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WebTaggers claims former exec diverted money for his own use
Austin-based software company WebTaggers Inc. claims former CEO David Chevalier diverted $50,000 of the $500,000 paid by Vignette Corp. for the company's intellectual property into his personal bank account.
Chevalier negotiated the asset sale on behalf of WebTaggers, according to a lawsuit filed May 16 in Travis County District Court. Under the final Dec. 8 agreement, Vignette would buy all of WebTaggers' intellectual property and related assets for $500,000 to be paid in four installments.
Chevalier supplied Vignette with specific wire transfer instructions for the first two payments, …