ED Magedson – Founder
CEO Kelly King BB&TNorth Carolina Internet, North Carolina United States of America
Dear Mr. King, As the President of BB&T, I felt a responsibility to inform you of certain facts regarding the actions of one of your bank officers (specifically Deborah Conrad). Please know I have been banking personally and professionally with BB&T for over a decade. During that time I have enjoyed the honesty, integrity and professionalism your team has always displayed. It was these characteristics that kept us with the bank for so long. Our banker, John Murkey has always been a gentlemen and wonderful business colleague. The relationship was mutual and always based on trust. In fact, our company was highlighted as your customer of the year in one of your advertising campaigns.
The purpose of this letter is to inform you of the unacceptable, fraudulent and potentially criminal behavior of one of your bank officers. Deborah Conrad lied on several occasions to me personally, other shareholders and the ComputerTraining. [continued below]....
We are filing a complaint with the Maryland bar regarding David Fontanas actions (he is your attorney). Mr. King, if you dont believe me ask your VP Ed Barker. Ive known Ed for 10 years. He was there for the event and I trust he will tell you the truth. 6. During this time, Deborah Conrad also spoke with Sallie Mae and told them she was working with us. The plan was to sell the company over the next 6 months and we needed BB&T to cooperate through the process. Sallie Mae was shocked by BB&Ts complete reversal. After speaking with Deborah, they were under the impression we were all moving forward (like the rest of us). 7. Only 30 days earlier, we engaged the BB&T Capital Markets Group to sell the company. They put a valuation on the company of somewhere between $10-15 million. Since we had 25 campuses that were all fully accredited, our company was of value to online and accredited schools looking to expand their offering. Again, this makes no sense considering that BB&T would have profited from this transaction. 8. The $2.8 million in receivables and $2.8 million in restricted cash would have given us $5.6 million to teach out all of the classes. The actual cost to do so was only $2 million. Thats $3.6 that BB&T would have gotten back AFTER all of the students were taught out. Let me ask you why would the company close the doors? The company would have been $3.6 million less in debt to BB&T by teaching out the classes. Deborah Conrad deliberately caused this problem. She didnt take the time to listen to the facts. She made poor decisions that has caused a huge mess. At the end of the day I think she is simply evil. Deborah Conrads story does not add up. I am offering to have an independent agency conduct a polygraph test. I think we should ask Deborah Conrad if she is willing to do the same. As the President of BB&T, I thought you might want to know what some of your people are really doing. I find it hard to believe you would want your employees behaving this way. I stand nothing to gain by any of this. Deborah Conrads actions has already ruined my reputation. Deborah Conrad said she was working with us for months. The first time we met was Thanksgiving week. 30 days later on Christmas eve she closed our doors. The defamation suit the bank filed is welcomed by our team. You will quickly find out that we have plenty of documentation and witnesses as to what I am saying in this letter. What she is saying doesnt even make sense. Its stupid. We were all willing to go our own ways and move on. Once again, BB&T is making a terrible decision. This is going to be a public relations nightmare for the bank.
As far as not writing any news agencies, or publishing the truth by using lawyers to compound BB&Ts lies it wont work. I will continue writing news agencies, spend time on television reports whatever until the truth is brought out. Let me state for the record Deborah Conrad is a liar, fraud and potential criminal. Sue me. Its true. She is the one who made the decision to steal from our students. She is the one who made the decision to take funds from the State of Maryland. ComputerTraining.edu had been in business for 17 years. We were the largest and most successful Microsoft IT Academy in the country. Our thousands of graduates enjoyed an 83% placement rate within 90 days of graduation. All of our campuses were nationally accredited. Our past history will prove we ALWAYS TAUGHT OUT OUR STUDENTS when closing a campus. Ironically, we lost $3.6 million. Or should I say BB&T lost $3.6 by not teaching out the classes. When this is all over and the dust settles Deborah Conrad wont be able to get a job at any bank. Once the facts come out in this case not only will she be embarrassed but so will the bank. Needless to say everyone is extremely disappointed. Unfortunately, your employee has put us in a situation where we have to respond. People are posting pictures of my children on websites due to her negligence. Everyone thinks we took the students money. Why dont you tell the truth? There were $5.6 million in funds to teach out the classes available Deborah Conrad lied. There were funds to make payroll Deborah Conrad lied. And best part is. WE CAN PROVE ALL OF THIS!
This report was posted on Ripoff Report on 05/21/2010 10:23 AM and is a permanent record located here: http://www.ripoffreport.com/reports/ceo-kelly-king-bbt/internet-north-carolina-/ceo-kelly-king-bbt-covers-up-deborah-conrad-fraud-bbt-cheif-executive-officer-bbt-fraud-605709. 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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