YTB International Faces Illinois Pyramid Scheme Lawsuit
The suit alleges that "The defendant corporations have taken over half a billion dollars from their unsophisticated customers, selling them on the dream of cheap travel and million dollar pay-outs when the only way that Plaintiffs and their class could make a net profit was by recruiting others to join the illegal pyramid scheme, while over half of the its customers received no travel commissions at all, the directors of YTB International, Inc. each paid themselves multi-million dollar salaries while also siphoning tens of millions of dollars from their publicly traded corporation to privately owned corporations that they owned and controlled. Plaintiffs and their proposed class ask this Court to end Defendants' massive fraud and to enter a judgment that compensates them for the hundreds of millions of dollars that Defendants swindled. Plaintiffs' claims are typical to those of their proposed class because they arise out of Illinois common law."
YTB also faces legal action by the State of Illinois Attorney
Related News
-
YTB International Files Chapter 11
YTB International filed for Chapter 11 bankruptcy protection in federal court on March 2. Andrew Cauthen, YTB's President, said in a press release that "YTB intends to utilize ... Chapter 11 to regroup, reorganize, and relaunch."Before the company's downward spiral, YTB reported $45 million in... Read More...YTB Calls off LTS Merger
September 6, 2012 -- YTB International Inc. announced that it has ended merger discussions with LTS Neutraceuticals Inc. In a regulatory filing, YTB said that it "has determined that, after further analysis and consideration, a merger with LTS Neutraceuticals Inc. is not in the best long-term intere... Read More...YTB International Appoints Andrew Cauthen President and CEO
WOOD RIVER, IL--(Jun 5, 2012) - The Board of Directors of YTB International, Inc. announced today that it has appointed Andrew Cauthen as President and CEO. Mr. Cauthen has also been appointed as a Director to fill a vacancy on the Company's Board. The appointments became effective on May 31, 2012.<... Read More...YTB International CEO Resigns Amid Restructuring Program
WOOD RIVER, IL, May 15, 2012 -- YTB International, Inc. announced today that it is embarking on an important restructuring program aimed at restoring the Company's profitability and focusing its strategy on its core business of web-based travel-related services. "The Company needs to refocus on o... Read More...
