According to a credible source, there are deep problems brewing at Tradebank International. It is being reported that Tradebank lost a significant lawsuit in Georgia court against a former franchisee, a franchisee who had left and started their own barter exchange.
A loss of that kind in court would make it very difficult to enforce any of the other non-compete clauses in their franchise agreements.
The same source informs me that the CFO of Tradebank, David Hayden, resigned his post on February 28th. Marcy Yaffe, the person responsible for training franchisees was also let go around the same time.
It’s alleged that Tradebank has “lost” 10,000 members as they have stopped trading with the company, that most of their franchises have left and set up shop for themselves, and that Tradebank is under investigation by the SEC, IRS, and Attorney General of Georgia for the use of the word “bank” in their name.
I have reached out to Tradebank for any comment, and they have declined to respond.
Tradebank has been purported to be one of the larger regional and international barter exchange franchises operating out of the United States. At one time they listed 53 franchises operating in the U.S. and Canada.
Update 10:12 AM – Marcy was laid off, not fired, and according to one close to Tradebank, David Hayden retired.
Update 9:57 AM, March 18th, 2014 – A retraction to points in this article has been posted to https://www.barternewsweekly.com/2014/03/18/tradebank-rebutts-5059/