Telynx (fka TLYN)

[jurisper]

Due: It was sales & marketing for a few $k, but the bulk was for just unexplained "services".

I & (I guess you) assume that those were IR "services", but I guess it's possible some part of it went to product development. If not, where did "Telynx III" come from & what paid for it?

Telynx management might be interested in a judgement delivered in Utah last year against Ted A. Madsen, the principal of their auditors, Madsen & Associates CPA's. He was found liable for breach of fiduciary duty as administrator for a benefits scheme which was looted by the investment advisor, a friend of his. For years, Madsen simply wrote checks on the scheme to his friend's company, without any kind of verifiation of how the funds were being applied.

See http://www.kscourts.org/CA10/cases/2005/05/04-4006.htm for an appellate court decision in the matter. Main case was 2:00-CV-927 in Utah fed district court, central division. The court found that Madsen's lack of prudential care enabled the investment advisor's embezzlement.