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Law360, New York (September 19, 2013, 3:09 PM ET) -- Entertainment company Valcom Inc.’s former CEO, other executives and shareholders fired back Thursday at a New Jersey federal racketeering suit accusing them of defrauding Valcom out of millions of shares, saying they’re being maliciously scapegoated for Valcom’s financial woes.

In a motion to dismiss, former Valcom CEO Vincent Vellardita, his wife Teresa Vellardita, former Valcom employee Ingrid Clavijo, former Valcom board director Frank O’Donnell and competing entertainment company Bridgeport Enterprises Inc. blasted Valcom for recklessly over-pleading its suit and including a "baseless" claim for violation of the Racketeering Influenced Corrupt Organizations Act. They argued that they are being scapegoated for Valcom’s financial troubles, according to the motion.

“The operators [plaintiff] seek a scapegoat for the company’s financial condition, and to hamper the moving defendants’ ability to earn a living through the stigma of being a named defendants in a RICO lawsuit,” the motion said. “The motives of plaintiff are clear; it even has this RICO claim on its webpage. This has prevented Vincent from taking advantage of multiple business opportunities, as well as hampered the business opportunities of the other moving defendants.”

Valcom, which owns the MyFamilyTV Network along with film, television and music libraries, launched suit in May, accusing Vellardita and other top brass of scheming to defraud Valcom out of millions of shares and assets, engaged in self-dealing and business activities that conflicted with Valcom’s business interests, such as consulting for rival entertainment companies, and usurped corporate authority for their own benefit.

However, the defendants argued that Valcom is attempting to turn an internal business dispute into a racketeering case, which fails because the suit only pleads a cause of action for breach of fiduciary duty against the Vellarditas and is backed by zero evidence, according to the motion to dismiss.

“Even if Valcom proved every fact it asserts in its slipshod, rambling complaint, it would not be able to show the required requisite open-ended or closed-end conspiracy, as well as predicate acts to set forth a RICO claim,” the motion said. “Like so many RICO claims brought inappropriately, the RICO claim here was maliciously brought and must be dismissed with prejudice.”

Additionally, they argue that Clavijo and O’Donnell shouldn’t have even been named as defendants in the suit when they were only mere employees of Valcom without the power and decision-making authority to bring a lawsuit at Valcom, according to the motion.

Valcom has said that it discovered the fraud as part of an extensive investigation into its financial records it launched after its board voted to remove Vellardita as CEO in August 2011 over his alleged repeated failures to properly fulfill his CEO duties, the complaint said.

The company in July agreed to end trading of its common stock to settle U.S. Securities and Exchange Commission proceedings over unfiled periodic reports.

Counsel for Valcom was not immediately available Thursday for comment.

Valcom Inc. is represented by Neal H. Flaster of Neal H. Flaster LLC.

The defendants are represented by Jacob Aronauer, John Balestriere and Roberto Cuan of Balestriere Fariello & Abrams LLP.

The case is Valcom Inc. v. Vincent Vellardita et al., case number 2:13-cv-03025, in the U.S. District Court for the District of New Jersey.

--Additional reporting by Joshua Alston. Editing by Rebecca Flanagan.