Settlement with California Department of Business Oversight

Settlement with California Department of Business Oversight

On September 18, 2020, URBT Corporate and CEO Joseph Collins settled with the California Department of Business Oversite. The State believes that following misrepresentation have occurred with the Company’s 2016 Regulation A, stock offering Exemption:

The misrepresentations and omissions included the following: i. Misrepresenting that Daniel R. Leonard of Mobile, Alabama was a certified public accountant when he held no such qualification; ii. Misrepresenting that the financial statements included in the Offering Statement were audited by a certified public accountant; iii. Misrepresenting that the total assets of URBT as of August 31, 2015 were $1,302,047 when the total assets on that date were later determined by a certified public accountant to be only $661,837

In the settlement URBT nor Joseph Collins its CEO, confirmed nor denied the above allegation presented by the State, but acknowledged the States right to issue a warning in the form of a Consent to resolve this matter. The follow statement was agreed to by the State and URBT: “Without admitting or denying the above findings, Respondents agrees to enter this Consent Order for purposes of resolving this matter without the expense and uncertainty of further proceedings.”

URBT and Joseph Collins its CEO have agreed to comply with the Consent Order and now consider this matter closed. A complete copy of the Consent Order and the Order Withdrawing Desist and Refrain are included for review.

Complete Settlement Agreement with California Department of Oversight – Form 1-U (PDF)

See SEC Filings on the matter: (SEC)

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