Threyda Art Apparel at 878 Santa Fe Dr. in Denver. (Justin Wingerter/BusinessDen)
The minority owner of a psychedelic art collective in Denver’s Art District on Santa Fe says he was punched in the face by a majority owner after asking about his theft of company funds.
Richard Chang, of Denver, owns 10% of Threyda, which sells art and apparel online and at 878 Santa Fe Drive. The artist Peter Westermann owns 70% of the gallery and operates it.
In a lawsuit that he filed against Threyda and Westermann on Aug. 7, Chang claims to have uncovered a years-long and multi-million-dollar theft scheme by Westermann.
“Westermann has knowingly and systematically undertaken to have Threyda incur debt, pay Westermann the proceeds, and then have Threyda repay the debt,” Chang alleges.
The silent partner claims that Threyda borrowed $1.2 million from Shopify Capital between the start of 2023 and May of this year and that all of the money went to Westermann. The majority owner also allegedly used $733,743 in company funds to pay off personal credit cards, $54,462 on mortgage payments, and spent $60,750 in Threyda money on cryptocurrency.
Chang says he began asking questions about the company’s finances at a board meeting in September. “Westermann gave evasive and untruthful answers,” according to Chang.
“After about an hour and a half, Westermann insisted that he grab his phone and laptop and walked out of the room,” Chang’s lawsuit in Denver District Court explains. “Chang said he would follow Westermann to make sure he did not try anything suspicious. As Westermann walked out, he nervously started to speed up as he approached his laptop.”
Chang says he was afraid “Westermann was going to run away with the laptop,” so he grabbed Westermann’s shoulder and told him to stop. Westermann responded by punching Chang “five or six times in the face and head,” leaving him with a scar by his eye, a concussion that required hospitalization, and bleeding near his brain, according to Chang.
Threyda’s minority owner says his access to the company’s books has been cut off since the fight but he managed to use an old link from Threyda’s accountant to see its financials and uncover the alleged $2.2 million theft and loan scheme by Westermann. Chang was voted off of Threyda’s board in April for “asking too many questions,” according to his lawsuit.
Westermann did not answer requests for an interview to discuss Chang’s accusations. Chang’s attorney, William Groh, told BusinessDen, “My client declines any comment.”
Chang is seeking his 10% share of the company funds that Westermann allegedly took. He is also asking Judge Jon Olafson to restore him to Threyda’s board of directors.
Threyda Art Apparel at 878 Santa Fe Dr. in Denver. (Justin Wingerter/BusinessDen)
The minority owner of a psychedelic art collective in Denver’s Art District on Santa Fe says he was punched in the face by a majority owner after asking about his theft of company funds.
Richard Chang, of Denver, owns 10% of Threyda, which sells art and apparel online and at 878 Santa Fe Drive. The artist Peter Westermann owns 70% of the gallery and operates it.
In a lawsuit that he filed against Threyda and Westermann on Aug. 7, Chang claims to have uncovered a years-long and multi-million-dollar theft scheme by Westermann.
“Westermann has knowingly and systematically undertaken to have Threyda incur debt, pay Westermann the proceeds, and then have Threyda repay the debt,” Chang alleges.
The silent partner claims that Threyda borrowed $1.2 million from Shopify Capital between the start of 2023 and May of this year and that all of the money went to Westermann. The majority owner also allegedly used $733,743 in company funds to pay off personal credit cards, $54,462 on mortgage payments, and spent $60,750 in Threyda money on cryptocurrency.
Chang says he began asking questions about the company’s finances at a board meeting in September. “Westermann gave evasive and untruthful answers,” according to Chang.
“After about an hour and a half, Westermann insisted that he grab his phone and laptop and walked out of the room,” Chang’s lawsuit in Denver District Court explains. “Chang said he would follow Westermann to make sure he did not try anything suspicious. As Westermann walked out, he nervously started to speed up as he approached his laptop.”
Chang says he was afraid “Westermann was going to run away with the laptop,” so he grabbed Westermann’s shoulder and told him to stop. Westermann responded by punching Chang “five or six times in the face and head,” leaving him with a scar by his eye, a concussion that required hospitalization, and bleeding near his brain, according to Chang.
Threyda’s minority owner says his access to the company’s books has been cut off since the fight but he managed to use an old link from Threyda’s accountant to see its financials and uncover the alleged $2.2 million theft and loan scheme by Westermann. Chang was voted off of Threyda’s board in April for “asking too many questions,” according to his lawsuit.
Westermann did not answer requests for an interview to discuss Chang’s accusations. Chang’s attorney, William Groh, told BusinessDen, “My client declines any comment.”
Chang is seeking his 10% share of the company funds that Westermann allegedly took. He is also asking Judge Jon Olafson to restore him to Threyda’s board of directors.
