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Imaging3, Inc. (IGNG)

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Last Post: 2/16/2017 10:50:17 AM - Followers: 248 - Board type: Free - Posts Today: 0

Imaging3 Inc.
3200 West Valhalla Drive
Burbank, CA 91505
United States -" rel="nofollow">Map
Phone: 818-260-0930
Fax: 818-260-0445

SEC Charges Medical Imaging Device Company and Its CEO with Fraud

Washington, D.C., June 26, 2013 — The Securities and Exchange Commission today announced that it filed fraud charges on Tuesday against Burbank, Calif.-based Imaging3, Inc., and its founder and chief executive Dean Janes for misleading shareholders about the Federal and Drug Administration (FDA)’s view of the company’s medical device.
Additional Materials

SEC Complaint

The SEC’s complaint alleges that Janes held a conference call with investors in November 2010 after the FDA denied clearance for Imaging3, Inc. to market its proprietary scanner, which provides three-dimensional images for use in medical diagnosis. The denial was the product’s third, as the FDA denied clearance in 2008 and earlier in 2010. Even though the FDA cited concerns about the safety of the device and the quality of the images, Janes told investors that the FDA’s issues were “not substantive” and largely “administrative.”

“Shareholders have a right to trust corporate officers to tell them the truth about the business. When CEOs abuse that trust and make misstatements, innocent shareholders are victimized,” said Michele Wein Layne, Regional Director of the SEC’s Los Angeles Regional Office. “The SEC will hold corporate officers accountable for misleading shareholders.”

According to the SEC’s complaint, filed in the U.S. District Court for the Central District of California, on the conference call, Janes did not discuss the issues raised by the FDA in an October 2010 letter, such as the device’s potential for over-heating, and the fact that some sample images the company submitted were “scientifically invalid and useless.”

Even when asked on the call whether any of the FDA’s concerns were “safety-related” or involved image quality, Janes said, “Nope,” and that there was “really and honestly not one question about the technology or its consistency. It just doesn’t make sense to me.”

After an investor obtained the FDA’s denial letter and posted it on an Internet blog in early 2011, Janes used his personal Facebook page in another effort to mischaracterize the denial, the SEC alleged. Janes and his company didn’t officially issue the full text of the denial letter until earlier this year, more than two years after the call to discuss it.

The SEC's action charges Imaging3, Inc. and Janes with fraud and seeks a court order to bar them from future violations of federal securities laws, require them to pay civil monetary penalties, and bar Janes from serving as a public company officer or director.

Alka Patel and Katharine Zoladz of the Los Angeles Regional Office conducted the SEC’s investigation and David Van Havermaat will lead the litigation.

