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Liberty Tax Parent Fired CEO

 NextPoint Financial, parent of Liberty Tax Advisors, has confirmed its fired CEO Michael Brent Turner, for cause on March 31.

The action was revealed by the company last month after Phil Drake requested Turner and three others replace four board members. Drake’s legal counsel said he will solicit  shareholders to propose its own slate, including naming Turner as chair. Drake's role was not specified in the filing with Canada's SEDAR, for securities authorities in that country.

However, the company said while Turner was CEO it conducted business with business entities in which Turner had “a continuing financial interest, at significant ‎cost to the Company: without informing the board.

His actions, the board alleged, were  inconsistent with his duties as an officer and director while failing to following the board’s directive regarding related party transactions and creating an inappropriate “tone at the top” The Progressive Accoiuntant has asked Turner for comment about the NextPoint disclosure.

NextPoint hired independent legal counsel to review Turrner’s use of corporate funds and resources while he was in office.

“If appropriate, the Company is committed to seeking restitution and other remedies for the benefit of the Company's shareholders from Mr. Turner,” the board wrote in a public announcement.?.lkjhgftrghyujikuytrtyuytrtyuivgbhgdsesdxs

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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