More questions keep coming up about DSA Member company YTB and whether or not the company is completely legit. Lawsuits have been filed, board members have resigned, and allegations have been flying for months now that the company, an online travel site, is running an illegal pyramid scheme. There has also been some talk about insider deals within the company.
Now comes word that amongst the members of the Board of Directors is Florida State Senator Burt Saunders, (R-Naples). Saunders serves on the Board of YTB International which operates YourTravelBiz.com.
Saunders, who is currently running for U.S. Congress has been paid in the past by the company to be its director and has received money as a consultant for the company. Financial documents show that he had received $16,000 dollars in 2007 from the company, no word yet on whether or not he has been paid for any services this year.
Currently YTB is facing two class action suits each asking for over $100 million dollars, with California asking for restitution for victims in that state. California’s Attorney General even went so far as to call YTB a pyramid scheme.
Saunders has yet to release any official statement regarding his current affiliation with the direct sales travel company, although he did say that the law suits were “silly.” In this day and age, when every politician’s life is looked into so deeply, this could have serious repercussions for Saunders if YTB is found to have operated an illegal pyramid scheme. I wouldn’t be surprised if Saunders is the next in line to step down from the board.
Popularity: 7% [?]
Saunders is a perfect example of what we NEED on the boards of directors of public companies. Is it hard to understand that independent directors (not the company’s executives) are the key to stopping ENRONs, Fannie Maes, Freddie Macs and other similar abuses? Shareholders and consumers alike need independent board members, such as Saunders, to insist that misguided or greedy or incompetent management are properly supervised in order to FIX what’s wrong! If no one “decent” can join the board of directors of a public company without fear of being tarred and feathered for management misdeeds, NO U.S. public companies will be safe havens for investors or anyone. According to YTB’s corporate records, Saunders joined the Board less than six months ago! And also according to the SEC filings and records, he is totally independent! If you’re critical of this, what exactly do you propose as an alternative means of fixing companies that are in need of supervision and thereby protecting the shareholders and other persons who deal with such companies? Saunders and other independent directors should be encouraged to do the job that only they can perform. Or no company will ever be a safe investment.
Comment by Frank Paulson — October 11, 2008 @ 3:55 am
TODAY IT SEEMS LIKE EVERYONE WANTS TO BLAME THEIR
FAILURES ON EVERYONE BUT THEMSELVES!!
YTB IS LIKE ANY COMPANY DOING BUSINESS, YOU ARE GOING TO HAVE SOME PEOPLE DO VERY WELL & SOME PEOPLE FAIL! PURCHASING A YTB TRAVEL SITE DOES NOT GUARANTEE ANYONE SUCCESS!!
EACH YEAR THOUSANDS OF PEOPLE GRADUATE FROM COLLEGES & UNIVERSITIES WITH ALL KINDS OF DEGREES, DO THESE SCHOOLS GUARANTEE THEM SUCCESS??
BEING SUCCESSFUL IN YTB IS LIKE BEING SUCCESSFUL IN ANY
OTHER BUSINESS! THE HARDER YOU WORK THE MORE YOU WILL
SUCCEED!
IN MY 38 YEARS OF OWNING A BUSINESS I HAVE NEVER BEEN
SHOWN SOMETHING THAT COST SO LITTLE AND HAS THE ABALITY TO MAKE SO MUCH!! NO EMPLOYEES/ NO RENT/
NO MONEY TIED UP IN INVENTORY/ NO UTILITY BILLS & I DON’T TOUCH OR PACK A THING!!
I KNOW PEOPLE THAT ARE MAKING MORE MONEY THAN THE
PEOPLE THAT SHOWED THEM THE BUSINESS!!! YOU CAN’T DO
THAT IN A PYRAMID SCHEME!!
WE NEED TO START SUPPORTING COMPANIES LIKE YTB!! THEY
ARE GIVING ORDINARY PEOPLE A CHANCE TO OWN THEIR OWN BUSINESS & GENERATE ADDITIONAL INCOME FOR THEIR FAMILYS!
JUST STOP SAYING ITS “ALL” YTB’S FAULT YOU FAILED!!!!
SINCERELY, TRAVIS CUNDIFF
Comment by TRAVIS CUNDIFF — October 15, 2008 @ 11:55 am