In our opinion:
Feast your eyes on Vollmer’s deceitful charade as he spews his web of lies at last night’s supervisor meeting right here
Dissecting the Monstrous Scam
Picture this: you own a pathetic, valueless company with barely any revenue and zero profit. You hold the majority, if not all, shares and call yourself the president, CEO, and treasurer. Your company is small and private, so you can completely disregard financial, governance, and accounting standards. You assert your dominance over your terrified staff, subjecting them to abusive practices like face recognition time clocks.
One day in 2016, you swagger into Commerce Bank and brazenly convince them to grant your business a $1.35 million loan, assuring them you’ll personally guarantee it and sign any necessary promissory notes.
“Deal,” says the bank, and you snatch up the $1.35 million.
Next, you exploit your total control over the company and draft a release agreement that conveniently absolves you of any liability, particularly financial, if you were to dump all your shares and resign.
You proceed to unload your company’s worthless shares onto your cronies, like Portia Sue Perroty, CEO of Tower Health, and Ken Larkin, former Boscov’s top executive.
Then, you resign (but not before securing access to the cash), keeping your twisted scheme hidden from the bank.
The Bank Strikes Back
Shortly after your resignation, the company you once owned and manipulated defaults on the loan. The bank takes action, securing a judgment that holds you liable and orders you to pay, as per the promissory (surety) note you signed. In a desperate bid to escape, you countersue, brandishing your self-crafted separation agreement as proof of your release from all liabilities, including the $1.35 million loan. Naturally, you make sure your case lands in a friendly court.
What’s your angle? You know the promissory note you signed contains a clause requiring the bank’s approval for any liability separation agreement. But, of course, you “accidentally” failed to inform the bank about your conniving plan.
The Unscrupulous Cast
- Portia Perroty (CEO Tower Health): Possesses a substantial stake in Isolator Fitness
- Ken Larkin Former Boscov’s Executive: Also a shareholder of Isolator Fitness. Remember, Boscov’s owns KMS, a hospitality company that, under Vollmer’s watch, signed a contract giving KMS 83% of all proceeds from Reading Country Club’s private events—a bill footed by Exeter taxpayers.
The Bleak Conclusion
We believe David Vollmer has masterminded a colossal fraud and will waltz away without consequences.
Witness the corruption festering in Exeter Township and vote accordingly.