Sloan Financial Group of Durham, N.C. has filed a lawsuit against a former employee charging him with breach of contract, committing fraud and conspiracy, and embezzling funds while he managed The New Africa Opportunity Fund, a $120 million private equity fund that was introduced in 1997.

The suit was filed Feb. 26 in the County of Durham State Superior Court and named as defendants Justin Beckett, former executive vice president of Sloan, as well as Beckett's wife Dorika Mamboleo and several other key employees.

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