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Report: #1348985

Complaint Review: Masih Madani - Chatsworth California

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  • Reported By: Linden — Las Vegas Nevada USA
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  • Masih Madani 9623 Canoga Ave Chatsworth, California USA

Masih Madani Breach of FIduciary Duty, Shareholder Fraud Chatsworth California

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My company is a 8% shareholder / investor in Transactional Systems, LLC. a prepaid debit card platform created in 2009 by Masih Madani as the LLC Managing Member and majority shareholder.  I know of and correspond with at least one other 8% shareholder who would write the same things i am articulating below.  Masih has not filed business tax returns nor provided shareholder K1's for the last several years, refusing to answer shareholder phone calls, acknowledge shareholder email requests for information, acknowledge shareholder legal demands of rights to audit, nor EVER provided managerial and operational reporting requested by me personally on behalf of my company (numbers of clients, cardholders, transactions, interchange, etc. ).  Neither has Masih provided requested copies of client contracts to support taxable revenue,  nor expenses to support Masih's personal needs were not expenses of the business which the shareholders wholly capitalized.  I do not trust Masih Madani, will never do business with him, or anyone associated with him, nor provide a dime to any business he is associated with.  We as shareholdres have no idea if the clients represented on prior K1 loss statements were real or simply a piece of Masih's fiction. 

This report was posted on Ripoff Report on 01/10/2017 04:10 PM and is a permanent record located here: https://www.ripoffreport.com/reports/masih-madani/chatsworth-california-91311/masih-madani-breach-of-fiduciary-duty-shareholder-fraud-chatsworth-california-1348985. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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