secret profit


Also found in: Financial.

secret profit

profit made by an agent that is not revealed to the principal. An agent, being in a fiduciary position as against the principal, is not permitted to make a profit out of the performance of his duties as an agent unknown to the principal. It is his duty to account for all such profit; failure to do so will render him liable to dismissal and give the principal a ground for refusing to pay him his commission. The secret profit itself must be disgorged under the law of restitution.
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He said: "The charges relate to an alleged conspiracy to defraud the Metropolitan Police Service by dishonestly participating in a scheme to overcharge the MPS for flat rentals in Leeds with the intention of making a secret profit thereby and distributing monies so raised among themselves.
MANDY ALLWOOD, who miscarried octuplets in 1996 after a highly publicised pregnancy, today won her High Court action against her former publicist Max Clifford who she alleged made a secret profit out of her story.
Cartels create a secret profit which can make millions of pounds for those involved, Mr Latham said.
Such duties include acting in the best interests of the company,not making a secret profit, non-competitionetc.
The company secretary has a fiduciary duty to the company and is accountable to the company for any secret profit made because of his position.
DBS managing director Henry Beeby said: "The code is intended to stop people from making a secret profit at someone else's expense, which no-one in the industry can
Mr Dooley was cleared of encouraging one investor into the scheme without disclosing that he would make a secret profit.
The hearing was told the deal did not go ahead but Mr Dutton commented: ``He did not receive a secret profit but he tried to do so.
Until public officials wake up, the bereaved will remain a secret profit center for the life insurance industry.
Beyond constituting a huge secret profit center for AT&T, the lawsuit further alleges that AT&T's manipulation of the Universal Connectivity Charge gives it an unfair advantage in the highly competitive long distance market.
Her claim is that Mr Clifford made a secret profit at her expense by secretly arranging a separate contract for himself with the News of the World and in doing so he made money on the side for himself,' said Mr Crystal.
Judge Dean I do not care whether you are making it or not, it seems to me that he was taking a secret profit if you did not know about it.