Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Joonko Goes Junk – O, Declares Bankruptcy

Joonko

Joonko Team Ilit Raz Seated at Center –Company pic

Joonko, an Israeli startup that offered a human resources service that aids firms in reaching their diversity recruiting quotas, has finally gone bust. The firm which reportedly raised as much as $0 million filed for bankruptcy in Delaware after a year of turmoil.

It will not be so difficult to dismantle what is left of Joonko considering that the company already let go of all of its employees. Ilon Band, who took over as company CEO after the company founder was ousted has the responsibility of handling the firm’s closure.

It has been almost a year since Ilit Raz, the CEO and founder of Joonko was forced to leave the firm under a cloud of fraud allegations. A number of other executives were also forced out at the company over what the Joonko board alleged was “egregious, unethical and fraudulent conduct” that it maintains “caused harm to the company and its shareholders.”

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

“The company was recently made aware of misstatements in the financial reporting of the company. Specifically, the board and other executive officers of the company lost confidence in the CEO’s ability to deliver on repeated requests to develop and support an internal finance function as part of the maturation of the company and its business,” Joonko’s board said in a statement at the time.

Ilit Raz allegedly deliberately inflated Joonko’s number of customers saying that they were 150, when, in fact, the actual number was a fraction of that. In doing so, she may have committed an act of fraud when raising money for the firm.

“The CEO was found to have engaged in egregious, unethical, and fraudulent conduct, which caused harm to the company and its shareholders. The CEO was confronted with the findings of the investigation, and she voluntarily resigned in response,” said Joonko’s board.

In January, Ilit Raz sued her former film for $300,000 to cover her legal expenses. Raz filed the law suit in a Delaware court claiming that Joonko failed to pay her legal fees as it was required to do. Band had written to Raz saying, “Given the circumstances, we do not believe that under the terms of the indemnification agreement the company is obligated to pay the invoices you forwarded.”

Newsletter



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Life-Style Health

Medint’s medical researchers provide data-driven insights to help patients make decisions; It is affordable- hundreds rather than thousands of dollars

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

History & Archeology

A groundbreaking discovery in the Manot Cave in the Western Galilee, Israel has unearthed the earliest evidence in the Levant (and among the world's...