07 October 2017 0 Comments Posted By : Bethany Lindsay

'Not a Ponzi scheme': Vancouver tech company president defends himself

A Vancouver tech company owner, accused of bilking investors and employees, says his firm is not a Ponzi scheme and he will continue to seek new funding, "despite current difficulties."

Yian "Ethan" Sun, president of Istuary Innovation Labs Ltd., posted an open letter on the company's website Wednesday in response to allegations that, among other things, he misappropriated investors' money for personal use.

"We have been made aware of many malicious attacks on our organization, myself and my family, I can tell you that there is no truth to these attacks. Rest assured these attacks will not go unanswered, and we will be vigorously defending our company and our reputation," Sun wrote in the letter to employees and investors.

He did, however, acknowledge that Istuary had missed salary and bonus payments to employees and said rectifying the situation was his highest priority.

"Please believe me when I say we are doing our best. Indeed, we are. For those of you who know me, you know I work almost 20 hours a day, seven days a week. I do not buy luxury goods. I do not spend money lavishly. When I travel (which is all the time), I do not stay at luxury hotels," Sun wrote.

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