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IKnowtheCEO

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IKnowtheCEO

Re: None

Monday, 06/11/2012 10:46:37 PM

Monday, June 11, 2012 10:46:37 PM

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Fraudulent Cardholder Activity Claimed as Groth in Cardholder Deposits. The Deposit Growth reported on 10/5/11 was almost entirely based on fraudulent account holder activity. PrepaYd, Inc. and Mr. Berman failed to identify the fraudulent activity as the source of the deposit increase. The Company also failed to inform the public of the circumstances involving the fraud or the impact of the fraud on future results. The Company did not amend or correct press releases previously made regarding the inaccurate disclosure.
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