In response to the complaint filed by [redacted] of EcoSoulLife US, we suspended services due to possible accounting fraud. We were hired by EcoSoulLife (ESL) to find an investor for equity financing October **, 2016. During our routine due-dilligence process we discovered that a...
current equity partner had made no capital contribution and when we queried the CEO JR M[redacted] and the VP of operations we were told that they had indeed made an investment, however, it was in a previous, now defunct, business that has no affiliation with current ownership. [redacted] and [redacted] then suggested we move the numbers from the previous investment into the current books in an effort to justify the equity ownership. At this point we instructed [redacted] and [redacted] to unwind the equity partner who had no investment in order to move forward in a legitimate manner. ESL's refusal to adhere to our advice and insistence on "cooking the books" led us to suspend further work. Following legal counsel we decided not to release the valuation or any documents associated with our name for fear of fraudulent practices by ESL. We strongly urge any potential investor in EcoSoulLife US to proceed with extreme caution and order a forensic accounting.
In response to the complaint filed by [redacted] of EcoSoulLife US, we suspended services due to possible accounting fraud. We were hired by EcoSoulLife (ESL) to find an investor for equity financing October **, 2016. During our routine due-dilligence process we discovered that a...
current equity partner had made no capital contribution and when we queried the CEO JR M[redacted] and the VP of operations we were told that they had indeed made an investment, however, it was in a previous, now defunct, business that has no affiliation with current ownership. [redacted] and [redacted] then suggested we move the numbers from the previous investment into the current books in an effort to justify the equity ownership. At this point we instructed [redacted] and [redacted] to unwind the equity partner who had no investment in order to move forward in a legitimate manner. ESL's refusal to adhere to our advice and insistence on "cooking the books" led us to suspend further work. Following legal counsel we decided not to release the valuation or any documents associated with our name for fear of fraudulent practices by ESL. We strongly urge any potential investor in EcoSoulLife US to proceed with extreme caution and order a forensic accounting.