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Secure Transactions News

USA Technologies CEO resigned for web-buzzing

Thursday 27 October 2011

His activities were discovered late September 2011 after the vendor's board's audit committee was tipped off and risk consultancy Kroll was called in to help investigate. According to the Philadelphia Inquirer, one message claimed that "USAT will be a hot stock this month" while others saw him arguing with posters criticizing USA Technologies.

Jenson admitted writing the messages and was suspended before handing in his resignation. However, the firm stresses its former boss acted alone and that it believes his "actions do not impact or have an effect on the historical financial results or audited financial statements".

Meanwhile, according to The Nilson Report, a source of research on consumer payment systems worldwide, ranked USA Technologies 5th among the leading POS shippers in the US, and 19th in the world in 2010. “We experienced rapid shipment growth in our fiscal years 2010 and 2011, increasing connections to our network to 119,000 as of June 30, 2011,” commented Maeve McKenna Duska, VP Marketing, USA Technologies (cf. Smart Insights Weekly #11-40).