My Tipline is showing me daily that there are a lot more skeletons hiding in the Universal Currency cesspit of corruption. I now have a whole bunch more questions relating to the hidden accounts; the operations of UC; the inaction and outright incompetence of the IRTA Board in letting a vitally serious situation fester and balloon totally out of control.
UC Out of Balance
I’ve previously blogged that the UC accounts DO NOT BALANCE. This proves fraud. Period. Any UC Member can go into the UC system (even still, today a week after I broke the news) and just compare the debit balances with the credit balances. There’s still a $200k deficit – IRTA (the UC Administrator) is hiding a LOT of debt. Who’s got the money? Now I don’t know what the full situation is (obviously) because I am not a UC Member but even the UC Members can’t see what these hidden balances are! The word on the street is that this will almost certainly include a Bartercard debt. If this is the case, and I always suspected that it did, then I just want to draw peoples’ attention to the timing and circumstances surrounding this deceit . . .
- January – June 2014 – Bartercard cosies up even closer to IRTA and scores a secret deal with the Executive of IRTA
- Somewhere after mid April 2014 and before mid August (when I got a copy of the data) some accounts (most likely including a Bartercard account) were hidden from UC Members view!
- 31 July 2014, Bartercard announced their IPO.
- I blog about it once
- I bog about it again
- I bog about it again and call for an immediate suspension of all trade within UC
- I threaten to sue the platform provider for complicity in the fraud
- Today I now know with a fair degree of certainty that there is a hidden Bartercard debt in there and blog about it AGAIN!
Rest very assured that the figures WILL all come to light at the end of the day and if this information is proven true, (that any Bartercard debt has been hidden just at the time that their IPO occurred) then this crime of collusion to deceive could easily put people into jail.
Who hid the accounts? When? Why?
My take is that Ron Whitney hid the accounts under the instruction of [or certainly with the full knowledge and approval of] Annette Riggs (President) in order to facilitate Bartercard’s IPO somehow. This is collusion pure and simple, a cover-up and is very hard to reconcile with Office Bearers of an Association working in the best interests of the Members – VERY hard!
Ron, I would advise you to backup all copies of any email communications with the President and/or the Board over the matter. You should be seeking legal advice and depositing those emails with your lawyer ASAP.
Annette and Board Members, you should be checking your own exposure immediately identifying the time and place that you instructed, authorised or were first notified that Bartercard’s account was being hidden from view – thus measuring your own exposure.
I repeat that hiding accounts is fraud and that any UC Members basing their trading on incomplete or incorrect information could easily sue you all if it is found that you misrepresented the value of their dollar.
I RECOMMEND THAT YOU BRING THE FIGURES OUT INTO THE OPEN IMMEDIATELY so that all UC and IRTA Members can see what you’ve been up to. An audit will expose your activities anyway so it will be far better to deal with the matter now voluntarily rather than having to do it under investigation of the authorities.
Please don’t try to spin any more pathetic stories about Dennis lying, or having an agenda and mal-intent. You’ve had a week to verify my claims and you know that the world can see your crimes. Just do the right thing and release the information – please – for the sake of UC and IRTA.
Facts and numbers that don’t stack up
In a recent LinkedIn chat, President Annette Riggs responded to my post explaining that Universal Currency is bankrupt with a reply that included the following comments:
2) IRTA’s UC account is currently at -206,308, which is typical for this time of year, five weeks before the IRTA convention. Like most years, IRTA had to pre-pay the hotel 128,634 in UC for the convention on May 16, 2014. As in prior year’s IRTA will earn that pre-payment back from convention sponsorships and convention registration revenues, plus IRTA receives an 80,000 trade management fee from UC in December.
Excuse me? Let’s just read that again:
IRTA receives an 80,000 trade management fee from UC
Blink once. . . think twice . . . whatever the case, this one stinks!
What have you been hiding here IRTA?
The members I have been speaking to didn’t know about that little $80,000.00 number and they want to know more about it all, please. Or are you hiding that somehow too?
WTF? $80,000.00? What for?
Hell, I’d do it for half that! No, check! I’d do it for 1/10 of that!
What is going on here IRTA? When did this cushy little number come into play? Who signed off on that one? When did that job go out for tender? Did you let it known in any way – to the Members – to the public? Oops!
Doesn’t IRTA actually own UC so why are you paying yourself? What game are you up to with this? Are you bleeding the system somehow . . . paying IRTA so you can pay yourselves something?
If I was a UC Member I would want to see your own personal balances, Annette, Ron, Rob and others! Where are your personal accounts and what have you been paying yourself with that $80,000.00? I hope that they are all open and visible like everyone else’s? Oh . . . um . . . oops! They’re invisible too?
An audit is needed VERY soon in order to reveal more of these skeletons. I would want to see the minutes from the Board Meeting that signed off on the $80,000.00pa payment and compare the UC accounts of those that voted for this cushy little number with the account into which the $80k is paid. Oh? That’s secret information too is it? Never mind what about the UC or IRTA Accounts then? Oh – not available either?
Darn – you guys are tight with information!
So the $128k of Conference costs . . . woah that’s a bundle of dosh especially in Mexico – couldn’t you get it better than that? So you paid FULL TRADE for this . . . hmmm the attendees have to pay part cash and part trade though? WTF? Cash converting from your own members now . . . what a lark! Is that because you don’t believe in the value of your own UC currency or you just want to treat your members like cash-cows. Look I know that you’ve done this for years and that it’s normal but I’ve only been at this thing a few weeks and I reckon that if it got out to the Members that you are cash converting on the sweat of their backs, you might have a bit of a backlash!
I’ve done some preliminary costs on the conference and by my calculations you’ll need a lot, lot more guests than you had last year to clear that $200k overdraft, which by the way under your By-Laws as Administrator IRTA is not even allowed to have! I’d also wager a lot that you would have already received much of your trade component of the conference costs already so that Annette is off kilter with her numbers and misrepresenting. This is all just spin – all of it!
UC and IRTA Members . . . there are a lot more skeletons in this closet, believe-you-me.
Unversal Currency needs a major clean-up, fast. Trading should be suspended forthwith; the Administrator suspended immediately and a full independent investigation commenced immediately reporting back to the MEMBERS – not the Board that clearly has little interest in doing the right thing in a hurry. I reckon one IRTA Member should step up to the mark and get the IRTA lawyer’s attention with a formal notice that the Executive are up to no good, and warning him that if he doesn’t start to work for the good of the Association then he’s toast.
If Ron’s marketing materials are correct with a million dollars in trade volume per month, then there is $32,000 business every day that is based on fiction and a whole bunch of unanswered questions. On those numbers (which are nonsense by the way – first they are doubled because he counts each transaction (buy/sell) and thus doubles the turnover and then sales to bad debtors and those like Nordic Barter who have long gone!) people have just invested a 1/4 of a million in the last week alone in a currency that is run by a bunch of monkeys with a very poor second-rate spin-machine.
Again, I promise you all that there is much more to come. Some of it I know. Some details I don’t but once it all comes out, I’ll have solid commentary for you and the truth will out.
No one can hide everything forever!
The Barter Series
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