Crain's is reporting that a former executive at Cancer Treatment Centers of America Inc. tried to extort nearly $50 million from founder and Chairman Richard Stephenson (photo right) by threatening to reveal trade secrets, according to a lawsuit filed by the Schaumburg-based hospital chain.
Lynette Bisconti was president of its charitable research arm and a member of its executive team. Ms. Bisconti was placed on paid leave on Sept. 24 after she told Mr. Stephenson that she would “sing like a bird to the newspapers, radio and television” with false accusations about the company if he didn't pay her millions of dollars, the lawsuit alleges. Within hours of being placed on leave, Ms. Bisconti accessed more than 200 confidential documents and materials, the lawsuit alleges. She was fired on Dec. 31, the lawsuit says.
Mr. Stephenson kept a low profile until December, when the Washington Post reported that he played a key role in the ouster in September of Dick Armey as chairman of FreedomWorks and funneled $12 million to the tea party's PAC before the November election. ...More HERE