Zrii Founder Allegedly Used Caymen Entity for Tax Shelter
The Salt Lake Tribune reports that the company terminated its seven top distributors after they were unsuccessful in an effort to oust the company's CEO William F. Farley. In a letter to Mr. Farley, the distributors wrote urging Farley to "immediately remove yourself as the CEO of Zrii."
Mr Farley then terminated the distributors by email. 35 top employees have also left the company amid suggestions that Mr. Farley was inappropriately using the company as a personal piggybank while bogging it down with unnecessary debt. In a statement, the former executives wrote that "Farley was formerly the chief executive of Fruit of the Loom. According to a Wikipedia entry on that company, he was forced out in late 1999, after having piloted the company into massive debt and unproductive business ventures, including structuring the company into an off-shore entity in the Cayman Islands to avoid taxes."
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