SAN FRANCISCO (AP) The online trading school where the president and chief executive were hired resigned Wednesday, with the school’s founder saying the resignations were the result of an “aggressive” and “misguided” marketing campaign.
The online trading Academy of Technology, founded by entrepreneur Adam Levin in San Jose in 2011, announced the departures of executive chairman and chief operating officer Eric Mathers, the company said in a statement Wednesday night.
The academy also announced that the board of directors had agreed to take “all necessary action” to “immediately” terminate the board.
Levin and the academy have been criticized by some of the biggest names in Silicon Valley for their controversial marketing and investment practices.
The academy’s founders have previously said that they were seeking to create a company that would “make money for a lot of people.”
In an interview with the Financial Times last year, Levin said that he wanted to create an educational company that was “a really good company for a long time.”
The academy is the latest venture capital firm to drop its involvement with the company.
It has had to deal with lawsuits from the students who filed lawsuits against the venture capital firms and their founders.
In August, the venture firms sued the academy, saying it was defrauding investors by misleading them.