Today NABA?s Executive Director, Nathan Forbes announced the North American Barter Association concluded its 3 month investigation, of a Mt. Pocono/Morristown based barter exchange that is duping investors into buying ?exclusive territories? as their franchisee for $50K to $300K with the lure of ?making thousands in barter fees every month?. Thus far NABA determined that of the 28 territories sold last year, 22 have folded in failure less than six months after start-up. Only three of the 28 have survived there first year. But since NABA?s first Barter Fraud Alert was issued last month, the investigation took a new turn as dozens of merchants from twelve states contacted NABA with their horror stories of being swindled out of over $2 million of merchandise from the same exchange, for which they received worthless ?trade credits? that could not be spent on anything of real value or need. Some of the trade credits ?expired? in 7-10 days. NABA investigators were also told of unauthorized charges appearing on their company credit cards soon after joining this barter exchange. One investor in Detroit claimed his $50,000 deposit given nine months ago still has not been returned. After the company refused to identify their accounting firm he decided he no longer wanted to be affiliated with the company, and just wants his money back. Apparently the company does not honor its ?100% Money-Back Guarantee?. David Stryzinski, the lead investigator on the case further discovered that the company was using ?800? numbers forwarded to many different ?executive suites? offices in Mt. Pocono, PA, Morristown, NJ, and Manhattan, N.Y. ?These guys are very mobile and may soon end up operating from their cell phones yet!? remarked Stryzinski. The president of the company introduces himself as ?Steve? but the name on his birth certificate and driver?s license says ?Robert?. ?That guy is a smooth operator. He could charm a snake right out of his skin? lamented a victim from Connecticut who lost a $25,000 deposit. NABA also believes these fraudsters employ a full time hacker to cruise the Internet and remove any links of complaints, bankruptcies, and law suits involving the exchange. ?Last month alone we counted nine such links and this month five of them are gone ? just disappeared!? explained Stryzinski. ?These guys are really good? he added. In 2002, this exchange was embroiled in over a dozen merchant disputes and then suddenly announced in the Barter News that they were ?acquired by TTI Holdings? in what NABA believes to be a bid to escape law suits. But when NABA investigators contacted TTI, they claimed no knowledge of the exchange. The owner of the exchange attributes all of their current problems ostensibly to a single fired employee who they refuse to identify with contact info. NABA suspended and then expelled the exchange last month when they refused to cooperate with investigators. NABA has now referred this case to law enforcement officials.
NABA Offers Merchants of Barter Exchange Free Anti-Fraud Checklist - (NEW YORK) Today NABAs Public Affairs director Paul Davis announced that "The North American Barter Association reaffirms our commitment to merchants of barter exchanges nation-wide" after NABAs Exec .. (634 Views)
Hackers Scam Merchants Of Barter Exchange - (New York) Today Mark Johnson, Chairman of Victims Of Barter Fraud with officials of the North American Barter Association held a joint press conference to warn small business owners nation-wide not .. (523 Views)
HOUSTON MERCHANTS BARTER EXCHANGE TRADES ITSELF AWAY! - After hearing of the infamous red paperclip story, Todd and Scotty Anderson of Houston decided to trade away their exclusive barter exchange franchise in Houston. After nine months the brothers had to .. (481 Views)
Barter Exchange Merchants Warned Of Tax Scam - (New York) David Stryzinski of the North American Barter Association today issued a nation-wide fraud alert to the small business community to be extremely wary of purported barter exchanges offering .. (459 Views)
Merchants Barter Exchange Digs In With Helping On The Holiday - Merchants Barter Exchange has reached out beyond the business world, lending a hand to a local church during the Easter holiday.MBE President, Steve Bolles, along with wife and Vice President of Strat .. (452 Views)
Survey indicates more merchants becoming barter savvy. - Today Shirley McBride, director of NABA’s research department announced that more merchants than ever have become aware of the barter option. According to an August survey that was just analyzed .. (368 Views)
