Bartercard Update – Bye Bye Trev

Bye Bye Trev! Bartercard’s big shot Trevor Dietz steps down before he’s pushed. Accountability in action?

Yesterday, ASX:BPS announced that Trevor Dietz has [effectively] gone from Bartercard. “Good riddance!” I say. As I shared recently with the impending move by the BPS shareholders waking up and indicating their intent to rid the board of crooks, he jumped before he was pushed. So that’s now two of the original three “Smiles in Suits” from Bartercard who have now bailed – just as I predicted. Trev will now cash up, pocket what he can and move onto another scam-ridden industry or make it dodgy. The third one will go in due course as well, for his sake, hopefully before the house of cards falls around him. Here’s my take . . . enjoy.

Trevor Dietz puts a smile to dodginess. Presenting a sows’ ear as a silk purse is the name of his game. The purse is always empty for the other dudes though . . . that’s the power of commercial barter, where as ‘bankers’ outside of regulation and without accountability you can play with and profit from the goodwill and credit of your suckers members. Welcome to commercial barter, Bartercard style!

I’ve blogged extensively that the core business of BPS Technology is the Bartercard barter exchange which has been run as a Ponzi scheme, for decades. It has been in decline for the last decade by all metrics (membership numbers, trade turnover, profitability, market presence). BPS has been changing too (it had to!) so that you never hear of the incredible, amazing, best in the industry (according to IRTA’s Ron Whitney at the time) Tess. No surprises there – totally predictable as I said from the outset.

Bucqui too while talked up by the Smiles in Suits at the time is far from the stunning success it was intended to be. Recent purchases of other technology systems appear to be stabs in the right direction – others more skilled in analysis of these can pass comment. I’ll stick with my knitting and analyse Bartercard, and its dodgy management.

The BPS IPO was a stitch-up. The three Smiles in Suits used a ring-in who was director of a pension/superannuation fund to secure the required capital. They got it in record time (funny that!) and one of the directors bailed with his golden handshake shortly after the 2 year moratorium on vested interests selling up. The other two will do likewise shortly, with Trevor’s bailing now brought about no doubt because he saw the writing on the wall. Presented as organised succession planning “BPS announces succession planning” [PDF], it wasn’t. WTF? Is this idiots they think they are talking to?

This is a big black mark on Trevor’s CV. He won’t like that and should have taken my advice and bailed before he had to. His sights should be on bigger fish. Sharks always eye others as predators. His ego really will have taken a beating over this one – public companies are a little different to private ones.

Trevor and integrity are not comfortable bedfellows. One cannot be at the top of this company and play the game with a straight bat. Aside from the myriad of stories over the years I learned the truth about this man personally when I commenced exposing him and his operations around the launch of BPS. Trevor slipped a communication to the industry warning them about me, telling the world that I lacked credibility and that they were squeaky clean, going to make waves in the industry – blah blah blah. We’ve commenced litigation in half a dozen jurisdictions across the planet . . . yeah right!

First I’ve never lost a court case in 42 years; secondly three of those cases were against Bartercard (and I’m working on a fourth one at the moment); thirdly the litigation (sadly) was all BS, because I would have loved to get the evidence out there; and fourthly the communication was an amateur piece of work from th top dude at a publicly listed company but it read like a school child had written it! I wasted his dopey reply at the time. It’s worth a read if you missed it a few years ago. A warning though, you’ve got to deal with big egos – both his and mine!

So let’s take this latest announcement and put it into context . . . an ASX publicly listed company ASX:BPS is forced by the majority of its shareholders, who BTW are corporate investors and clearly no fools and are not happy, to defend a move to have the board members I’ve been calling shonky, dodgy, crooks and Smile in Suits for years. These guys claim that there has been insider trading (well duh!) and that they have concerns for their investment (double duh!!) and that they want the crooks gone and to appoint people they trust to do the job.

Oh and Trevor Dietz the head poncho is departing a couple of weeks later . . .

Over the last few years I’ve written tens and tens of thousands of words about this crooked operation called Bartercard. I’ve called the BPS Technology IPO documents nonsense; their plans clearly the stuff of dreams; their Smiles in Suits to be crooks through and through hiding hundreds of millions of trade debt off-balance and leveraging the credit of their members for massive personal gain . . . and that’s just the beginning.

