Tigrent Inc., a company associated with "get-rich-quick in real estate" gurus Russ Whitney and Robert Kiyosaki (of Rich Dad fame), has become a magnet for lawsuits alleging fraud of various kinds and at the present moment I don't understand what is going on or why.I am asking the public's help in learning more about the company, Tigrent Inc. which is headquartered in Cape Coral, Florida, apparently in the same building Whitney once used to run his publicly traded firms that sold the usual get-rich-quick in real estate and stock market courses, seminars, and other programs.
Here is Tigrent's official website. The stock trades under the ticker symbol TIGE. Current price is 43 cents per share.
For the record, the company says in this press release and SEC filing that it has been cleared of real estate fraud charges after the plaintiffs withdrew their complaint. But the 8-K cited discusses a case from the U.S. District Court for the Middle District of Florida. It also does not mention why the plaintiffs withdrew from the case. It also does not mention the dismissal of this case on its own website's list of press releases---a fact I find very curious too.
But here is another case listed in the Justia Federal District Court index from the U.S. District Court for the Southern District of Florida naming different plaintiffs. Obviously it is a different case but I do not know the status. If anyone has a PACER account I'm curious what the pleadings look like here.
Tigrent is the legacy of Russ Whitney's Wealth Information Network, which operated under a variety of names and traded under the ticker symbol RUSS. Russ Whitney's website no longer appears to be online so there are no answers to be found there. During the years 2002 through 2007 there were a number of class action lawsuits alleging securities fraud against Whitney and his various companies but they apparently were dismissed by the courts.
Why Robert Kiyosaki, famous for his Rich Dad programs, would want to become associated with this scandal ridden company is beyond me but here he is on Tigrent's website. I'm asking the public's help for answers. I admit I'm confused and also very curious about what is going on here. I have requested information directly from Tigrent so I'll see what I learn and report it to you.
In the end, nothing surprises me about get-rich-quick creative real estate gurus or the courses they sell. Nothing at all. You can't write fiction this bizarre.
Robert J. Abalos, Esq.
