I need a place to write, and since my writing muscles have atrophied from years of typing, why not just keep a blog.

Friday, September 29, 2006

Nightmare Job Update

I posted earlier this year about a job I took. This job was undoubtedly the biggest mistake I have made in my career. It lasted all of about 3 months. Read below if you want the full story.

One of the reasons I quit was because I couldn't get over the feeling that this place wasn't quite on the level. The business concept was great, but the execution and the folks at the very top never seemed quite focused 100% on the business.

Just a few weeks ago my suspicions were confirmed as the SEC shut the business down and arrested the primary investor, Frank Russo. Apparently he had been running a Ponzi scheme and had taken investors for about $15 million dollars. That money apparently had been used to start the company I worked for and was probably a front for laundering that money.

I got a call from a friend knew people who had worked there. They arrived for work one Friday and were told the business had been shut down and they needed to leave. They were left with no explanation and very little recourse for what had transpired over the past 3 months. The business had really started to slide over that time. They hadn't been paid in nearly a month, and they found out later that the company hadn't paid it's medical insurance premiums in over 3 months. Some unfortunate employees discovered that when they were presented with large medical bills when their insurance claims were denied.

All in all a very unfortunate situation. I feel for those people who were there in the end and really got screwed. I hope they have some avenue to collect their past-due salaries and medical expenses.

And so for you, my readers, if you see any job listings for Veritasiti, or an executive named Frank Russo or David G. Kinney, run for your lives.


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