Under the photo of Trevor Dietz above I questioned whether this was the start of accountability. I think that Trevor has left it too long with BPS – he’s got himself caught with the shareholders trying to sort him out. In situations like this it is usually pride that prevents people doing the smart thing – he probably thought he could ride the beast a little longer than he should have.

I notice that there have been moves from other quarters too to ping some of these Bartercard crooks. When it all finally comes out in court, and it will, Bartercard will cease to exist. BBX has effectively gone now, with serious trading issues and internal strife since my exposure around the BBX Thailand resignation and The BBX Investigation.

When I publish my book Bartercard Secrets, they too will be no more. Whether it will come through the criminal processes of the civil court processes or through social media and the facts getting out there, I cannot predict, but there will be an end to the Bartercard con-job, sooner rather than later, I can assure you.

Like with all the others, Ormita, IRTA, Tradeqoin, Qoin, BBX, the truth will out. Bartercard will go . . . perhaps flushing out these directors may save the ASX:BPS thing, which for their sake I hope it does survive, but at the end of the day any business needs to create value and long term it needs to be real value. The slightest squeeze in the future and these guys will just pop!

Thanks for keeping up with the play here . . . it really has been a hoot watching it all unfold.

And the last four words of course just have to be . . . I TOLD YOU SO!

In my next post I analyse the rot: http://www.dennis.co.nz/2017/09/bartercard-analysing-the-rot/

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Comments

  1. Hi Dennis
    Thank you for keep me updated. I have been running your points past my Bartercard brokers and they quite frankly are far from reassuring. I have a substantial credit in Bartercard and am considering halting accepting BC until I get to the bottom of the points that you raise

    I am trying to get some facts that the BC guys can’t dance their way around. In your post you mention.

    It has been in decline for the last decade by all metrics (membership numbers, trade turnover, profitability, market presence)

    What evidence to do have of this?

    Thanks
    [name withheld]

    • Ask them. Simple question is it not?
      Measure the size of the physical directory 10 years ago, 5 years ago and now
      Try to spend – compare that experience with 5 years ago or 10 years ago
      Look at the number of new members compared to 5 years ago or 10 years ago
      Speak to Ron Whitney of IRTA and ask him whether the industry is going up or down. It’s been in a global decline for years.
      Ask yourself why memberships are now measure in “cardholders” not members as per IRTA’s rules. They won’t answer honestly if you asked them.
      Speak to any trade broker and ask them for actual trade balances in your market. They won’t give them to you but this will speak loudly.
      Ask them what the true backing is of the $T and where the proof is. There is none.
      Ask whether there is a dedicated person in Head Office who is selling your real goods and services on eBay for cash. There is.
      Ask them if they have an Indonesian account and what it is used for. They don’t want you to know about this or what they do with it.
      Ask whether there is any trade deficit and what it is – it is referred to in their own accounts as an off-balance-sheet liability. Go figure!
      Ask any barter organisation on the planet who has the largest trade deficit on the planet. Bob’s your uncle!
      Read my blog post of today – just posted
      Offer to sell your trade dollars for cash and see what you get for them – if you can find a buyer
      Try to convert your credits into something real or tangible – umm, is that why you have a large credit?
      Ask them why they haven’t sued me – after all Trevor Dietz said they had initiated legal action in multiple jurisdictions didn’t he?
      Get the picture or do you want more?
      Thank you so kindly for contacting me [name withheld] and asking. Many don’t.
      You appear to be onto it as you are prepared to speak to the blogger from hell and ask questions. Unfortunately you appear to have dropped the ball building a large credit within a dodgy operation. Many others like you too will be regretting their actions.
      My advice – convert your credits into real value ASAP. Prepay a lawyer a gazillion dollars and standby awaiting the use of him. In 2018 I expect the NZ judiciary will be issuing a preliminary ruling about a private entity declaring by fiat that a private currency can be measured above market value (on par with a Legal Tender currency) without backing. That will set the cat amongst the pigeons one way or the other. Get in early and you may be able to cash convert your remaining credits for cash from the crooks themselves.
      I will post your question and my comments in reply anonymously

  2. Word is now getting out. A day after my post went out to a gazillion Bartercard members, this from the Smiles in Suits tries to put some gloss on it – http://www.goldcoastbulletin.com.au/business/trevor-dietz-to-step-down-as-ceo-of-gold-coast-firm-bps-technology-at-the-end-of-this-year/news-story/474c7baee91f2e0f964284528bd9c158

    Trev, Trev, Trev, the first lesson in handling the media is that you should have got the word out FIRST Trevor – front footing it, not a dopey knee-jerk reaction a day after the whole industry including your own members knew about it all. You really are a Wally when it comes to defending yourself in cyberspace!

