Dinner, Movie, Background Check
Wednesday, 18. May 2005 - 3:37 pm
BUSINESS WEEK — May 9 — The founder and CEO of True.com,
Vest has been pushing several state legislatures to pass a bill
mandating that all online-dating sites do background checks on their
members or carry a disclaimer if they choose not to. The legislation
has been proposed in California, Michigan, Texas, and Virginia, but so
far has gained the most momentum in Florida, but it ran out of time.
Match.com, Yahoo, Microsoft, and others are against it. The
American Civil Liberties Union contend it violates members'
privacy. Vest and Republican state legislators — John Carona,
Texas, Alan Cropsey of Michigan, and Ambler of Florida — believe the
Internet's current anonymity lulls people into a false sense of
security. Legislators point out that
some 180 organizations have come out in favor of the bill, including
local sheriff's offices and victims' support groups. Before
starting True.com, Vest owned a financial firm called HD Vest, a
network of independent accountants who also gave financial-planning
advice. In the early 1990s, it was either illegal or against accounting
rules to take commissions in 40 out of 50 states. Vest ignored the
rules. The FTC backed Vest's stance and the American Institute of CPAs
reversed its anticommission stance, causing many of the states to
follow suit. Vest's firm prospered and was sold to Wells Fargo in
2001 for $127 million. No matter what happens on the state level
with background checks, Vest aims to be a thorn in the online-dating
industry's side for years to come. FULL ARTICLE @ BUSINESS WEEK