The Telegraph – October 09, 2009 7:41 PM
WOOD RIVER, IL – The top three men at the troubled YTB travel company have stepped down, according to filings Friday with the SEC … Founder J. Lloyd “Coach” Tomer resigned as chairman and director. His son, J. Scott Tomer, resigned as CEO … Andrew Cauthen stepped down as COO and president but will remain as secretary and chief operating officer and president of the marketing subsidiary.
The company lost $1.59 million in the 2nd quarter of this year. Revenue sunk by 59 percent to $18 million in 2008 after California officials filed a lawsuit against YTB, claiming it was nothing more than an elaborate pyramid scheme. That suit later was settled for $1 million … IL Attorney General Lisa Madigan also has filed suit against three YTB subsidiaries and some of its executives, claiming unfair competition and advertising … The firm is facing a class action lawsuit in U.S. District Court in East St. Louis. Two competing law firms filed class actions, which since have been consolidated into one. Both suits claimed the firm was nothing more than an elaborate pyramid scheme.
Whole story at: The Telegraph
Also, see our overview at: YTB Facts, News and Review
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