Quantcast
SGGAMINGINFO » How Gary killed CME SGGAMINGINFO » How Gary killed CME

How Gary killed CME

On December 1, 2010 by Aaron Meehan

CME Financial Troubles In January 2009

  • As of August 2008, CME experienced financial difficulties.
  • As of January 7, 2009 CME were unable to meet a payroll in a timely manner since August 2008.
  • As of January 2009, CME were behind in paying employees for 2 full pay periods.
  • As of January 2009, CME owed approximately $1,550,000 in payroll taxes.
  • As of January 2009, CME had approximately $3,580,000 in payables to vendors, landlords, service providers and other third parties and CME was receiving demands from such creditors.
  • As of January 2009, CME was receiving threats of litigation from creditors.
  • Gary Whiting’s inappropriate corporate actions caused CME and CMG to not be able to raise funding to meet its financial obligations.

Miscellaneous Conduct

  • Gary Whiting used CME and CMG accounts as his own “piggy bank” with no regard to the company or stockholders.
  • Gary Whiting is obligated to pay CME and CMG $2.5 million. CME & CMG didn’t receive the money.
  • Gary Whiting withdrew $1 million from CME.
  • Gary Whiting withdrew $225,031 from CME without board or shareholder approval on September 18, 2006.
  • Gary Whiting withdrew $1 million from CME without board or shareholder approval on October 16, 2006.
  • Gary withdrew $3,000 from CME without board or shareholder approval on September 16, 2008.
  • Gary withdrew $5,000 from CME without board or shareholder approval on September 16, 2008.
  • Gary withdrew $1,000 from CME without board or shareholder approval on February 25, 2009
  • Gary withdrew $5,000 from CME without board or shareholder approval on February 25, 2009.
  • Gary withdrew $26,211.75 from CME without board or shareholder approval on February 25, 2009.
  • Gary withdrew $130 from CME without board or shareholder approval on July 22, 2009.
  • Gary withdrew $7,000 from CME without board or shareholder approval on August 5, 2009.
  • Gary withdrew $400 from CME without board or shareholder approval on August 10, 2009.
  • Gary withdrew $10,000 from CME without board or shareholder approval on August 10, 2009.
  • Gary withdrew $22,000 from CME without board or shareholder approval on August 20,2009.

Total money Gary took/ prevented CMG/CME from gaining = $78,280,186

source: court case document

Author: Aaron Meehan

Hi, I’m the creator of SG Gaming Info. When I’m not working on my writing or creating content for this site’s YouTube channel, I like to relax and enjoy character driven story games.

Pages: 1 2 3 4 5


Trackbacks & Pings

Leave a Reply

Your email address will not be published. Required fields are marked *

*