Epik, parent company of one LET Host Provider here, is under financial mess [Drama]
I stumbled upon a blog post today about Epik, who is parent company of one LET Hosting Provider here, is under financial mess.
the drama in-short:
- they had in-store credit called Masterbucks
- they used all money from Masterbucks to fund operations
- could not return money to customers
- promised 6% annual interest if they do not refund money from Masterbucks
- Also, started Escrow service, without license
- brought new CEO in September to solve the mess
- emailed few customers: they brought down the Masterbucks debt from $4.5M to $800K
- Last week their customer posted complaint that he still has $1.5M in Masterbucks not refunded.
- Epik CEO is unaware of this $1.5 debt
- Epik CEO is also unaware of additional debt $300,000 and states the $800K they quoted in email is no longer correct
- Employee on contract sues Epik that he has not been paid
earlier they had all customer's data stolen!