    Can you sue me now please and make it even better for those watching with their popcorn! Whew, my hit counter has gone ballistic in the last couple of weeks over your Punch & Judy show.

  3. To those wondering about BC: I resigned over 9 years ago when a few thousand in debt, largely because no one would trade genuine products at a fair price. I provided legitimate good value vouchers for my product equal to the value of my debt so I could leave with a clean slate. BC hounded me for nearly 7 years threatening legal action (solicitors letters, threats to my credit rating etc) to collect the debt in cash because they claimed the vouchers were never provided (despite a Statutory Declaration by the broker that he received them and they were accepted to clear the debt).
    I invited them time and time again to take me to court as they continually threatened to do, as I could prove the reasons behind my resignation was their failure to enforce the Member Agreement on full trading at fair prices. (Again using Stat Decs from brokerage staff). They refused to take me to court because they knew they would lose and did not want the bad publicity. Nothing more than schoolyard bullies!
    So, as with Dennis, they will threaten court action but not follow through because they are afraid of the consequences.

    • Thank you for commenting Rex. This post is about Trevor Dietz, and how they (the shareholders) got him. There are hundreds, nay thousands, of people like you, ex-Bartercard members who have had a scrap with them or who hate their “schoolyard bully” behaviour as you put it. I do not especially wish to be a collecting house for dissent at this stage. When I launch http://www.bartercardbountyhunters.com I am sure that others will share their experiences!

      Let’s recap what has happened to Trevor here so that the huge significance can be seen. BPS is an Australian Listed company, a public company in which the shareholders have acted to attempt remove (basically) the entire Board, claiming a string of misconduct by those whom I have been exposing for years as crooks. I call them the “Smiles in Suits”. They talk of management misconduct and refer to insider trading. This is of course, as I have always said, only the tip of the iceberg. The entire BPS operations are a sham designed for personal enrichment of the elite – Trevor and his colleagues of course. Trevor’s “jump before he is kicked” act is a huge body blow to his CV and will hurt a proud man intending to make his name in the corporate business world in Australia. Bloggers like me, and now MSM journalists who publish the name TREVOR DIETZ with INSIDER TRADING should be a conman’s worst nightmare. This is happening as we speak. Google and other Search Engines already associate the two, and my website is indexed every hour, including these comments. Now Trevor (like all crooks and cockroaches who love the dark) has very few options to counter this bad news getting out. He will have learned that attacking me simply makes it worse. The company has of course presented it as succession planning. Patent nonsense. He jumped plain and simple. He is a major shareholder and he got the boot . . . why? Because the shareholders caught him with his pants down.

      One thing that is also obvious and a point that I have made previously more than once is that Trevor and his Smiles in Suits never really quite grasped the required changes moving from a private company to a public company. There are big differences in terms of operational standards, required reporting, accountability and these boys messed up. The shareholders got wind of what they were up to and Trevor jumped as a result.

      Now when the new (supposedly honest) directors move in, they will be mortified to find the hidden off-balance trade debt within the Bartercard trade currency. Most people, including directors will have no idea how a barter currency is run and if the current bean counter is retained, he will be fudging furiously to distract attention from the new boys. Anyone with any experience in commercial barter however will see inside seconds that the Bartercard currency is grossly devalued and my guess, totally utterly way more than bankrupt – an outright con. As I have mentioned before, the real question is not whether this is a correct analysis (it is) the real question will be what will the new Directors do when they have the knowledge that I do. To perpetuate the con and try and get a recovery on their investment (kicking the can down the road) or fessing up and doing the honourable thing and losing all.

      There’s a lot more coming, and it’s not good news for the crooks, I can assure you!

Trackbacks

  1. […] the launch of BPS Technology (ASX:BPS) and now particularly with “Tricky Trev” doing a runner, it is now too simplistic to simply say, “Down with Bartercard!” BPS now has the public […]

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