Washington
The State of Washington Department of Financial Institutions Securities Division found that Tutti Frutti violated the state franchise laws by offering a franchise in Washington in 2008. Wellspring failed to register to sell franchises in Washington, to register the sale with the security administrator or to provide the purchases with a disclosure document or offering circular, as required by law. The lawsuit concluded with a cease and desist order.
The California Department of Oversight found that “from 2007 to 2016, the Wellspring Companies offered and sold franchise investments in California without registration or exemption.” Wellspring sold licenses rather than franchises. In March 2019, Wellspring Companies agreed to a Consent Order with the commissioner to resolve the violations of Corporations Code section 31110. Wellspring agreed to pay a penalty. They made one installment payment but missed the other payments.
In January 2020, the commissioner of the California Department of Oversight found Tutti Frutti/Wellspring in breach of the 2019 consent order. The commissioner denied Tutti Frutti/Wellspring’s registration to sell franchises in California.
The founder and majority owner of Wellspring, Jay Kim, sold Wellspring in 2017 and is now the CEO of Reborn Coffee.
You know you love me. X0 X0, fro-yo girl.
Looking for more frozen yogurt news, discussion boards, and resources? Check out the International Frozen Yogurt Association website at http://internationalfrozenyogurt.com/. The IFYA is the independent voice of the frozen yogurt industry.
California
The California Department of Oversight found that “from 2007 to 2016, the Wellspring Companies offered and sold franchise investments in California without registration or exemption.” Wellspring sold licenses rather than franchises. In March 2019, Wellspring Companies agreed to a Consent Order with the commissioner to resolve the violations of Corporations Code section 31110. Wellspring agreed to pay a penalty. They made one installment payment but missed the other payments.
In January 2020, the commissioner of the California Department of Oversight found Tutti Frutti/Wellspring in breach of the 2019 consent order. The commissioner denied Tutti Frutti/Wellspring’s registration to sell franchises in California.
The founder and majority owner of Wellspring, Jay Kim, sold Wellspring in 2017 and is now the CEO of Reborn Coffee.
You know you love me. X0 X0, fro-yo girl.
Looking for more frozen yogurt news, discussion boards, and resources? Check out the International Frozen Yogurt Association website at http://internationalfrozenyogurt.com/. The IFYA is the independent voice of the frozen yogurt industry.
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