In this post I continue my expose of the nepotism, mis-management and illegal conduct at Universal Currency, IRTA’s flagship operation, and for many the only reason that they joined and remain IRTA Members. I work here from the actual figures esily visible by any UC Member. It’s a shocking pattern that is DEFINITELY only the tip of the iceberg. I show that even based on the visible data, without even taking into account the hidden data which has huge toxic debt, Universal Currency is nothing more than Fool’s Gold.
In my last post I revealed that Universal Currencies Administrator, IRTA, has recently unhidden a previously hidden account called “BC/USA Recovery Program Account”. This act is clearly a direct response to my blogging in which I threatened that if any Bartercard account was ever found in the hidden accounts then the Administrator would be TOAST! Unfortuately for the crooks that hid the account and then tried to cover their tracks, I have documented the situation quite sufficiently for the future court case where UC Members will be bringing these criminals to justice. Records exist in multiple locations around the world with screen shots, certified copies of the datasets by more than one person so unless I give up on getting to the bottom of this skulduggery, the perpetrators will face justice at some point.
Annette Riggs and Ron Whitney, and the entire UC Committee whoever you are, you will aleady know this . . . when I believe in something, I commit to it and I never give up – ever! People around the globe are asking me and trusting me to help them lance the UC boil. I am getting the pus out into the public arena and I will continue to do that so that it can be dealth with constructively. That’s what my supporters want. I will deliver!
I am not yet privy to the inner details of the IRTA accounts so I am only working with logic on the information to hand but the information I’ve received from multiple sources indicates to me that IRTA’s deficit within UC is out of control and has certainly not complied with the UC ByLaws that require all overdrawn accounts to be returned to zero at least once a year.
Mis-management is an understatement!
I mentioned this in passing previously but it’s a VERY CLEAR requirement that all UC Accounts MUST be returned to a zero balance annually (or annual sales must exceed their creditline).
Here again is the actual clause from within the UC ByLaws:
10.5 Member with an approved credit line must achieve a positive balance in his or her account at least once during any twelve (12) month period, or their 12-month cumulative sales must exceed the credit line.
Failure by office holders to conduct an organisation according to its ByLaws is a criminal offence.
Universal Currency Figures
I now turn to the actual UC Debtor figures, deliberately anonymised except for the first account (Bartercard) because of their unique ‘cosy’ relationship with IRTA.
Here are the actual figures from the top DEBTORS in Trade Volume. I’ve sorted the data by UC Trade Balance, taken all UC Members with Trade Balances exceeding $-10,000.00 which is 23 Members.
I’ve then highlighted RED figures that are illegal, against the operating rules (ByLaws) or do not comply with credit criteria. Orange coding highlights areas of note, and green coding is GOOD, all OK.
As you can see it is a sea of RED!
RED = ALERT!!
ORANGE = NOTE
GREEN = OKAY
Sixteen out of the top 23 debtors are a RED ALERT and their accounts are OUT OF ORDER according to UC’s own ByLaws.
Another two accounts have an ORANGE NOTE. Only four of the accounts are operating within the rules.
The top two debtors with a massive system bias are IRTA Board Members. The biggest debtor by far is Bartercard. Their account DOES NOT meet the basic criteria set down in the UC ByLaws. Their multiple accounts represent not only the largest debt but also increasing debt. This means that UC Members are subsidising Bartercard to buy out their own currency!
This is like a bank robber going to a bank manager to get a loan to buy a getaway vehicle and hire thugs to complete a raid on his own bank – and it’s being done in broad daylight!
Remember this . . . the UC ByLaws are LAW. This is not a discretionary thing that can be determined on a whim by the UC Committee or the Administrator, they are LAWS under which the UC currency MUST operate and office holders who break these ByLaws are liable under US law! It’s a VERY serious situation that could end in real tears, even time in jail if it is found that they benefitted personally out of this UC mis-management. My tipline seems to indicate that there are a LOT more questions to ask and that there are some pretty scary things around the corner, which will be why the current lot in power definitely DO NOT want to unhide those hidden accounts to balance the books or to have any audit conducted on the UC figures!
The top five – line by line
So, back to the figures . . . Line A (Just one of Bartercard’s accounts) shows that the Bartercard account has a net sales to purchases value of $-9,260.60 meaning that they purchased more than they sold into the system. The scarier fact however is that the requirement to trade to a minimum of their crediline annually $190,000.00 fell short by an impressive $162,327.20. (Sales for the period of $27,672.80). That’s an 85% shortfall in basic compliance. Try that one on your local bank manager and see how far that gets you! But if you include the recently unhidden Bartercard account (that has straighlined in debt for 18 months) into the mix you have a massive shortfall in required sales of . . . wait for it $212,327.20!!
