On March 21, 2017, the IRTA Global Board of Directors and the UC Committee made a joint request to the IRTA Ethics Committee that it review Equitrade International/Jim West’s conduct concerning two areas:
- The accounting practices regarding Equitrade International/Jim West’s recent barter exchange acquisitions, (see the attached February 7, 2017 IRTA Advisory Memo on Proper Reporting of Assets and Liabilities of the Managing Exchange vs. The Exchange Members).
- Equitrade International/Jim West’s assumption of the negative UC balances of the recently acquired barter exchanges, (see the IRTA/UC March 23, 2017 communication to Equitrade International/Jim West).
The IRTA Ethics Committee met on March 29, 2017 and reviewed the findings and documentation of the IRTA Global Board and UC Committee. As a result, the IRTA Ethics Committee has concluded that Equitrade International/Jim West were/are in violation of the IRTA Code of Ethics and Conduct, including but not limited to, the following sections:
- Section I – General Principles
- b) IRTA members shall establish internal rules, procedures and practices in their business operations that will serve the best interest of the public and their clients.”
- Section VIII – Acquisition of Barter Exchanges
- “When IRTA members are involved in the purchase of another exchange every effort will be made to protect and honor the negative and positive balances of all the accounts, including reciprocal accounts, of the acquired exchange in an equitable manner.”
Respectfully submitted, March 29, 2017
IRTA Ethics Committee