03/21/2023
So this guy to be named in a future post refused to provide financial disclosure to a business partner requested as a condition to the partner signing off on the dissolution of the business. The guy (solely responsible for the finances and with his son the book keeping), then refused to provide the partner with the documents required by law and needed for the partner's filing of both state and federal taxes (K-1s), using the refusal of the partner to sign as an excuse. (So he illegally refuses to disclose info. requested as a prerequisite to getting a signature then illegally refuses to release tax documents based on not getting the signature. HUH?...
Why wouldn't the guy provide the financial documents requested by the partner in the first place? Well, there's a reason. About 3 years prior, the guy (to be named later) sold a percentage of the partners equity in the businesses without his knowlege or permission, and without compensating the partner for his shares. Clearly fraud, felony theft, and possibly embezzlement. This deplorable ego driven theif was then dumb enough to send out proof of his theft in the efforts to dissolve the businesses. The motley fool was even quoted prior to the discovery of his crime saying he wanted to "Sell her shares and reinvest the funds in the business"...HUH? The her referring to a different estranged equity holder let's just call her "Karen". Funny how this is exactly what he did a year later but to the only person still actively living and working to establish the business. He was also quoted as boasting how he owned more of the businesses and was in control.
The businesses involved should be obvious to anyone reading this page. The players involved should be obvious to anyone remotely connected to the businesses. The message of this text should be clear to the perpetrator(s) of these crimes.
ODR has been notified their special investigations team will be following up. Others involved with tax preparations, accounting, and efforts to defraud be on notice: If you want to be dragged into the rabbit hole this narcissistic ego driven failure is digging thenstay silent. Should you wish to avoid the Alice experience, you might want to urge the perpetrator to follow the law and live up to his financial responsibilities.
To any shareholder who purchased fractional share amounts, you are likely the recipient of stolen property and a victim of fraud. To persons involved with procuring investors and preparing taxes, you had to have had knowledge of this as you provided the documentation to each shareholder and were involved in the procurement of the money. With respect to the term fiduciary I would like to introduce a new term "fiduchebag". Wear it if it fits or do the right thing. I would hope business ethics would be part of a CPA's modus operandi.
Jeff, Scott, Chad, I hope this post meets with your approval. Please tell Mr. Richter I said Hi! If you guys want to share this story with Mr. Dole you could maybe ask him if the activities described herein would warrant investigation and/or are violations of the law.
I hope the reading was enjoyable. More to come...
