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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA Carmel investor is suing the CEO of a California-based 3D printer company over a $5 million loan that the investor says helped finance the CEO’s 2024 takeover of the company.
The investor, Kenneth Thieneman, is suing Velo3D Inc. CEO Arun Jeldi, whom the lawsuit also identifies as a Carmel resident. The lawsuit was filed Nov. 6 in Marion County Commercial Court.
Thieneman is also CEO of Westfield-based Thieneman Construction, a general contractor that specializes in water, wastewater and commercial projects.
Thieneman’s complaint also names two other defendants: Indianapolis-based 3D printer company Arrayed Additive Inc., and Arrayed Notes Acquisition Corp. The lawsuit identifies Jeldi as the CEO, president and sole shareholder of Arrayed Additive and the CEO of Arrayed Notes.
In his complaint, Thieneman alleges that, shortly after the two men had met, Jeldi asked him for a $5 million loan so that Jeldi could acquire a controlling interest in Velo3D through a complex debt-for-equity deal.
Velo3D, based in Fremont, California, is a publicly traded company that makes metal 3D printers — machines that use additive manufacturing technology to produce three-dimensional metal objects.
“Jeldi confided in Mr. Thieneman that he did not have all the cash needed for the debt acquisition, and that he had been rejected by several other possible investors that he approached before Mr. Thieneman,” the lawsuit alleges.
IBJ left a phone message for Jeldi on Thursday but did not receive a response. The court docket does not identify Jeldi’s legal counsel.
A phone message and email left for a Velo3D representative on Thursday were not returned.
IBJ also left a phone and email message for Thieneman’s attorney, Kristopher Kazmierczak of Indianapolis firm FBT Gibbons LLP, but did not receive a response.
Thieneman agreed to loan Jeldi the $5 million under the following terms, the lawsuit alleges: The loan would be repaid within 30 days; it would carry interest of 120% per year, compounded annually; and once Jeldi had secured a controlling interest in Velo3D, he would transfer 5% of the company’s common shares to Thieneman.
Thieneman wired $5 million to an Arrayed Additive account on Dec. 2, 2024, and on Dec. 24 Jeldi acquired 95% of Velo3D’s shares through the debt-to-equity swap, the lawsuit alleges.
Under the terms of the loan agreement, the lawsuit alleges, Jeldi agreed to repay the $5 million by Dec. 30, 2024.
Jeldi failed to meet this deadline and made what the lawsuit calls a “partial payment” of $5 million in February 2026.
But, the lawsuit alleges, Jeldi still owes interest, and he has not delivered the promised Velo3D shares to Thieneman as promised.
The lawsuit accuses Jeldi of breach of contract, fraud and conversion. Thieneman is asking the court to award him the transfer of the Velo3D shares, plus monetary damages and unpaid interest. The lawsuit does not quantify the amount of interest or damages that are bening sought.
According to Velo3D’s filings with the U.S. Securities and Exchange Commission, Thieneman deepened his involvement with the company after Jeldi took control.
Companies affiliated with Thieneman provided $15 million in financing to Velo3D in multiple transactions between January and March 2025, according to SEC filings.
In April 2025, Velo3D announced that Thieneman had joined the company’s board of directors.
Thieneman Construction later converted its $10 million loan, plus accrued interest, into Velo3D stock. Thieneman beneficially owned about 4.4% of Velo3D as of spring 2026, according to company filings.
Those transactions are separate from the 5% ownership stake at issue in the lawsuit.
Thieneman’s lawsuit does not mention the $15 million in financing transactions, nor Thieneman’s board seat at Velo3D.
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