By Tom Winnifrith, The Sheriff of AIM | Wednesday 9 August 2017
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Following our barrage of revelations yesterday about the Boston fraudsters - Uzi and Ruth Katz (aka Oozi & Ruth Cats), Telit Communications (TCM) has announced that its CEO Uzi/Oozi is to go on a "leave of absence." Uzi ain't coming back.
Telit says that it "notes speculation regarding historical indictments in the United States of America of Telit's Chief Executive Officer, Oozi Cats, in respect of matters which are unrelated to Telit and significantly pre-date its establishment." Okay, come on chaps, historical indictments? You can mention the words serial real estate fraud, fugitive, taling flight and skipping bail.
Okay that skipping bail bit was Uzi's Mrs Ruth. By the way, we are not told if she remains the official art curator at Internet of Things company Telit or if she has stepped down during the enquiry as well.
Telit says it has appointed independent solicitors to conduct a thorough review of this matter and that " Pending the outcome of this review, the Board have agreed to Mr. Cats' request for a leave of absence from the company."
Bollocks. With such a review underway there is no way that Uzi, sorry Oozi, could stay in situe. that is a face save statement. And this is also an exercise in playing for time. If the allegations were untrue - and the statistical odds on that are, as explained HERE, a zillion to one - Uzi/Oozi would have nailed them yesterday and this matter would be dealt with.
There is not even a statement saying that Uzi/Oozi refutes or denies the allegations. that says it all. Smelly cats is toast. And one suspects that the art curator should start polishing up her CV too.
Old cats new tricks. Or not. This is not the first time Uzi has "taken a leave of absence" - just ask the US Marshalls department in Boston about their attempts to get him in the dock 26 years ago.
So what happens next? I feel a bearcast coming on....
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