that he believed Nieport felt exempt from the policy despite the commute challenges faced by both junior and senior team members.
DeGaetano reportedly gave Nieport 30 days to adjust his situation, but Nieport countered that this notice wasn’t properly delivered. He later resumed discussions about an acquisition but was terminated shortly afterward.
A spokesperson for Bramshill contended that Nieport’s claims were fabricated and expressed confidence that the subsequent legal proceedings would demonstrate the integrity of the other co-founders’ actions.
Currently, Nieport is engaged in remote work for a startup based in Nevada.
