The Back9Network ran out of money earlier this year, and fired all but its executive team.
A husband and wife who allege they were duped into investing in the Back9Network now say that one of their signatures related to an investment was forged, and the dispute is playing out in state court.
The Back9Network had a lot of potential. It got $5 million from the state to set up its golf television and entertainment business in downtown Hartford, and it raised much more from investors who wanted to see it succeed. But it eventually ran out of money earlier this year, and fired all but its executive team.
William and Janet Ghio were two of those investors.
According to court records, the Ghios deposited $250,000 with a company called Millennium Trust in 2014. It was a way for them to buy company stock, and was a method recommended to them by the folks at Back9.
Now that the company is off the air, the Ghios are suing.
Millennium has argued they can’t. That’s because Millennium thinks the agreement the Ghios signed to invest their money bound the couple to arbitrate outside of court.
As a result, the company wants the suit against it dismissed.
But the Ghios tell a very different story. In court documents and sworn affidavits, they say that William Ghio’s signature on his agreement with Millennium was forged, that they don’t know who signed it, and that they never agreed to arbitrate.
The matter is set for an evidentiary hearing next month.
Efforts to reach parties in the case were unsuccessful.
UPDATE The Back9Network has issued the statement below.
This forgery claim is between Mr. Ghio and Millenium Trust Company. As it relates to investor documents in general, Mr. Ghio signed various investor documents with respect to his several equity and debt investments in Back9Network, and he has not contested the authenticity of his signatures on any of those documents.
