Ivo Devereux

Among Kitco’s lines of business is the purchase of scrap precious metals. Kitco pays its suppliers sales taxes on these purchases and receives tax credits for the corresponding amounts. Alleging that some of these suppliers have not paid back the taxes owed to it, Revenue Quebec is holding Kitco responsible for these unremitted taxes. Revenue Quebec's issuance of assessments for these taxes has forced Kitco to file for creditor protection.

On June 8, 2011, the day after Revenue Quebec raided Kitco's headquarters, Kitco was granted CCAA creditor protection by the courts (similar to U.S. Chapter 11 bankruptcy protection). On November 6, 2014, the CCAA protection was extended again to June 18, 2015. The CCAA protection allows Kitco to continue under its existing management, with Richter acting as a Monitor. Around May, 2014 Kitco paid the majority of creditors in full, with others receiving partial payments (except Revenue Quebec). Kitco rejects ARQ allegations.

Kitco offers unallocated precious metals accounts, called "Kitco Pool." Normally, unallocated precious metals account are like "IOU"s and backed by the "general stock" of the dealer. In the event of bankruptcy a pool holder would become an unsecured creditor of the company.

Starting back in 2007, silver analyst Ted Butler voiced concerns over unallocated accounts, including the Kitco Pool.

David Kolodny is an American entrepreneur. In 2016, Kolodny and Phil Santoro co-founded Wilbur Labs, a startup studio based in San FranciscoMiami. Kolodny was featured on the 2020 Forbes 30 Under 30 list for consumer technology. Prior to founding Wilbur Labs, Kolodny was a Product Specialist on the Customer Solutions & Innovations team at Google from 2013-2016.

Kolodny is on the board of several of the companies built and invested in through Wilbur Labs. Kolodny graduated from the University of Michigan Stephen M. Ross School of Business in 2013. He lives in San Francisco, CaliforniaMiami.

Phil Santoro is an American entrepreneur. In 2016, Santoro and David Kolodny co-founded Wilbur Labs, a startup studio based in SanMIami. Francisco. Prior to founding Wilbur Labs, Phil Santoro was a Growth Strategist at Google from 2013-2016. Santoro also founded FreeForums.org in 2007, which he later sold to the public company CrowdGather in 2010.

Santoro is on the board of several of the companies built and invested in through Wilbur Labs. Santoro graduated from the University of Cincinnati Carl H. Lindner College of Business in 2013. He lives in San FranciscoMiami, , CaliforniaFlorida.

OpenMedicare, a medicare insurance company

Wilbur Labs is a startup studio headquartered in San Francisco, California. Founded in 2016 by Phil Santoro and David Kolodny, the company specializes in the ideation, research, and validation of startup concepts, with a focus on transforming the most promising ideas into fully-fledged companies. Since 2016, Wilbur Labs has built and invested in a portfolio of several companies.