Let’s just go through this all again so that there is no mistake FROM THE FIGURES . . . Bartercard has a quarter of a million dollars of debt (that is the figures revealed to the Members, there could easily be more for all we know with more hidden accounts) based on annual sales of $27k! What??????????????????????????? This is supposedly the world’s biggest and best that managed not even $2k per month! Such figures put even Ormita’s wild claims to shame!
There are many words you could use to describe this sort of lending – foolishness, insanity, stuff of dreams and worse, but I’ll settle on calling it simply N-E-P-O-T-I-S-M. Go to any other lending institution and you’d get shown the door and probably shuffled off to a lunatic asylum.
Drain on System
So let’s move onto Line B. This is another IRTA Board Member. He’s operating well in terms of compliance with the trading strong and working within credit criteria BUT the net result of trading in the last 365 days is a drain on the system of $36,212.95. I give this an ORANGE category because it could indicate insider trading – does he know something that we don’t? If IRTA Board Members are buying more than the sell, what does that show to us?
Line C is outright fraud. This is toxic debt. No trading for 5 YEARS. Keeping this debt ‘live’ is totally W-R-O-N-G. This member should have been sued years ago and the outstanding balance taken off the BDRF. The reason it’s still in the system? Because this debtor alone could smash the Reserve Fund? That would mean that the President would have no option but to confess to an unhealthy currency. I will say this again clearly . . . Universal Currency is bankrupt. It’s debtors exceed its creditors when you look at the FIGURES and don’t listen to the sales-spiel.
Bleeding the System
The guys on Line D are good traders for sure, but can you see the repeating pattern here? Over their overdraft (illegal) AND a net trade imbalance of $111,064.76. This is a net bleed on the system whereby it is clear that the top debtors are increasing their debt, selling less than they buy. Smart operators out to suck value from others do this all the time. Get as much value out of the system while you can is their motto. And how did they get so far over their credit limit? Well knowing the way that UC operates it was probably, “Hey Ron! Can you push another few transactions through for us?” Just like the ByLaws require from an ethical Administrator – not!
Line E is simple. It’s just a “WTF?” $90k in debt. Sales of $8kpa and no credit limit? Is this a bad debt too in which case the BDRF will be totally wiped out or is it a friend of the Executive that is getting free money and special terms? I don’t know but OMG . . . this Universal Currency thing is looking like a VERY sad and sorry joke now. Annette Riggs, you really should look at your own data before you mouth off in public about UC being the best currency out there on the marketplace and claiming that I’m a liar!
So there are the top five debtors in UC – four REDs and one ORANGE. Exposure, nepotism, toxic debt, and illegal operations. What more can I say but just keep on going.
The rest of the disaster
Line F has traded well but only to 50% of his required volume. Shame that ‘only’ 50% of required trading looks good by comparison to the rest eh?
Line G is a breath of fresh air, as finally after six problems we have a GREEN coding. Yay!
The Trader on Line H has good trading but again has a net drain on the system to the tune of almost $200k. Do these guys know something that we don’t?
No sales on Line I means that we have here yet another bad debt, this time only a miserable $50k mind you [!]. Putting this into the BDRF would ‘only’ knock the Reserve Fund back. Ouch!
The dude on Line J knows how to rip into it (doesn’t he?) with purchases of $43k and sales of $10k. What a great lark when he’s over his credline! The reason that credit lines were established in the first instance Ron Whitney and Annette Riggs is to prevent this sort of thing happening NOT to ignore them and facilitate this totally immoral conduct!
There’s a couple of GREEN accounts left but a whole bunch more REDS in there with the same sort of thing – over the overdraft; IRTA Board Members featured in the figures, getting into debt and going deeper. The figures read like a total disaster of an operation. As a corporate troubleshooter, these are the sorts of Debtor Ledgers that you look at for no more than ten minutes, then call in the accountant and the CEO and share with them the two words, “You’re fired!”
But wait! There’s more . . .
Now for the real killer . . . this analysis is that of UC Active Clients visible to the UC Members. The GETS System Health check reports that I blogged about in my first expose report LOTS of bad debt, inactive trading clients and they drawf this analysis. THESE ARE THE GOOD ONES!!!
I’ve staked my reputation on this and I’ve said it for over a month . . . Universal Currency in its current shape and form is a diaster of a currency. It’s currently grossly overvalued with VERY serious credibility and management issues.
UC currenly operates on the bigger sucker theory . . . the theory that things have value because a bigger sucker will come along and fix the problem, but one day when there is no bigger sucker to arrive on the scene, those left holding the baby will be the suckers.
UC traders are playing with fool’s gold.
In my next post I dive into all the IRTA Board Members’ UC Accounts one by one and find trouble. This is a never-ending story!
The Barter Series
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