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Equity Guru ex Kuzyk denies making off with $325,071

2020-10-15 20:43 ET - Street Wire

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by Mike Caswell

Kyle Kuzyk, a Vancouver man facing a lawsuit in the Supreme Court of British Columbia from tout site operator Equity Guru Media Inc., denies accusations that he misused $325,071 of the company's money. He says that Equity Guru's financial troubles stem from its own poor decisions. Those decisions include having customers who, according to Mr. Kuzyk, are pump-and-dump operators using Equity Guru "as their trampoline."

The statements from Mr. Kuzyk come in response to a lawsuit that Equity Guru filed on March 24, 2020. The suit complained that Mr. Kuzyk, who had been hired to manage Equity Guru, "converted" $325,071 of the company's money for his own purposes. He used it for non-company expenses and transferred it to brokerage accounts that he controlled, Equity Guru claimed. The company said that it discovered the missing money in December, 2019, when it found itself in some financial difficulty.

For his part, Mr. Kuzyk denies that he did anything wrong. In a response filed on Oct. 6, 2020, he questions Equity Guru's accounting of the amount. He says that the figure is "off" and not represent any "conversion." Mr. Kuzyk also says that at least some of the money represented wages and contractor fees. Equity Guru is aware of this, but has sought the return of the money anyway, the response states.

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