William Nieporte, a co-founder of Bramshill Investments, was fired in 2022 for ignoring a return-to-office mandate he helped create — and is now seeking at least $30 million in a lawsuit that tests whether corporate policies apply to the people who write them.
William Nieporte, a co-founder of Bramshill Investments, was fired in 2022 for ignoring a return-to-office mandate he helped create — and is now seeking at least $30 million in a lawsuit that tests whether corporate policies apply to the people who write them.
Nieporte, who served as chief operating officer and chief compliance officer at the $8 billion asset-management firm, was terminated in July 2022 after refusing to comply with a five-day-a-week in-office requirement that he, Stephen Selver and Art DeGaetano had jointly issued to staff just months earlier. The termination letter, reviewed by the Wall Street Journal, stated that Nieporte had "willfully and deliberately failed to report to 'in-person' work."
"This policy was for employees, not owners," said Matthew J. Press of Press Koral LLP, Nieporte's attorney. "It did not validly apply to Mr. Nieporte, who was an owner and manager of the company."
Nieporte held a 12% stake in Bramshill, while Selver owned 40% and DeGaetano held 48%, according to legal filings. A provision in the operating agreement of Bramshill's parent company, Ironmen, requires shareholders to sell their interest if they are fired for cause — a clause Nieporte alleges his co-founders exploited to force him out. He filed a federal lawsuit in May against ADP Totalsource, the human-resources firm that processed his termination, seeking at least $30 million in lost earnings, profits and the value of his equity.
The dispute traces back to 2017, when Nieporte moved from New Jersey to San Ramon, California, with his co-founders' approval. The closest Bramshill office, in Newport Beach, sits more than 500 miles away. Tensions escalated in 2021 when Selver and DeGaetano invoked a divorce clause in the operating agreement after Nieporte's wife filed for divorce, seeking to convert his membership interests to non-voting status. Nieporte rejected a buyout offer he described as "lowball."
The return-to-office mandate, issued in April 2022 with a July 5 deadline, gave employees a choice: comply or accept severance. Nieporte, who signed the email alongside his co-founders, said he believed it applied only to at-will employees, not to owners. After the deadline passed, DeGaetano wrote to Nieporte: "We have both junior and senior employees commuting over one hour each way to work, and yet you feel this policy doesn't apply to you." He gave Nieporte 30 days to correct course, though Nieporte argued the notice was invalid because it wasn't delivered by fax, hand delivery or certified mail as the operating agreement required. Days after Nieporte approached DeGaetano to discuss a buyout — and after DeGaetano agreed via email to put "all pending actions on either side" on hold — Nieporte was fired.
A Bramshill representative said Nieporte's claims were built on "fabricated accusations" and that the legal process would show neither the firm nor its co-owners engaged in wrongful conduct. Nieporte was terminated for dereliction of duty and is not entitled to the money he seeks, the representative said. ADP spokeswoman Allyce Hackmann said the company would defend itself against the allegations and noted that once clients enter separation decisions into ADP's platform, an automated letter is generated.
The case adds a rare twist to the return-to-office tensions that have swept corporate America since the pandemic. While companies including Vanguard, Meta and Starbucks have warned rank-and-file workers that noncompliance could lead to termination, it is unusual for a member of the leadership team to face the same consequence. Nieporte, who now works remotely for a Nevada startup, is also pursuing arbitration against Bramshill, Ironmen, Selver and DeGaetano.
This article is for informational purposes only and does not constitute investment advice.
