Today Bradford Richardson sold $600,000 more of his Usana stock. He’s liquidating all of it. With only 400 shares of stock left, I think TerminatedRamp has this one right…. Bradford Richardson, Usana’s Executive VP of Asia Pacific is going to be the sacrificial lamb. Barry Minkow and Fraud Discovery Institute released Cheating in China last month, detailing how Usana corporate employees are knowingly and willingly violating Chinese laws against multi-level marketing.
About the only way Usana can get out of this one is to offer up a sacrificial lamb. Make Richardson the one who was responsible for it all. Get rid of him and vow to make things right in China. That’s really their only chance for survival.
Forunately, the SEC is not that stupid. They (and we) know that Bradford Richardson was not solely responsible for the shenanigans in China. Dave Wentz is in on it. Myron Wentz is in on it. Gil Fuller is in on it. They are all actively involved in the China mess, and not only knew about it, but approved of it as well. Getting rid of Richardson will be a nice gesture, but it won’t work.