International Law

YTB Lawyer Resigns

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Not a good sign for YTB, their new lawyer resigned.

"On September 3, 2008, John D. Simmons resigned from the Board of Directors of YTB International, Inc (the "Company").

Mr. Simmons resignation was prompted by his belief that as a general matter he could not effectively influence the practices of the Company's management.

Mr. Simmons has not furnished the Company with any written correspondence concerning the circumstances surrounding his resignation.

Mr. Simmons was considered an independent director by the Company and was a member of the Company's Investment Committee.    

The Company provided Mr. Simmons the opportunity to review the statements made in the above paragraph."

Well, since Mr. Simmons was in charge of compliance and could not effectively influence the company, i.e., get it to adhere to the law, he had to quit.

Oops.

Full post as published by Misleading Advertising Law on September 11, 2008 (boomark / email).