From: "Douglas Stambler" <douglas.stambler@itex.net>
To: <jhicks@ucms.com>
Subject: Fw: ACCOUNT: 3128152748010 - UCMS
Date: Tue, 21 Mar 2006 11:29:52 -0800

----- Original Message -----
From: Dave Welles
To: mark.ashburn@itex.net
Cc: gene.brooks@itex.net ; douglas.stambler@itex.net
Sent: Tuesday, March 21, 2006 9:34 AM
Subject: ACCOUNT: 3128152748010 - UCMS

Re: Douglas's inquiry into Larry Chiang's Account Mark, 1. Originally the account was closed  due to a 1099B non-response.  At the same time the member had a non authorization issue with Fresh Promotions over $5,000TD which could not be addressed by Corporate due to the IRS 1099B  notification .   We do not have any record of what kind if any contact the ITEX Corporate office had with the member at this time in regards to these issues. However, to address any issue the member would have had to have resolved the 1099B issue before the transaction could've been addressed. As you have conveyed interest in taking the account we have contacted Gene Brooks and he would not be against a transfer provided you address the  F resh  P romotion issue with Mr. Chiang. To reinstate and transfer the following would have to occur:  1. You would explain to Mr.Chiang that his account was closed due to his lack of response to the 1099B notice, which is also why his transaction dispute was not addressed. 2. You would then explain to Mr. Chiang that he would have to rectify any issues with Fresh Promotions outside of ITEX Corporation.   He would need to contact the seller and work out any possible refunds as they have indicated that they will not approve a credit return and that the transaction was good.  Too much time has passed for any official effort from QA. 3. If Mr. Chiang then understands and wishes to proceed with reinstatement the 1 099B issue would have to be corrected.  The full amount of ITEX ($7669.84) has been sitting in the Bad Debt Reserve account awaiting action on his part. We would be willing to write off the cash owed on the account in the process.  We would ask for him to remove his negative website listings as a pre-requisite to this process.  For assistance with this please contact your broker buddy Cameron.  Once the account is reinstated we would then reassign the account to you.

Thank you,

Dave Welles
Quality Assurance
ITEX Corporation
p:  425.463.4018
m: 425.463.4000
fax: 425.463.4040
dave@itex.com

If you have a similar case or complaint, email Larry. larrychiang at ucms com

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