Following a court order issued a few weeks ago, Tom Alkazin has filed his response to the FTC’s preliminary injunction request. Alkazin was originally excluded from the preliminary injunction granted against Vemma. Last October the FTC sought clarification on the matter, which resulted in Alkazin being added to the injunction on June 30th.
Vemma @ BehindMLM
When Vemma, BK Boreyko and Tom Alkazin filed their defenses to the FTC’s case against them, one of the more disturbing defenses raised was that somehow consumers were to blame for their losses. The FTC and/or the consumers it purports to represent have failed to mitigate their losses, if any. Any losses sustained by the FTC [Continue reading…]
Last October the FTC filed a motion asking Judge Tuchi to “clarify or reconsider” the Vemma preliminary injunction. Specifically, the FTC sought to ‘enjoin Defendant Tom Alkazin from engaging in certain business activities.‘ The FTC argued that while the court intentionally excluded Alkazin ‘from the injunctive provisions relating to pyramid marketing‘, it might have unintentionally [Continue reading…]
Vemma’s second quarter report for 2016 was filed on June 20th. The good news? Net losses are on the decline and there might light at the end of the tunnel yet.
Back in April Vemma’s insurer, Hanover Insurance, refused to fund Vemma’s legal defense against the FTC. Hanover Insurance acknowledged that Vemma had a $5 million liability police with them, but argued the FTC action wasn’t covered because pyramid scheme allegations had been made dating back to 2012. According to Hanover, the ‘policy applies only to [Continue reading…]
Since August 2011 Vemma has held a Private Company Management Liability Insurance Policy with Hanover Insurance Company. The policy has a liability limit of $5 million dollars, yet to date Vemma have been unsuccessful in getting Hanover to fund their FTC lawsuit defense. Should BK Boreyko have read Vemma’s insurance policy closer, or is he [Continue reading…]
As part of the preliminary injunction granted against Vemma last year, the company is required to file quarterly reports. The takeaway? Vemma lost $3.8 million dollars in the first quarter of 2016.
On September 18th, 2015, BK Boreyko was slapped with a preliminary injunction. The injunction, among other things, prohibited Boreyko from ‘assigning, concealing, converting, disbursing, dissipating, encumbering, liquidating, loaning, pledging, selling, spending, transferring, or otherwise alienating any real estate asset(s)’ under his control. After a series of filings by Boreyko probing the limits of the injunction [Continue reading…]
In November last year BK Boreyko requested court-approval to sell of his share in AZPACK Properties LLC. The FTC objected to the proposed sale, on the ground that AZPACK Properties was a holding company for real-estate properties. The FTC contended that the sale of Boreko’s share in AZPACK violated the terms of the Vemma preliminary [Continue reading…]
Amid questions of why Boreyko sat on his proposed short sale for six weeks before notifying the SEC, and whether or not the short sale of property would violate the terms of the Vemma preliminary injunction, the likelihood of Boreyko’s proposed short sale being granted were slim. With a requested transaction date of January 18th, Boreyko [Continue reading…]