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Imaging3, Inc. (IGNG)

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Last Post: 12/7/2016 9:19:03 PM - 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: Quarterly Report (10-q) 11/14/2016 05:09:54 PM
IGNG News: Statement of Ownership (sc 13g) 10/18/2016 05:16:11 PM
IGNG News: Quarterly Report (10-q) 08/12/2016 09:01:34 AM
IGNG News: Statement of Ownership (sc 13g) 07/22/2016 06:06:10 AM
IGNG News: Small Company Offering and Sale of Securities Without Registration (d) 07/15/2016 04:11:43 PM
#52894  Sticky Note They are in default to the bankruptcy estate stockmasterflash 06/30/16 08:04:18 PM
#47376  Sticky Note Everyone needs to get back on topic about IH Linda (Retired) 09/19/11 06:15:06 PM
#53042   The cup is half full he did his look1 12/07/16 09:19:03 PM
#53041   Next IGNG bankruptcy hearing Jan 10 stockmasterflash 12/07/16 06:28:31 PM
#53040   He has an awesome track record stockmasterflash 12/01/16 05:53:28 PM
#53039   I really hope so. Looks like he has EnggMind 12/01/16 03:01:46 PM
#53038   ""Once the company has secured directors and officers insurance,"" stockmasterflash 12/01/16 12:54:15 PM
#53037   My son showed it to me yesterday on look1 11/30/16 06:40:28 PM
#53036   This is what I received on E-trade. Anyone EnggMind 11/30/16 02:30:09 PM
#53035   Could you explain why the lawsuits continue against stockmasterflash 11/26/16 07:41:10 AM
#53034   IGNG filed for another BK hearing delay stockmasterflash 11/26/16 07:32:18 AM
#53033   Thats not the bankruptcy hearing stockmasterflash 11/18/16 06:45:09 PM
#53032 davidsson10 11/18/16 06:00:59 PM
#53031   Imaging3 bankruptcy hearing Nov 29 stockmasterflash 11/14/16 07:42:31 PM
#53030   If the stock trades stockmasterflash 11/14/16 07:35:04 PM
#53029   you for got this one look1 11/14/16 07:25:35 PM
#53028   Here they connect the dots stockmasterflash 11/14/16 05:46:31 PM
#53027   Still in default on the bankruptcy plan stockmasterflash 11/14/16 05:42:00 PM
#53026   $974,000 LOSS last quarter (Sep 30 2016) stockmasterflash 11/14/16 05:35:45 PM
#53025   10/11/16 more old news but good look1 11/11/16 10:35:50 AM
#53024   news 10/20/16 old but nice look1 11/11/16 10:29:14 AM
#53018   That one sale stockmasterflash 10/24/16 08:15:23 AM
#53017   Consumer Complaints stockmasterflash 10/24/16 08:11:48 AM
#53016   I believe the latest PR by the company MazelMan 10/21/16 01:52:19 PM
#53014   Good call. MazelMan 10/21/16 06:46:29 AM
#53012   Great to see John & Gary Vuksich shot Chippoker 10/20/16 02:23:02 PM
#53011   Right out of the pennystock playbook DrContango 10/14/16 01:29:09 PM
#53010   Look at the price and volume before the PR stockmasterflash 10/14/16 12:14:24 PM
#53009   BRIAN ALTOUNIAN of WOWIO is a fraudster conman feetdawg 10/14/16 12:30:30 AM
#53008   Vukesich and his buddy POLK stockmasterflash 10/13/16 07:28:50 PM
#53007   Hi Can anyone tell me if this is Chippoker 10/13/16 05:43:49 PM
#53006   Funny how the sellers come out stockmasterflash 10/13/16 04:19:52 PM
#53005   Because just as IMGG did previously stockmasterflash 10/12/16 06:20:20 PM
#53004   What makes one think they won't go mr_sano 10/06/16 10:44:56 AM
#53002   Link to next Imaging3 bankruptcy hearing stockmasterflash 10/06/16 06:21:37 AM
#53001   The court case is listed where all bankruptcy stockmasterflash 10/06/16 05:48:29 AM
#53000   can you please verify where you're getting your Stockking19 10/05/16 09:52:33 PM
#52999   Imaging3 bankruptcy hearing delayed until Nov 29 stockmasterflash 09/30/16 05:51:22 PM
#52998   I have been reading what is posted here Chippoker 09/29/16 02:12:41 PM
#52994   Thanks for the explanation. I guess we'll have MazelMan 09/15/16 07:12:24 AM
#52993   The company never has been able to pay stockmasterflash 09/15/16 07:09:57 AM
#52992   I understand however, what's the purpose of liquidating MazelMan 09/15/16 07:01:30 AM
#52991   This is bankruptcy stockmasterflash 09/15/16 06:54:11 AM
#52990   Can't get anything from a company that's broke MazelMan 09/15/16 06:50:30 AM
#52989   IGNG will be converted to Ch7 in October stockmasterflash 09/15/16 04:54:58 AM
#52988   Thanks for sharing your insight. It's been a MazelMan 09/15/16 03:16:59 AM
#52987   Great Progress: ws_guy 09/15/16 01:43:10 AM
#52986   Stockmasterflasher In case you do not know look1 08/17/16 07:45:41 PM
#52985   maybe they could write a screen play about likeahawk 08/17/16 11:18:21 AM
#52984   Probably not stockmasterflash 08/16/16 08:34:28 PM
#52983   Me again Stock. In October the stock likeahawk 08/16/16 08:15:26 PM
#52982   IGNG will be converted to Ch7 in October stockmasterflash 08/16/16 11:25:45 AM