Post A Reply
my profile
login
|
register
|
search
|
faq
|
forum home
»
Allstocks.com's Bulletin Board
»
Micro Penny Stocks, Penny Stocks $0.10 & Under
»
NNSR -nannosensors
» Post A Reply
Post A Reply
Login Name:
Password:
Message Icon:
Message:
HTML is not enabled.
UBB Code™ is enabled.
[QUOTE]Originally posted by Nit2Profit: [QB] NORTH ATTLEBORO - Something fishy has been going on at Ocean Fresh Seafood - and as a result, the landmark company is shutting down for good. Wells Fargo Business Credit has seized the Route 1 property, saying that business owner Robert Couto has defaulted on a $9 million loan. In documents filed in Suffolk Superior Court, Wells Fargo also alleges some Ocean Fresh assets were transferred to a "sham company" in the Bahamas. Employees at Ocean Fresh said they have mostly been kept in the dark about the company's troubles, and they say they have been told that Wells Fargo is in the process of selling off the company's remaining inventory before shuttering the retail side of the business for good. The wholesale division has already ceased operations. Calls to the attorneys handling the case for Wells Fargo were not returned on Wednesday. Wells Fargo's corporate office declined comment. "We will not be able to provide you any information, as Wells Fargo is committed to protecting our customers' privacy, and we do not discuss our customer relationships," said Christine Headrick, the company's national marketing director. However, court documents detail the financial troubles of Ocean Fresh and its owner, Couto, who allegedly secured a $12 million loan from Wells Fargo in 2005. According to the documents, Couto defaulted on his loan payments and still owes about $9 million. The troubles came to light last Thursday, when Wells Fargo conducted a routine audit of the business's inventory last week and allegedly found that millions of dollars of its collateral was unaccounted for in financial records. Wells Fargo alleged the records for Ocean Fresh indicated the company was supposed to have $6.7 million in inventory. However, the financial company conducted a sample check of about $3.8 million worth of the inventory, and allegedly found only $1.1 million was accounted for properly. Court records indicate the total shortfall is estimated at $5 million. In addition to defaulting on the loan, Wells Fargo alleges that Ocean Fresh owners conspired to convert and fraudulently transfer collateral worth millions of dollars to a shell company called Odett Holdings Ltd., which is located in the Bahamas. After the inventory check, Wells Fargo said Ocean Fresh failed to account for the discrepancy, but said some items were transferred to Odett. According to Wells Fargo's attorneys, a Google search of Odett Holdings indicates the company's mailing address is purportedly a law firm in Nassau, Bahamas. The signatory on Odett's bank account is Fred Gaurino, who is the Certified Public Accountant for Ocean Fresh. When Wells Fargo arrived at the business on Friday, it found that Couto had closed up shop and filed court documents. Ocean Fresh also allegedly refused to provide financial statements and other business records to Wells Fargo, as required in its loan agreement. Wells Fargo is seeking triple damages in addition to attorneys fees and other costs related to the court action. The financial company also labeled Couto a "flight risk" and asked the court to revoke his passport. Wells Fargo is also seeking to prevent Couto from selling, concealing or transferring any assets, including his yacht, Tenacity, which is moored in Florida. Couto could not be reached the The Sun Chronicle Wednesday, and a phone number for him could not be found. AMY DeMELIA can be reached at 508-236-0334 or at ademelia*thesunchronicle.com. Print this story Email this story Return to News so is it now safe to say that this company is a meteor headed to the center of the earth? [/QB][/QUOTE]
Instant Graemlins
Instant UBB Code™
What is UBB Code™?
Options
Disable Graemlins in this post.
*** Click here to review this topic. ***
Contact Us
|
Allstocks.com Message Board Home
© 1997 - 2021 Allstocks.com. All rights reserved.
Powered by
Infopop Corporation
UBB.classic™ 6.7.2