MEMPHIS, TN (abc24.com) - The owners of the embattled Memphis-based tax preparation company Mo' Money Taxes announced Tuesday, September 18 they are selling their company.
Co-owner Markey Granberry stated to ABC24 News, "The owners of Mo' Money Taxes and MoneyCo USA have decided to sell their company to small investor groups made up of their former loyal management and licensed operators nationwide."
The move to sell the company comes after a tumultuous year of botched tax returns, angry customers and legal action in multiple states. Most recently an injunction and order was filed against Mo' Money by the Missouri Attorney General restricting how the company operates in the state.
In addition to the pending lawsuit in Missouri, similar legal proceedings are ongoing in Chicago. Congressman Steve Cohen (D-TN), Bobby Scott (D-VA), Bennie Thompson (D-MS) and Scott Rigell (R-VA) have called for Congressional hearings involving Mo' Money.
Police in Norfolk, Virginia raided six Mo' Money locations in February; less than two weeks later thousands of documents containing personal information of customers were found in an open dumpster behind a recently vacated Mo' Money Taxes in Whitehaven.
Despite the incessant problems the company has faced, Granberry has maintained they are not at fault, citing processing errors with new software and the IRS that led to a backlog of customers awaiting their tax refunds.
"We are just going to do a better job of regrouping, just do a total change for the next tax season," Granberry said in February.
Mo' Money started as one store in Whitehaven, and grew to more than 200 stores in 17 states. In regards to the sale, Granberry added, "Customers can be assured that their information is intact and the same quality service that they grew to love for 17 years will be provided."