I always saw the hiring of Michael Olsen at Paxum, as a mere publicity stunt - while they were making their forward thrust to scoop up the pieces left by epassporte ... and when Michael did not take an upfront and forward spot in the company, addressing webmaster issues - the job he was amazing at with epass - my suspicions were all but confirmed.
This news does not surprise me in the least, but I do wish you luck in your future endeavors Micheal. 
Moving money is a corrupt business at ALL levels -- banks, investment firms, private companies ... I doubt we will ever know the REAL deal what happened with Epassporte, or iBill, or Jettis, or the countless other companies - both before and after.