It appears that IFT has been violating both the federal and state SSPA by moving customers around for approvals: AZ- FL, NC- VA, NY- FL. They are even going as far as using the same mailing address for multiple people. They flew one customer to Florida, put them up in an Orlando hotel with a large cash advance to get them to sign their deal in Florida! You would think, that they would learn from their very public mistakes (FRAUD). However, they choose not to learn and continue to harm shareholder value. This 40% excise tax will be hefty (in the millions) with all the SSPA Violations. For a publicly traded company, that has squandered approximately 100+ million over the last four years, this is going to be a HUGE hit to their balance sheet or whats left of their balance sheet. I am not exactly sure what the new board members are doing (my guess is nothing). However, they are definitely not cleaning up the continued wrongdoings of IFT's Management. All of the aforementioned is in my opinion of course.
While i believe their old crew would do something that stupid, the old CEO and his team from the old P-Tree days, I can't imagine their new directors would permit this. They have a lot more to lose by doing something that stupid! I guess between the new 21st l/e changes, and the sheer lack of settlement volume, this company will do nearly anything to generate money?