As MiningNews.net reported in early April, British company Oakmont Resources filed a lawsuit against its former CEO Aaron Thomas in the Manhattan Supreme Court.

The suit alleged Thomas took millions from Oakmont over three years from 2010.

"A recent investigation conducted by the company, assisted by forensic accountants, has revealed that Thomas used misappropriated company money to fund a lavish lifestyle for himself and defendant [Thaiana] Rodrigues, his fiancée, all at the expense of the company and its shareholders," the lawsuit said.

The suit alleged Thomas used the money to charter a luxury yacht and private jet for himself, Rodrigues and members of her family in the Caribbean, to buy a $171,000 engagement ring for Rodrigues, partially paid for via a direct transfer from Oakmont's bank account to Thomas', a $53,000 holiday to Australia and to buy other luxury goods.

Oakmont acknowledged that while Thomas made some disclosures as to the whereabouts of the misappropriated funds, about $2.5 million remained unaccounted for.

Court documents showed that the case was discontinued last month and the New York Post reported overnight that Thomas had won a confidential settlement from Oakmont.

Thomas' employment was terminated by Oakmont earlier this year and his remaining 25% stake in the company was sold back to it for an undisclosed amount.

"We are pleased that the vexatious and baseless allegations against our client were discontinued," Thomas' attorney Rob Garson told the New York Post.

Oakmont owns iron ore properties in Brazil, though its website is no longer active.

Thomas, a 26-year-old Victorian, was a contestant on the first season of MasterChef Australia when he was a 21-year-old student.

News Limited reported that Thomas landed an apprenticeship at MasterChef judge George Calombaris' restaurant after his elimination but a falling out with his bosses at The Gazebo on Arthur's Seat saw him turn to a career in finance.