Breaking News May 29th, 2015: DubLi Inc. Threatens Legal Action Against Troy Dooly and MLM HelpDesk After Attorney Richard P. Sybert Accuses Troy Dooly Of Hiding Behind False Persona As “Oz” of Behind MLM!
Breaking News May 11, 2015: Michael Hansen Out As CEO Of DubLi… What does the future hold?
Since DubLi entered into the U.S.A. back in 2009, I have been concerned, very critical and at times totally amazed at how they continue to stumble and then reinvent themselves (at least on the surface.)
First they were a reverse penny auction, then a gift card seller, then a shopping platform, then an entertainment community, and now it seems they are about to move away from their questionable reputation by renaming the company Ominto, Inc (found that in a one liner inside the press release below.)
Over the last few years, they did a reverse merger into a company (Medianet Technology Group) with what looked like major financial issues as the “new DubLi” DubLi fell out of compliance with the SEC when it fell behind in filing quarterly financials or found the need to file SEC documents restating the financial reports for several quarters.
Here are a few of the articles we have uncovered over the last few months which has caused some contrivercy across some blogs in and around the network marketing community.
Rod Cook reported – That purportedly the founder in a very public show of loyalty and faith for a friend (Freeman “Buck Reed”) and some call a top field leader offered to post bail after his friend was charged and later convicted for running a ponzi scheme.
Update May 29th, 2015: Official Court Filing As To The Length Michael Hansen Went For His Friend, Freeman “Buck” Reed. (Click To Read Court Document)
DubLi moved on short notice out of their Boca offices into a Regis Office in Ft. Lauderdale, breaking the lease and causing some to wonder if they were running out of money.
In late 2014 a former VP in the U.S. Dustin Mitchell, filed and received a restraining owner against the founder of Dubli and the courts ordered the founder to pay medical and legal expenses.
In a surprising move, which caused the DubLi pundits to praise and critics to scratch their heads, DubLi hired the former Chief Networking Officer (my term) Jerry Yerke from Lyoness America to head up not just North America but Asia.
And in late 2014, the buzz on the street was that one of the large Wall Street firms was going to invest hundreds of millions in the company. A rumor I questioned since such events have to be filed with the SEC and should never be part of a buzz campaign. I wondered if this was not some form of stock manipulation, and questioned it with top reps, financial advisors and my own personal legal advisors.
In April 2015, the whole DubLi Board of Directors (Except the Founder) “were let go” (I originally used the word resigned) leaving many to speculate what was happening.
And then yesterday DubLi released the following Press Release announcing a completely new DubLi Board of Directors naming men who seem to have impressive backgrounds to oversee the the growth and expansion of the company.
I personally still have huge concerns, and have yet been able to get an audience with the founder or C-Level executives to ask them some questions I have on their business model as well as what I see as a lack of compliance oversight on their reps.
What I hope we will see with this current move is a founder who realizes it’s time to grow up and stop trying to control every aspect of his business, and place it in the hands of a competent team who can solidify the business model and marketing channel for all involved.
Disclaimer: I do not directly or indirectly own any stock in DubLi nor do I anticipate taking a position in the next 30 days.
My firm does represent at least three clients who can be seen as direct or indirect competitors with some of the DubLi international business model.