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Ebony Magazine Files SEC Complaint Against Consequent Capital Management And John Robinson For Alleged Confidential Breach
Friday, August 7, 2020
ATLANTA, July 30, 2020 /PRNewswire/ -- A day after Ebony ownership filed a complaint with the SEC against Jacob Walthour and Bluprint Capital LLC ("BPC") alleging insider trading; they filed a complaint against John Robinson and Consequent Capital ("CC") CRD # 285262 for allegedly violating its privacy policy and fiduciary responsibilities by providing Parkview Capital Credit's ("PCC") confidential information to send to media outlets for financial gain.
Consequent Capital is the largest investor in PCC. Ebony's SEC Complaint charges Robinson and CC with conspiring with Jacob Walthour to provide confidential information to the media. Additionally, Robinson fired all of Ebony's employees without authority for financial gains.
In April 2020, Walthour took over the management of Ebony's Lender, PCC. Shortly after that, Ebony's owners began receiving contrary recognition from BPC, with 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.
Ebony owners claim, for BPC CRD# 282327 and Co-Founder Walthour and Robinson of Consequent disparaging Ebony in the media has been for financial gain and driving black legacy businesses like Ebony Magazine into bankruptcy.
"If private information has been passed on to sources, someone should have to answer for it," stated an Ebony spokesperson. "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.
"Consequent has a fiduciary responsibility to keep confidential information private and never use for financial gain. Consequent allowed their manger, Jacob Walthour, to provide this information to the media," says Michael Wilcox.
View original content:http://www.prnewswire.com/news-releases/ebony-magazine-files-sec-complaint-against-consequent-capital-management-and-john-robinson-for-alleged-confidential-breach-301102929.html
SOURCE Ebony
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