- Report: #931397
Report - Rebuttal - Arbitrate
Complaint Review: TradeBank.com
TradeBank.comNashville, Tennessee United States of America
TradeBank.com Tradebank franchisee, tradebank franchisor, John P. Davis, Todd Gerry, Marcy Yaffe, Scam Fraud, Barter Kings, Franchise scam, Victim, Tradebank.com, tradebank international, Mychoice, scam, ripoff, fraud, rico act, fdd, ftc, victims, rob verkiak, John P. Davis, florida villas, Todd Gerry, Marcy Yaffee, Nashville, Knoxville, chattanooga, Nashville, Tennessee
*UPDATE Employee: Franchise taken, pissed franchisee updated on lawsuit
*Consumer Comment: My Experience
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across the country. Positive account balances are situations where an individual barter consumer (a member of a Tradebank franchise) has a positive account balance, meaning they have taken in more barter currency than they have spent. Positive account balances are considered liabilities of a trade
exchange, because they represent already earned barter currency that the trade exchange is obligated to redeem and because most members with large positive account balances will be reluctant to sell any more of their goods or services in exchange for barter currency unless and until they spend their
already accumulated reserves. Tradebank of Chattanooga is a perfect example of this activity. The cumulative total of positive account balances in the entire Tradebank franchise system is approximately $15 million dollars (1,2 million in Chattanooga), versus only approximately $200,000 in negative account balances which negative account balances represent unpaid obligations to the
applicable trade exchange, and which in the barter industry are considered assets of a trade exchange. It is the prevailing view in the barter industry lines of credit are essential, and negative account balances in a trade exchange offset the positive account balances and creates a healthy micro-economy within the exchange. Tradebank is all aware of the problems associated with deficit spending (when a trade exchange has far more positive account balances than negative ones). The negative account balances represent goods and services owed and promised by those members of the trade exchange to the members with positive balances, assuring there is sufficient demand for the
barter currency Tradebank have also engaged, on an ongoing basis, in what is known as cash converting. Tradebank to use trade dollars or trade credits to purchase hard goods (such as a car, or
canoe, or television, or jewelry, and so on) that came into a franchisees trade exchange, without the franchisees prior knowledge or consent. Tradebank then sells such hard goods for actual cash currency and those goods are no longer available to other members of the exchange. Upon information and belief, Tradebank has for years, with the full knowledge and participation of Defendants, failed to properly report all of their own ongoing trade credit purchases (deficit spending) as fully taxable events to the IRS and pay appropriate taxes on such income. Such actions have the effect of putting all of Tradebanks franchises at ongoing and immediate risk of insolvency or collapse. Thus crediting a barter ponzi with all the local supporting businesses left with nothing. By knowingly causing Tradebank to engage in a pattern of income tax fraud and avoidance (or at the very least by knowingly acquiescing to such conduct), Tradebank is in immediate danger of potential criminal and/or regulatory actions against it, which could cause every Tradebank franchise to have to cease operating and/or absorb potential
liability of their franchisor Tradebank, which lack the assets to offset the positive balances. I have several supporting affidavits from third-parties with knowledge of certain facts and allegations raised herein. I am in the process of obtaining numerous other affidavits from similarly situated parties across
the country, and I have spoken to multiple parties with knowledge of the facts and circumstances which parties have confirmed the same. Tradebank has a pattern of misconduct is a clear and ongoing pattern. Taking money from small businesses canceling their unusable from the benefit of The
region owner of Chattanooga (junner Mootz former owner of the Loft). These Trade dollars are then converted to cash or hard goods then sold for cash. Mootz continues to borrow Trade dollars from local clients and then fails to repay local businesses back. During the last billing cycle some of these accounts
were canceled due to the cash fees not being paid. The fees were generated by the regional owner, not the owner of the account. Mootz recently was told by a current client to close his account and take the trade dollars and put them into a non-profits account. Instead he instructed to manager to debit business the remaining amount and credit Mootz`s account instead of the non-profit. There have over 1300 small business`s purchase a membership for 495.00, of the 1300, 800 plus have canceled. Many of these accounts have had positive balances and before they are closed the balances have been transferred to the benefit of Tradebank of Chattanooga and Mootz personally. All 1300 businesses paid 495.00, to my knowledge there have been non that have received a refund of the 495.00. I can furnish the following documents. The radman reports to support the Tax issues, deficit spending, and all local radman reports with a list of canceled accounts. The last non-profit theft and the member who was closing their account. I have a list of some of the closed accounts were Mootz used their
trade dollars for personal gain. Former regional owners who will talk, former VP`s of Tradebank International who will talk. Former members with closed account and their missing funds.
Jurgen Mootz [email protected]
Cindy Sasseen [email protected] Cindy has recently quit because of ongoing
pressure from Jim and Jurgen to break the rules.
Jim Glaze Broker IT [email protected] Jim was the one who ran
their legal transaction on the non-profit scam.
All of Jurgen employees have been paid legally as 1099 sub
This report was posted on Ripoff Report on 08/23/2012 07:51 AM and is a permanent record located here: http://www.ripoffreport.com/r/TradeBankcom/Nashville-Tennessee-/TradeBankcom-Tradebank-franchisee-tradebank-franchisor-John-P-Davis-Todd-Gerry-Marc-931397. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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