Yes, ‘Possums’, the ‘Black Box of trouble’ is back! I’m sorry that Henry already has the domain name bbx.nz registered for Black Box as I would have preferred it but www.bbx.co.nz was available so this will have to do!
Five years ago I investigated the international BBX barter fraud established by Michael Touma, and run since his death by one of his daughters Caroline MacDonald. My investigation showed that the barter industry internationally was at the time 97% fraudulent (or 3% legitimate), BBX was among the worst of them with a deflated value of their trade currency as low as it gets. The report is available online free or in print (for those with a few excess coppers).
My findings were that the true value of the BBX trade dollar was between 1c and 4c, representing a fraud of between $6.9m and $7.4m (depending on how the company assets were valued). It is now probably worth a lot less than this and their ‘Penny Stock’ valuation means that there has been substantial fraud by the managers, of course all participants from that point of advice onwards have knowingly perpetuated this fraud. Any New Zealand participant in the BBX scheme, by way of trading and/or membership is of course liable for criminal conduct, let alone tax fraud assuming that there has been dishonest accounting relating to ‘non-cash’ transactions.
Over the coming months (Q4, 2022) I intend to expose the people and ethics (or lack of them) of this fraud, including the New Zealand based companies that have unwittingly (or knowingly) perpetuated the BBX fraud as well as exposing the activities, attitude and conduct of the ‘crooked’ Australian principal(s). Over the years Caroline MacDonald for example has been described to me as “a wolf in sheep’s clothing”, “the most evil person I have ever met” and “a real piece of work” by some of those those I have interviewed. A little known fact is that both Michael and his daughter Mags, were banned from directing companies in New Zealand (multiple frauds/failures cause this to occur) which is why Caroline undertook to front the New Zealand operation in 2010.
As always I work hard to speak only the truth. I am open to correction in any matter at any time and am opinionated simply because I ask the hard questions and I am fearless to speak the truth in a sea of self-interest and Political Correctness . . . aka BS.
Join me in this journey, if you are brave, and add your name to my email list up to the top right of this page.
Dennis A. Smith,