Boston.com | The founder of Alex and Ani is suing her sister, alleging misuse of the family’s R.I. jewelry business assets by The Boston Globe AI generated summary, Read the full article for complete information. Jewelry designer Carolyn Rafaelian, founder of Alex & Ani, has filed a lawsuit against her sister Rebecca Rafaelian Caruolo alleging that Caruolo, as majority shareholder and president of the family‑owned Rhode Island jewelry company Cinerama, misappropriated its assets to secretly fund a new venture, Air & Anchor, which she claims is a knock‑off of Alex & Ani and was launched without Carolyn’s knowledge or consent. The complaint, filed in May 2026, says Caruolo used Cinerama’s factory, equipment, inventory, trade secrets, vendor relationships and goodwill to create Air & Anchor, effectively freezing Carolyn out of Cinerama and diminishing the value of her shares. Rafaelian is seeking damages, an injunction barring further use of Cinerama’s assets and goodwill, and the appointment of a receiver for Air & Anchor. The suit follows a turbulent period for Alex & Ani, which saw Rafaelian ousted in 2020 and the company file for Chapter 11 bankruptcy in 2021 before being taken over by the private‑equity firm Lion Capital. Read more: https://www.boston.com/news/the-boston-globe/2026/05/21/the-founder-of-alex-and-ani-is-suing-her-sister-alleging-misuse-of-the-familys-r-i-jewelry-business-assets/ #CarolynRafaelian #RebeccaCaruolo #Cinerama #business #rhodeisland #RebeccaRafaelianCaruolo #OmarAjaj