By now its seems like Acteva is the Titanic and trying to scoop out water using a dixie cup. Pankaj Gupta claims to owe in excessive of $5 million. The one question that has yet to be answered is, where did all the money go. The answers has been to blame; Hurricane Sandy, the economy, sick VP and an internal audit. What if Acteva got into some bad deals and used the money they were collecting to pay off past lawsuits?
As I have heard time and time again, Acteva had been a wonderful company and did not have issues like this in the past. They may have missed a payment here and there or had a few no payments, but nothing like started happening in 2011. This is when Acteva hired a few team members; Dave Ghosh, David Bunnel and Tanya Petrov. However as it turns out COO Virender Ahluwalia was involved in a start up called 99vine, aka Romio aka Homepeople. This started up was based in New York and also had a Calfornia address. They California address was also the same as Acteva. The SF location was 100 Pine Street, 10th Floor, San Francisco. In May 2012, Homepeople was sued for $230,000 in unpaid wages to one programmer. View the court documents here: 99vine lawsuit. This is also when the payments problems with Acteva started to accelerate. It seems totally plausible that Acteva has been paying off this lawsuit with the money they collecting for event registrations.
Virender Ahluwalia was named as a participant in the dealings with 99vine. He is also currently offering his services on Freelancer for $150 an hour. I am not sure what type of financial advise he is will to offer but there have been no takers just yet. The most interesting part is that Virender is not listed anywhere on Acteva’s site, Linkedin profile. I was able to find information list him as the COO for Web2web Marketing DBA Acteva. I wonder if this what Acteva referred to as the fraud investigation.
In March 2013, Acteva was also sued by Teradyne Inc for $47,821.58. I have not been able to verify if this was due to monies owed from an event or if it was Acteva using Teradyne’s software. You can read the court documents here: Teradyne Lawsuit. The case was cancelled by Teradyne in July. I attempted to reach the lawyer in case, but he has not responded to me.
I have heard from several people that have sued Acteva have yet to be paid back. They did have default judgements entered in their favor as Pankaj Gupta was a no show for court. It will be a long hard road to get paid back. I am hearing that small payments are starting to trickle in still. The complaints are still pouring in as well. Another 2 complaints were closed this week that Acteva failed to reply to. I was a year ago now that I first started looking into Acteva and I have only seen things get worse.