Curiouser and curiouser ...
W are getting something of an education about "all this Internet stuff" as we watch the parade ...
EMO has Deposits of $7,000,000, a reported Net Worth of negative $1,100,000
According to Texas AG office, EMO's shortfall is somewhere between $1,100,000 and $2,400,000 - a figure which is unclear apparently because no audit has been done as yet.
Insight: " An undisclosed source ... who has had direct contact with an EMO Corporate Officer has learned that EMO has been working cooperatively with Texas State Regulators to resolve the licensure issue. As for mismanagement or misplacement of funds, it is apparent that the recent influx of funds to EMO has caught the curiosity of the Texas AG. But, what is an unknown cause to the Texas State Government is something with which those of us in the arena are all familiar: EMO took on many new customers and new funds, largely set off by 12DP-related events. Also, assets that are frozen in EMO's Accounts ($1.5 Million) are not regarded as assets because they are frozen, but as a liability, contributing the observation that EMO is "insolvent".
" Also, according this EMO Officer, no audit has been performed by the state, and so the numbers reported on the Texas AG website appear to be calculated without any basis in fact. EMO is working out an agreement with a bank who will provide credit card processing solutions, in order to obtain proper licensure. If, for some reason, the agreement doesn't not work out, EMO will take up the matter in court: in any case, a hearing is scheduled for next week, March 21st , 2006.
" Both this EMO Officer and a email we received directly from EMO CEO Todd Tredeau (as a response to our email we sent to him yesterday) reflect a relaxed, yet professional attitude toward the situation, confident that whatever audits and other investigative measures the Texas Government performs will prove that EMO's business practice has been legal and ethical, with all funds account [sic] for in their accounts. "
Curiouser and curiouser ...
http://whois.sc/emocorp.com
Administrative Contact-
t tredeau:
EMO Corporation Mesa Drive Austin, TX 78731
US Phone- 512-637-1220 Fax-
http://whois.sc/intgold.com
Administrative Contact-
Gold, Internet
3931 Joe Ramsey Blvd Suite C Greenville, TX 75401
US (903) 454-8556 Fax: (214) 292-9685
I looked at the whois info because of a suggested link between Todd Trudeau and IntGold, which does not seem to prove out - only an international customer service number links the two entities as I can find.
There is a message at emocorp.com website today after the site was down for two days.
What is clear is that EMO has been operating, possibly since 1999, in Texas without having a money services business license.
- http://www.freewebs.com/internetincomeforyou/whatisemo.htm
What is not clear is how or why StormPay continues to operate in Tennessee without having a similar license ...
EMO has Deposits of $7,000,000, a reported Net Worth of negative $1,100,000
According to Texas AG office, EMO's shortfall is somewhere between $1,100,000 and $2,400,000 - a figure which is unclear apparently because no audit has been done as yet.
Insight: " An undisclosed source ... who has had direct contact with an EMO Corporate Officer has learned that EMO has been working cooperatively with Texas State Regulators to resolve the licensure issue. As for mismanagement or misplacement of funds, it is apparent that the recent influx of funds to EMO has caught the curiosity of the Texas AG. But, what is an unknown cause to the Texas State Government is something with which those of us in the arena are all familiar: EMO took on many new customers and new funds, largely set off by 12DP-related events. Also, assets that are frozen in EMO's Accounts ($1.5 Million) are not regarded as assets because they are frozen, but as a liability, contributing the observation that EMO is "insolvent".
" Also, according this EMO Officer, no audit has been performed by the state, and so the numbers reported on the Texas AG website appear to be calculated without any basis in fact. EMO is working out an agreement with a bank who will provide credit card processing solutions, in order to obtain proper licensure. If, for some reason, the agreement doesn't not work out, EMO will take up the matter in court: in any case, a hearing is scheduled for next week, March 21st , 2006.
" Both this EMO Officer and a email we received directly from EMO CEO Todd Tredeau (as a response to our email we sent to him yesterday) reflect a relaxed, yet professional attitude toward the situation, confident that whatever audits and other investigative measures the Texas Government performs will prove that EMO's business practice has been legal and ethical, with all funds account [sic] for in their accounts. "
Curiouser and curiouser ...
http://whois.sc/emocorp.com
Administrative Contact-
t tredeau:
EMO Corporation Mesa Drive Austin, TX 78731
US Phone- 512-637-1220 Fax-
http://whois.sc/intgold.com
Administrative Contact-
Gold, Internet
3931 Joe Ramsey Blvd Suite C Greenville, TX 75401
US (903) 454-8556 Fax: (214) 292-9685
I looked at the whois info because of a suggested link between Todd Trudeau and IntGold, which does not seem to prove out - only an international customer service number links the two entities as I can find.
There is a message at emocorp.com website today after the site was down for two days.
What is clear is that EMO has been operating, possibly since 1999, in Texas without having a money services business license.
- http://www.freewebs.com/internetincomeforyou/whatisemo.htm
What is not clear is how or why StormPay continues to operate in Tennessee without having a similar license ...
posted by JamesB at 9:00 AM
0 Comments:
Post a Comment
<< Home