RE:More on Andrew Ryu Scam Canadian finance commentator Fabrice Taylor, creator of the President’s Club, a Canadian investment newsletter, said that the company misled investors a few months ago.
“The CEO, who was removed, told investors and me that business was good,” he told the Business News Network in a statement.
“The company raised $10m in March and told investors that was for an acquisition. That ended up not being true.”
He said the money was instead used for “operational costs”.
This was echoed by Stephen Takocsy, chief investment officer at Lester Asset Management on BNN last week, who said the firm sold its shares.
“A lot of money was going out towards marketing and advertising for language schools and the CEO could not explain to us what this money was being spent on, so we got really nervous not getting the answers we wanted to and we sold the stock,” he said.
“I honestly don’t have faith in the board or management or the business.”https://thepienews.com/news/loyalist-group-reports-loss-of-can19-5m-stock-drops/