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Imaging3, Inc. (IGNG)

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Last Post: 1/22/2017 4:58:20 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: Current Report Filing (8-k) 01/19/2017 06:04:58 AM
IGNG News: Current Report Filing (8-k) 01/12/2017 01:23:07 PM
IGNG News: Amended Annual Report (10-k/a) 12/20/2016 05:16:08 PM
IGNG News: Annual Report (10-k) 12/20/2016 02:59:56 PM
IGNG News: Quarterly Report (10-q) 11/14/2016 05:09:54 PM
#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
#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
#53106   The courts ruled. The company has a machine MazelMan 01/19/17 05:21:21 PM
#53104   Handled what? stockmasterflash 01/19/17 05:18:40 PM
#53102   This company will prevail. They threw out all MazelMan 01/19/17 05:16:16 PM
#53099   SMF -- I'm seriously curious how you would ndforlife 01/19/17 05:03:07 PM
#53098   Keep in mind, "RESTRICTED" shares being issued stockmasterflash 01/19/17 02:54:06 PM
#53097   IGNG hiring a Felon as the company's attorney stockmasterflash 01/19/17 12:18:29 PM
#53096   Goodness.. I'm glad I posted. And yes, ndforlife 01/19/17 12:16:43 PM
#53095   He brought Dane on because the SEC will BuyOnDips 01/19/17 12:03:22 PM
#53094   I agree the past was a shameful one, ndforlife 01/19/17 11:33:55 AM
#53093   I assume the courts will finally close this ndforlife 01/19/17 11:28:51 AM
#53092   Coscia, a San Diego securities lawyer who once stockmasterflash 01/19/17 08:28:27 AM
#53091   IGNG is VERY experienced in IGNG's true business stockmasterflash 01/19/17 08:19:37 AM
#53090   IGNG hired a new Attorney stockmasterflash 01/19/17 08:19:21 AM
#53089   Just doing some more DD. Imaging3 hired ndforlife 01/19/17 12:16:28 AM
#53088   I guess your correct. The consultant(s) will raise MazelMan 01/18/17 01:20:21 AM
#53087   Slow down MazelMan. We've heard this before. ndforlife 01/17/17 10:48:19 PM
#53086   Woohoo we do have a great financing guy MazelMan 01/17/17 09:13:12 PM
#53085   Igng gonna go up!!!! MazelMan 01/17/17 09:09:44 PM
#53084   Any thoughts on the terrific restructuring announced today. MazelMan 01/17/17 09:09:17 PM
#53081   Moving forward ... Imaging3 and Key Shareholders Amend Notes MazelMan 01/17/17 04:29:44 PM
#53080   You would think Don and Dean would have Boxsterfan 01/12/17 08:31:28 PM
#53078   Great News!! ndforlife 01/12/17 02:35:26 PM
#53077   More convertible notes stockmasterflash 01/12/17 02:04:04 PM
#53075   Mark this post fellow posters. This stock will MazelMan 01/12/17 07:01:21 AM
#53071   "raising money" stockmasterflash 01/12/17 05:40:54 AM
#53070   Oh yeh the guy raised over 150 million MazelMan 01/12/17 05:17:29 AM
#53069   End of the day this SP will continue MazelMan 01/12/17 05:14:47 AM
#53068   The guy was fired from his last company stockmasterflash 01/12/17 04:59:56 AM
#53067   Why not tell the board about Scott since MazelMan 01/11/17 11:04:49 PM
#53066   Correct.. Won't argue with the balance sheet ndforlife 01/11/17 04:45:39 PM
#53065   Current assets stockmasterflash 01/11/17 04:05:03 PM
#53064   And the company has a whole lot more stockmasterflash 01/11/17 03:43:21 PM