September 16, 2015 – //New York, N.Y.//
(press release: Business Watchdog)
ITEX Corporation, an international merchandise broker, is not doing well. Its annual sales plummeted from $250 million to $140 million and the value of its shares have dropped 33.70% (Yahoo Finance 3/14/14 to 9/4/15).
Eighteen persons reported wrongdoing by ITEX. As a result, Business Watchdog, a nonprofit organization, alleges under the leadership of CEO Steven White that ITEX has become a criminal enterprise. Documents obtained by Business Watchdog reveal that ITEX is doing business in 46 states without: authorization, notification of its presence, and paying the applicable taxes (excluding CA, NV, OR, and WA).
Business Watchdog alleges that ITEX unlawfully evaded and laundered taxes due to the 46 states on an estimated $2.3 billion of its sales from 2002 to the present, conducted an interstate gambling and debt collection syndicate, rigged shareholder elections, embezzled funds from its customers, and defrauded persons who purchased brokerships, licenses, and memberships by concealing that it cannot lawfully do business in
Steven White, CEO of ITEX 46 states. Steven White has not disputed these allegations.
Subsequent to reporting ITEX’s alleged crimes, John Bal, Director of Business Watchdog, was threatened with harm. Bal was confronted near his home by an unknown male who stated if the allegations are not withdrawn “you will be harmed.” The threat was reported (NYPD Verification of Crime No. 3873).
ITEX has a history of committing frauds. The Securities and Exchange Commission prosecuted ITEX and its executives on multiple fraud charges. The charges resulted in settlements. In other prosecutions, former ITEX CEOs Collins Christensen and Terry Neal (and Neal’s attorney) were arrested and criminally prosecuted. Christensen was convicted and Neal pleaded guilty to fraud and received a 19-month prison sentence. Prior to prosecution, Christensen, without authorization, transferred 250,000 shares of ITEX to Steven White. Upon discovery of the unauthorized transfer of shares, ITEX’s Board of Directors terminated Christensen. Subsequently, Steven White launched a successful hostile takeover of ITEX, ousted its entire Board of Directors, hand-picked his long-term associates John Wade and Eric Best to replace the Board, and appointed himself CEO, CFO, and Chairman of the Board of Directors.
For inquiries, contact: BusinessWatchdog@msn.com
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