It would appear that it’s not all over for i-mate just yet. Earlier this month, a report emerged that the company had gone out of business. Now, it appears instead that the company remains in business but is dealing with a major fraud incident.
Jim Morrison, i-mate’s CEO, has indicated that a “major fraud” committed by a senior employee was uncovered in late August. As a result, i-mate is in even worse financial shape and unable to pay employees. As a result, it has had to lay off the majority of its workforce. In the meantime, the police is investigating the fraud report.
It appears that this incident could not have come at a worse time for the company. According to Morrison, i-mate was just about to unveil a new line of devices. But he indicated that i-mate was not done and that “everything about i-mate will continue."
He said: “We are keeping the brand, we are putting out products, and we will be looking for more funding of course. There is a lot of good stuff happening.”
And the saga continues…