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Ebony Magazine Files Two Suits Against Jacob Walthour and Blueprint Capital Alleging Insider Trading
Thursday, August 6, 2020
Ebony Owners File SEC Complaint and also move to halt bankruptcy citing Walthour as insider
HOUSTON, July 29, 2020 /PRNewswire/ -- During these unprecedented times, while black businesses are getting hit from all fronts, including the struggles brought on by COVID-19; black men and women are fighting to preserve their livelihoods, all while dealing with the racial unrests, as many have taken to the streets to exclaim "Black Lives Matter!" Ebony owners claim, for Blueprint Capital ("BPC") CRD# 282327 and Co-Founder Jacob Walthour, it has been an opportunity for financial gain and driving black legacy businesses like Ebony Magazine into bankruptcy.
In April 2020, BPC took over the management of Ebony's Lender, Parkview Capital Credit Inc. After Ebony's owners were notified, they immediately began receiving contrary recognition from BPC, with Jacob Walthour fueling the fire.
According to the complaint, Walthour wasted no time making public appearances and providing the Wall Street Journal and other news outlets with confidential information that they quickly capitalized on, publicly disparaging Ebony.
"If private information has been passed on to sources someone should have to answer for it," stated Ebony co owner Willard Jackson. "If Mr. Walthour or any of his investors benefit from any non-disclosed, non-public information, they may have to answer to the SEC for it."
"It amazes me that a black man would attempt to bring down a brand synonymous with black culture for 75 years at this moment in time. We are at the crossroads of social change. Yet, by his admission, Mr. Walthour admitted that he was attempting to force Ebony into chapter 7--which usually results in liquidation--"not to break it up and sell it off in pieces," but "to get control of the company." A trusted brand for black Americans violated, seemingly for his gain.
"Walthour's actions are in direct violation of our agreement that requires the Lender to exercise confidentiality in dealing with its clients. Who would have thought that Walthour would potentially stoop so low as to break the law in hopes of taking over our Company for personal gain?" continued Jackson.
"It was always my belief that pension fund managers are held to a higher level of scrutiny, especially SEC-registered advisers. You cannot provide insider information (confidential information), in hopes for financial gain, concluded Jackson."
View original content:http://www.prnewswire.com/news-releases/ebony-magazine-files-two-suits-against-jacob-walthour-and-blueprint-capital-alleging-insider-trading-301101844.html
SOURCE Ebony
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