More Problems at Triterras (NYSE: TRIT)
More Problems at Triterras (NYSE: TRIT) + Price Increase Tomorrow
Earlier today The Bear Cave published a follow-up report on Triterras (NYSE: TRIT) for paid subscribers. For $34/month paid subscribers get two reports like this every month. Below is an excerpt of the paid report. Subscribe now to get the full report and future reports for paid subscribers.
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Srinivas Koneru, the CEO and founder of Triterras (NYSE: TRIT — $992 million), received a nearly $1 million Federal Tax Lien Notice around the time he created the company. Triterras management has ties to failed penny stocks and appears to have misled investors about insolvency proceedings against Rhodium Resources, a large Triterras partner that was also founded by Mr. Koneru. In addition, the websites for alleged Triterras customers appear to be non-functional, in broken English, or have language copied and pasted from more reputable firms. This article is a continuation of The Bear Cave’s first article on problems at Triterras.
Below is a copy of an October 2017 Federal Tax Lien notice against Srinivas Koneru for unpaid taxes:
The Federal Tax Lien was signed in October 2017. According to the Triterras website, Mr. Koneru founded Triterras in 2018.
According to Triterras, Mr. Koneru founded an IT services company called Exxova in 2005. In November 2010, Exxova merged with Bartronics America. In December 2012, Systems America Inc. (OTC: SYAI), acquired Bartronics America.
In 2014, Systems America filed for bankruptcy and in 2017 the SEC filed a complaint against System America’s CEO, Adesh Tyagi, and described him as: “a convicted felon, who engaged in a fraudulent scheme to inflate the share price of Systems America, Inc.”
In its SEC filings, Triterras states that Mr. Koneru “exited” Exxova in 2010. However, an Exxova press release from October 2012, lists Mr. Koneru as the active CEO. Glassdoor reviews from 2012 and 2014 described Exxova as “a glorified Ponzi scheme” and “smoke and mirrors.”
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