Shareholder cuts and runs

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The co-founder of IHRB who was the 51% shareholder, has (on the 3rd of June 2011) cut all ties with Sam Cohen and IHRB. The silent investor (who requested anonymity due to the shame of being associated with IHRB) wrote to ASIC to update his status that he has washed his hands of IHRB and dumped all his shares. The majority shareholder jumped ship, fearing for his reputation and hoping to avoid any possible legal entanglement in IHRB’s shenanigans. The shareholder did not receive anything for his shares. He cut his losses and scarpered.

This update has highlighted additional news that adds to the drama. First, Mr Cohen had told me that his partner and money-man had injected one million dollars to help start IHRB. Mr Cohen had told another client (Ron) that the figure was three million dollars. Today I found out that the actual figure was only $25,000. That kind of exaggeration no longer surprises me.

Another bit of disturbing news is that Mr Cohen’s silent partner never had anything to do with signing cheques. This is a significant discovery because in a letter to CTTT (excerpt below), Mr Cohen tells CTTT that he could not refund the money to me, even if he had wanted to, because it would have been impossible for him to do so without his partner’s signature. For a long time, IHRB has had only one Company Director, being Mr Cohen himself. He is also the Company Secretary. Mr Cohen was the 49% owner, and his other shareholder who resigned this week held 51%. So these were the only two people who had anything to do with that company. Today I discovered that the former partner never had anything to do with signing any cheques, which means that Mr Cohen was lying to CTTT when he said that he could not have issued a cheque to me.

The scan below is from a letter dated 8 May 2011 [which I think was really 8 June but erroneously showed 8 May] sent by Mr Cohen to CTTT, again making false claims, and again telling CTTT that he needed two directors to sign a cheque. This is a blatant lie. ASIC records show that IHRB started with two directors, but the second director resigned and ceased to be a director on the 21st of July 2006. I became a client in 2008. I demanded a refund in 2009. Yet, as of 8 May 2011, the lie persists. From 21 July 2006, Sam Cohen was the only Director at IHRB and he also happened to be the Company Secretary. So to say that there are two directors is another unashamed lie. From 2006, Mr Cohen was the only director. So why is he sill lying when ASIC records prove this lie. I had written to Westpac Bank’s Fraud Department to better understand the signatories on IHRB’s cheques, and I spoke with an investigator at Westpac, and I now know that Mr Cohen lied to me, lied to CTTT on several occasions, and as of the 8th of May 2011, he lied yet again about the phantom second director who has not existed since 2006.

And speaking of signatures and cheques, here are some of the many specimens of Mr Cohen’s signatures. You can see the very many different signatures that Mr Cohen uses. I do not know how he remembers which one to use where. The signatures on the cheques are obviously inscribed by the same hand, using the same pressure, showing that it was one person, and not two.