In a prior post, I discussed my conversation with Andy Cauthen and held the opinion that YTB may indeed be looking to turn things around and go legitimate.
Today, is another step in that direction. They are eliminating the "travel agent ID card" that was such a selling point (albeit a false one) to the MLM recruiters.
On June 22, you received a letter from First Travel Alliance. In that communication they offered several levels of partnership where you are in control of your destiny and the exciting advantages available to you in the world of travel!
ads
Showing posts with label Another. Show all posts
Showing posts with label Another. Show all posts
Thursday, 11 July 2013
Another Lawsuit Filed Against YTB
According to the Madison-St. Clair Record, YTB is being sued once again for breach of contract.
A Canadian consulting company alleges an Illinois travel company, based in Wood River, failed to pay it nearly $150,000 owed for its services. YTB has been the focus of numerous suits over the years including the Attorneys General from California and Illinois. They have had class action suits filed against them which are still working their way through the system and their founders have been forced to step down from the company.
The travel assets of YTB were reportedly sold to Sixth Scott LLC and the new principal has vowed to steer the new company (First Travel Alliance) away from the multi level marketing model, but to date has not done much of anything.
YTB once numbered close to 140,000 independent "travel agents" and now, estimates suggest that number may be under 10,000 as YTB continues to flounder. YTB's stock is hovering around a penny per share and has been at that point for close to six months. At one time, the owner's had promised that the shares would be trading well over $10. YTB has failed to produce the SEC required annual report for 2011 and has not submitted any quarterly reports for 2012.Email ThisBlogThis!Share to TwitterShare to FacebookPosted byJohnat4:13 PM
A Canadian consulting company alleges an Illinois travel company, based in Wood River, failed to pay it nearly $150,000 owed for its services. YTB has been the focus of numerous suits over the years including the Attorneys General from California and Illinois. They have had class action suits filed against them which are still working their way through the system and their founders have been forced to step down from the company.
The travel assets of YTB were reportedly sold to Sixth Scott LLC and the new principal has vowed to steer the new company (First Travel Alliance) away from the multi level marketing model, but to date has not done much of anything.
YTB once numbered close to 140,000 independent "travel agents" and now, estimates suggest that number may be under 10,000 as YTB continues to flounder. YTB's stock is hovering around a penny per share and has been at that point for close to six months. At one time, the owner's had promised that the shares would be trading well over $10. YTB has failed to produce the SEC required annual report for 2011 and has not submitted any quarterly reports for 2012.Email ThisBlogThis!Share to TwitterShare to FacebookPosted byJohnat4:13 PM
Another Mass Exodus From YTB
As is typical with most MLMs, the core leaders will make their money off of the initial flurry of interest and then fly the coop. YTB went through this several years ago when Ron Head, PJ Jensen, and many more left when the recruiting levels dropped. Recruiting is the only way that people will make the promised money in a MLM. In YTB's case, travel was merely the enticement to get people to pay a joining fee and a monthly subscription.
But YTB, over the years has been able to re-invent itself and they have moved from travel to girdles, to online shopping malls, to coffee, to automobiles, to picture frames, and any number of "products" to entice people to sign up and pay the monthly fee.
Don Bradley Leaves YTB
We have learned that YTB has just lost three more senior level directors because they have lost faith in the company (and are no longer making the money promised). Don Bradley has resigned and moved onto (you guessed it) another MLM. Bradley was part of the 3 CEOs (Spencer Iverson, Don Bradley, and Floyd Williams) when YTB was riding high. They were an Atlanta based partnership who recruited thousands of people into the scheme. In 2009, the three partners decided to leave YTB for another MLM, MonaVie. However, Don Bradley was convinced (we have also heard that he was paid handsomely) to remain with YTB. He was promoted to the highest level of Director and lavished with all sorts of awards at the 2009 Convention. Now it seems he has left YTB behind and likely will be taking a portion of his substantial downline along with him.
Dave & Marliss Funk Leave YTB
Another powerhouse pair of YTB Directors have also left. Dave and Marliss Funk were also MVPs and Circle of Champion members and were responsible for the Dallas recruiting efforts. They have also departed for another venture. This is significant as they were two of the original directors in the company and also recruited thousands into the scheme.
Both the Funks and Bradley became staunch supporters of Coach Tomer and his scheme that consistently went downhill and never produced the results promised.
There was a time when YTB chartered a Carnival Cruise ship to celebrate the birthday of Coach Tomer. They ran contests for recruiting and the winners would get a free cruise and others could pay to come along and rub elbows with "greatness." That was 2007 and now here we are, 6 years later and what was billed as "Coach's Birthday Bash" has been downgraded to "Coach's Birthday Webcast" where the few remaining holdouts in YTB can pay to listen to Coach talk about how great YTB is and how the company is poised to explode!
YTB Admits Accounting IrregularityWhile YTB still has not filed their 2011 annual report with the SEC (or any of the 2012 ones) that indicate their financial position, they did recently file a memo indicating that they have "discovered" accounting irregularities in the reports filed in 2011 and prior. Apparently they classified several non-owned assets as their own and artificially inflated their value to the tune of $7.9 million. According to the filing, they claim that the assets they claimed were indeed liabilities.
Email ThisBlogThis!Share to TwitterShare to FacebookPosted byJohnat8:34 AM
But YTB, over the years has been able to re-invent itself and they have moved from travel to girdles, to online shopping malls, to coffee, to automobiles, to picture frames, and any number of "products" to entice people to sign up and pay the monthly fee.
Don Bradley Leaves YTB
We have learned that YTB has just lost three more senior level directors because they have lost faith in the company (and are no longer making the money promised). Don Bradley has resigned and moved onto (you guessed it) another MLM. Bradley was part of the 3 CEOs (Spencer Iverson, Don Bradley, and Floyd Williams) when YTB was riding high. They were an Atlanta based partnership who recruited thousands of people into the scheme. In 2009, the three partners decided to leave YTB for another MLM, MonaVie. However, Don Bradley was convinced (we have also heard that he was paid handsomely) to remain with YTB. He was promoted to the highest level of Director and lavished with all sorts of awards at the 2009 Convention. Now it seems he has left YTB behind and likely will be taking a portion of his substantial downline along with him.
Dave & Marliss Funk Leave YTB
Another powerhouse pair of YTB Directors have also left. Dave and Marliss Funk were also MVPs and Circle of Champion members and were responsible for the Dallas recruiting efforts. They have also departed for another venture. This is significant as they were two of the original directors in the company and also recruited thousands into the scheme.
Both the Funks and Bradley became staunch supporters of Coach Tomer and his scheme that consistently went downhill and never produced the results promised.
There was a time when YTB chartered a Carnival Cruise ship to celebrate the birthday of Coach Tomer. They ran contests for recruiting and the winners would get a free cruise and others could pay to come along and rub elbows with "greatness." That was 2007 and now here we are, 6 years later and what was billed as "Coach's Birthday Bash" has been downgraded to "Coach's Birthday Webcast" where the few remaining holdouts in YTB can pay to listen to Coach talk about how great YTB is and how the company is poised to explode!
YTB Admits Accounting IrregularityWhile YTB still has not filed their 2011 annual report with the SEC (or any of the 2012 ones) that indicate their financial position, they did recently file a memo indicating that they have "discovered" accounting irregularities in the reports filed in 2011 and prior. Apparently they classified several non-owned assets as their own and artificially inflated their value to the tune of $7.9 million. According to the filing, they claim that the assets they claimed were indeed liabilities.
Email ThisBlogThis!Share to TwitterShare to FacebookPosted byJohnat8:34 AM
Subscribe to:
Posts (Atom)