YTB Lawyer Resigns
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Not a good sign for YTB, their new lawyer resigned.
"On September 3, 2008, John D. Simmons resigned from the Board of Directors of YTB International, Inc (the "Company").
Mr. Simmons resignation was prompted by his belief that as a general matter he could not effectively influence the practices of the Company's management.
Mr. Simmons has not furnished the Company with any written correspondence concerning the circumstances surrounding his resignation.
Mr. Simmons was considered an independent director by the Company and was a member of the Company's Investment Committee.
The Company provided Mr. Simmons the opportunity to review the statements made in the above paragraph."
Well, since Mr. Simmons was in charge of compliance and could not effectively influence the company, i.e., get it to adhere to the law, he had to quit.
Oops.
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Comments
Damion, I think that you are right to point out the problem that the representatives play. But why do the companies not exert greater control?
Posted by: michael webster
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September 29, 2008 11:43 PM
David, that is interesting. Do you think that this new lawyer really comprehended the mess he was stepping into?
Posted by: michael webster
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September 29, 2008 11:39 PM
That's how corrupt lawyers try to get out of the fraud they create; by blaming others. YTB was an illegal pyramid fraud from its inception and there are thousands more the we'll be collapsing like dominoes. (Re: mortgage meltdown and the N.Y. Stock Exchange). And that's the truth.
dave - CBNow
www.crimebustersnow.com
Posted by: David Thornton | September 27, 2008 8:24 AM
While only a select few individuals know the true motivations for his resignation, I doubt that it was because "he could not get them to adhere to the law".
Network Marketing has had a cloud above its head and a lot of scrutiny since the early days of AmWay - yes, I said the "A" word :)
The business model itself is sound, but the inherent problems lie in the "reps" of the companies and this is where most "issues" arise.
Reps of the company pitch dreams of riches for little or no work. For someone willing to work the business - it can be very profitable, but there are no free rides in life.
Posted by: Damion Flynn | September 24, 2008 10:11 AM