Justin Caldbeck, who was accused of inappropriate behavior toward women, is suing his Binary Capital cofounder Jonathan Teo.
Jonathan Teo, right, and Justin Caldbeck, in happier times. Credit: PETER DASILVA/The New York Times/ReduxA Silicon Valley venture capitalist who resigned from his firm amid sexual harassment allegations is claiming his former partner embezzled money from a portfolio company and wrecked their business.
Teo’s lawyer, Elizabeth McCloskey, calls Caldbeck’s lawsuit “appalling” and says Caldbeck’s inappropriate behavior toward women caused Binary Capital’s downfall. that Caldbeck had sexually harassed female tech entrepreneurs who were seeking business funding or advice. Six women accused Caldbeck of making unwanted sexual advances, and Caldbeck resigned from Binary Capital. Caldbeck initially denied any wrongdoing, but under mounting pressure he apologized to “women who I’ve made feel uncomfortable.”
Caldbeck also blames Teo for the demise of Binary Capital. At the height of the sex harassment scandal at Binary in 2017, Caldbeck says he struck a deal with Teo in which he agreed to resign, but that Teo abandoned his role of running Binary Capital by spending the following months on vacations in places like Mongolia, Ibiza, New York, Los Angeles, and the Burning Man festival.
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