Wells Notice Served on Dean Janes and Imaging3, Inc.
(Excerpt from Bankruptcy Doc 178)
Wells Notice Served by Securities Exchange Commission
On November 14, 2012, the staff of the Securities and Exchange Commission (the "SEC" or "Commission") served Wells notices on the Debtor and Dean Janes, the Debtor's CEO. The Wells notices stated that the staff of the Commission was considering recommending that the Commission bring an action against the Debtor and Janes for alleged violations of Section 10(b)of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 thereunder, against the Debtor under Section 13(a) of the Exchange Act and Regulation FD thereunder, and against Janes for aiding and abetting the Debtor's alleged violation of Section 13(a) of the Exchange Act and Regulation FD thereunder. The staff of the Commission advised counsel for the Debtor and Janes that they were considering recommending that the Commission file an enforcement action against the Debtor and Janes to seek various penalties and remedies, including monetary penalties, a director and officer bar for Janes, and injunctive relief preventing further violations. The Debtor and Janes responded to the Wells notice on December 13, 2012, asserting that the Debtor and Janes did not violate federal securities laws and that no grounds for penalties exist. While the Commission has not yet filed suit, the matter remains ongoing, and the Debtor cannot predict the likelihood of an adverse outcome.
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IGNG News: Amended Statement of Ownership (sc 13g/a) 02/14/2017 04:00:31 PM
IGNG News: Current Report Filing (8-k) 02/09/2017 02:18:39 PM
IGNG News: Initial Statement of Beneficial Ownership (3) 01/25/2017 01:59:36 PM
IGNG News: Initial Statement of Beneficial Ownership (3) 01/25/2017 01:56:27 PM
IGNG News: Current Report Filing (8-k) 01/19/2017 06:04:58 AM
#53059  Sticky Note MoneyTV and Don Baillargeon put Dean and Imaging3 stockmasterflash 01/11/17 02:37:05 PM
#47376  Sticky Note Everyone needs to get back on topic about IH Linda (Retired) 09/19/11 06:15:06 PM
#53174   "MTV is a joke. Any company appearing on mr_sano 02/16/17 10:50:16 AM
#53173   Oh my... silly me. I forgot to mention MazelMan 02/16/17 07:07:40 AM
#53172   Well well well, let's see now. Deano MazelMan 02/16/17 06:38:38 AM
#53167   No MazelMan 02/14/17 04:07:51 PM
#53165   Yes MazelMan 02/14/17 08:41:44 AM
#53162   LOL!!!! I have so many responses to this. ndforlife 02/13/17 11:34:59 PM
#53161  Restored When do we get to see the machine jim445 02/13/17 11:11:05 PM
#53158   If you look at the insider filings here stockmasterflash 02/10/17 11:44:54 AM
#53157   And it strains credibility stockmasterflash 02/10/17 11:30:32 AM
#53156   Well money tv has been a promotional blunder mr_sano 02/10/17 11:17:02 AM
#53155   It's all about the future here. Go with MazelMan 02/10/17 11:09:07 AM
#53154   What about all the initial investors that got mr_sano 02/10/17 11:06:04 AM
#53153   Real companies stockmasterflash 02/10/17 07:23:32 AM
#53152   You see accepting potential and switching gears isn't MazelMan 02/10/17 07:18:44 AM
#53151   They already lied in the press release stockmasterflash 02/10/17 05:10:34 AM
#53150   Yeah, you're right. Its a Scam.. ndforlife 02/09/17 11:39:35 PM
#53149   Dude heard that story many times before ...they mr_sano 02/09/17 11:29:29 PM
#53148   I tend to agree, however, listen to Scott. ndforlife 02/09/17 11:14:44 PM
#53147   Yeah I always look to Big Don when mr_sano 02/09/17 11:13:01 PM
#53146   Maybe tonights Money TV interview will answer you questions. ndforlife 02/09/17 11:01:33 PM
#53145   So what's it all mean Alphie? When mr_sano 02/09/17 04:23:00 PM
#53144   Imaging3 Announces Closing of the Company’s Bankruptcy Proceeding look1 02/07/17 05:41:26 PM
#53142   Correct you are. All is good when we MazelMan 02/04/17 10:44:33 PM
#53141   I heard the other day that Trump is ndforlife 02/04/17 10:03:11 PM
#53140   One other tidbit if I may: this here MazelMan 02/04/17 09:42:43 PM
#53139   MM 4 cents looks good from Iowa. I'll join ndforlife 02/04/17 09:35:12 PM
#53138   NDF I like da smell of Friday's late action. MazelMan 02/04/17 07:51:24 PM
#53135   Pretty quiet around here. I'd still like to ndforlife 01/30/17 08:14:14 PM
#53134   I watched this company very close the first jim445 01/26/17 12:32:40 AM
#53133   Who cares. It's gonna be a multi winner MazelMan 01/25/17 09:25:20 PM
#53132   Not a single peer reviewed study in all stockmasterflash 01/25/17 02:09:47 PM
#53129   Th mr_sano 01/23/17 11:48:34 PM
#53128   Mr Sano -- I agree as for the ndforlife 01/22/17 04:58:19 PM
#53127   Ndforlife...I know you have a vested interest here mr_sano 01/22/17 12:13:23 PM
#53126   Interesting article on portable X-Ray & CT Scanner ndforlife 01/21/17 01:12:13 AM
#53125   More DD ndforlife 01/21/17 01:03:50 AM
#53124   Some DD ndforlife 01/21/17 12:51:18 AM
#53123   Yes sir. Round 2 and hopefully the ndforlife 01/21/17 12:42:13 AM
#53122   Lets just say confidence his high. ndforlife 01/20/17 11:51:10 PM
#53121   Sooooooo weeeez gonna get approval????? Finally. MazelMan 01/20/17 08:45:08 PM
#53120   You got it buddy. That Russian can ndforlife 01/20/17 03:32:16 PM
#53119   Yes, the Russian finaly finished the programing lmao BuyOnDips 01/20/17 02:10:55 PM
#53118   Bets? I go to Vegas for that. Let's mr_sano 01/20/17 12:43:15 PM
#53117   Call it what your want. This time it'll MazelMan 01/20/17 12:06:38 PM
#53116   Round two of the Dominion fantasy? Work out mr_sano 01/20/17 11:23:03 AM
#53112   Deano might be small in size but the MazelMan 01/19/17 05:39:43 PM
#53110   The midget behind the curtain? He planted the seeds MazelMan 01/19/17 05:33:52 PM
#53109   Mazel -- What happened with our boy ndforlife 01/19/17 05:32:23 PM
#53108   They handled beautifully. No reason to be MazelMan 01/19/17 05:29:48 PM
#53107   Sorry, I should have been a little more ndforlife 01/19/17 05:26:48 PM