Mensch & Schlemiel: Stockton Becomes CEO & Kinlaw Gets Locked Up
Noun, informal. A decent, upright, mature and responsible person.
Noun, slang. An awkward, clumsy, or unlucky person whose endeavors tend to fail; a loser.
Mensch of the Week:
Richard Stockton, New CEO of Ashford Hospitality Prime
Richard Stockton has hit the jackpot with his new position as CEO of Ashford Hospitality Prime. Stockton assumed his new position on Monday, with a base pay of $375,000 annually. It comes as no surprise that someone with Stockton’s amount of experience was able to lock down this position; as he has earned an MBA in finance and real estate from the Wharton School at the University of Pennsylvania as well as a Bachelor of Science degree from Cornell University’s School of Hotel Management, and has been in the hospitality field for more than twenty years with an array of different companies.
Stockton spent 15 years at Morgan Stanley, starting as an associate and making his way up to a managing director by the end of his career with them. For 3 years, Stockton also served as the president and CEO of Singaporean listed property company OUE Ltd., where he completed a $367.5 million of the U.S. Bank Tower. Other companies that Stockton has experience with include CarVal Investors, WatchFacts, Beverly Hills Wealth Management, and rhubarb studios.
Ashford Prime was eager to give Stockton a spot on their team once they saw his resume. “We are extremely pleased, following an extensive search process, to have attracted someone of Richard’s caliber to join our organization,” said former CEO Monty J. Bennett. He continued:
“Richard brings over 20 years of experience in investing in and financing real estate, and I am confident that his expertise will be extremely valuable to us as we continue to execute on our strategic initiatives in order to maximize long-term shareholder value”.
Stockton couldn’t be joining Ashton Prime at a better time, considering the groups recently increased profits. Along with Stockton’s huge base pay, he will also be entitled to a $500,000 incentive bonus payable by mid-April. With this position to add to his resume, we congratulate Richard Stockton and award him with the title of Mensch of the Week.
Schlemiel of the Week:
Joseph Hal Kinlaw Jr., Developer Convicted of Fraud
Joseph Hal Kinlaw Jr., a former Onslow County developer, is about to throw his long career away after being convicted guilty of bank fraud. On Thursday, 63-year-old Kinslaw was sentenced to 17 years of prison after allegations that he falsified descriptions and releases of the loan collateral on various real estate investment and development entities to obtain loans between January 2011 and April 2013, with the goal of using the collateral for other real estate activities. It is expected that in total, Kinslaw is responsible for the loss of $18 million, coming from banks, insurance companies, and other investors.
While Kinslaw went to extensive measures to cover up his tracks, including using outside funds to make ongoing interest payments and fraudulently extracting funds from other investors and their business interests to make loan payments, Kinslaw couldn’t keep his plot under wraps forever. In June this year, Kinslaw plead guilty in court against all accusations. The Federal Bureau of Investigation and Assistant United States Attorney William M. Gilmore of the Economic Crimes section represented the United States in court. We’re glad to see Kinslaw getting what was coming to him, and are happy to call him our Schlemiel of the week.