Jennifer Mellon and Danny Boices’s Trustify Woes Add Up

Are you keeping score of Jennifer Mellon and Danny Boice’s Trustify Woes? Well, I am.

First, there is the bankruptcy case that alleges Jen Mellon and Danny Boice embezzled cash and defrauded investors. In this suit, Anchorage Capital who invested $6.5 million in Trustify alleges that Boice transferred $750 thousand per year into a personal account used to fund Boice and Mellon’s household expenses. This was in addition to the $600 thousand a year the couple paid themselves to be officers of a money-losing dumpster fire. The suit alleges many transgressions against all the Trustify officers but specifically names Jen Mellon and Danny Boice multiple times.

The suit stresses the importance of cutting Boice and Mellon off from the company’s cash as soon as possible (see paragraphs 34 and 25 from the suit).

34. The facts likewise show the dire need for this Court to issue an Order maintaining Trustify’s status quo and enjoining Boice, Jennifer Mellon, and Trustify’s other current and former officers or representatives, from disbursing any funds or transferring any assets other than those needed to meet Trustify’s day-today obligations, and from continuing to engage in the wrongful conduct that is causing damage to the interests of Trustify, its stockholders, and its investors.

35. Indeed, given the severe and disturbing circumstances ascertained by Anchorage, absent such relief Trustify’s assets could be further impaired or encumbered, and the interests of Trustify’s stockholders and investors will be irrevocably and unjustly lost.

That wasn’t the end of Jennifer Mellon and Danny’ Boice’s Trustify Woes… based on a recent article in the Washington Business Journal, there’s a new judgment against the company, they were hit with a tax lean by the Commonwealth of Virginia. That makes 4 total judgments against the company and one lawsuit yet to be settled for a total of $1,162,183. In addition, is the Bankruptcy case out there.

Status

Type

Status

 Amount 

Commonwealth of Virginia 

Tax Lien

Judgment

 $    593,054.03

JBG Smith 

Office Rent

Judgment

 $    263,477.21

Centro GS

Software

Judgment

 $      25,000.00

Eight Former Trustify Employees

Salary

Judgment

 $      34,707.57

Buckley Sanders LLP

Legal Bills

Judgment

 $    245,945.00

Dini Von Mueffling Communications

PR

Law Suit

 $    240,305.26

Total    

 $ 1,162,183.81