i-mate shut down due to $15 million fraud
By Simon Sage on Monday, September 28th, 2009 at 4:38 PM PST In Financial/Corporate News, Legal, Windows Mobile, i-mate
You might remember long-time Windows Mobile player i-mate shutting down shop in Dubai a few weeks ago. It happened in a fairly abrupt way, and now we know why. CEO Jim Morrison claims to have been the victim of a $15 million fraud committed by one of his board members.
“This is the first time I have ever wanted to murder someone. Eight years of my life I put into this. Personally, I have lost about $6m cash.”
Yow. All 120 employees have been laid off as a result, and it’s seeming unlikely that i-mate will be able to recover from this grievous blow. Those of you packing an i-mate, it may be time to seal that sucker up and save it as a collector’s item.
[Arabian Business via Cellular-News]
