Business
Former CEO Jim Ryan pockets funds from American Senior Association Account
Former CEO Jim Ryan pockets funds from American Senior Association Account.
About this update from Btab Ecommerce Group, Inc.
[{"type":"text","content":" \n\nAugust, 7 2014. Today\nformer CEO Jim Ryan contacted local police when he was not allowed access to\nthe Company’s corporate offices. Upon\narrival, local police requested that Mr. Ryan leave the premises. After leaving the Company’s offices Former\nCEO, Jim Ryan, withdrew $6,000.00 from the Company’s bank account.\n\nA major shareholder has spoken to company employees and they\ninformed the shareholder that Mr. Ryan threatened them with prosecution in\nFederal Court if they return to the Company office in order to perform their\ndaily tasks and duties.\n\nMr. Ryan has committed the company to a $3,400.00 per month\nlease on an executive suite; however, to date the company is two months\ndelinquent on rental payments totaling $7,000.00.\n\nDuring his tenure, Mr. Ryan and Mr. Nichols issued Board\nMembers, Employees and insiders 5.1 million shares of Company stock.\n\nMr. Ryan mysteriously holds 9 million shares in a corporate\nname, yet Company filings do not mention how or from whom Mr. Ryan obtained\nthese shares, and most importantly they don’t mention what price he paid for\nthese shares. We have been informed by\nanother shareholder that Mr. Ryan obtained these shares at a 98.5% discount.\n\nAdditionally, it has been discovered that there is an IRS\nnotice for delinquent and unpaid payroll taxes in excess of $10,000.00 , during\nwhich time he taking a monthly salary totaling as of date over $33,000 and\nutilizing the Company’s accounts for reimbursement of expenses.\n\nMr. Ryan was appointed CEO because he represented he was\ngoing to be able to increase revenue, market cap and market liquidity while\nraising capital and the Company stock price. \nMr. Ryan has done the opposite. The\nshareholders have clearly spoken with their decision to remove Mr. Ryan and Mr.\nNichols from the Company. Mr. Ryan’s\ncontinuous detrimental actions exhibit a complete and utter disregard to the\nwellbeing of the Company and his fiduciary responsibility towards the\nshareholders. A shareholder update will\nbe released tomorrow.\n\n \n\nFORWARD-LOOKING\nSTATEMENTS\n\nThe\ninformation in this news release includes certain forward-looking statements\nthat are based upon assumptions that in the future may prove not to have been\naccurate and are subject to significant risks and uncertai...