Palisades Media Group’s president and chief operating officer said last month that the company took in $14 million to $16 million from their clients but was unable to pay that to vendors who ran ads. The company abruptly shuttered in July.
For nearly two decades, the two stepsons of CEO Roger Schaffner were employed at his Santa Monica ad agency Palisades Media Group. One was a creative designer and the other was an account coordinator, according to an organization chart. They were each paid $65,000 a year, said a person with direct knowledge of their compensation.
The payments have drawn scrutiny among many of the roughly 90 employees who lost their jobs when the company, which handled advertising campaigns for Netflix and other prominent clients,We’re offering L.A. Times subscribers first access to our best journalism. Thank you for your support.
During the period the sons and the housekeeper were compensated, Palisades received federal loans through the Paycheck Protection Program, which was intended to help companies offset business losses caused by the COVID-19 pandemic. In 2020 and 2021, Palisades took $3.89 million in federal loans through the program, to cover costs including payroll and healthcare, according toBassist Brent Ashley Burnett, stepson of the CEO of Palisades Media Group, performs at the Roxy in West Hollywood in 2013.
At the beginning of this year, Schaffner wrote, clients cut their retainers to Palisades by $6.4 million, 33% less than the previous year. He said he closed Palisades Media only after unsuccessful efforts to sell the business, find new revenue sources and cut costs as the “red ink was mounting.”Schaffner started Palisades Media Group in 1996, after working at media agency ICG, where he built an entertainment division representing independent movie studios, according to his LinkedIn page.
Chief Financial Officer Russell Dean raised concerns about expenses Schaffner and his wife, Marlene, had allegedly charged to an American Express account. In an Oct. 28, 2020, email to Laura Jean Bracken, the company’s chief operating officer and president, Dean said the most recent Amex bill was just over $17,000; the prior month was more than $16,000.
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