Pegasus Tel Inc (PTEL)

[nodummy]

How does Joseph Ciccarelli tie in to the Dibiase family?

Flash Funding, Inc is a Florida business entity controlled by Joseph Ciccarelli

http://sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=P10000103675&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=FLASHFUNDING&names_filing_type=

Flash Funding, Inc took over all of the long term debt in the PTEL shell when Anthony Dibiase took over as the CEO.


Joseph Ciccarelli is a long time associate of Richard Dibiase:

http://www.corporationwiki.com/Florida/Longwood/joseph-ciccarelli/66639655.aspx

The two of them are officers together in two Florida business entities:

JCRD MANAGEMENT CORPORATION

http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=P11000022578&inq_came_from=OFFFWD&cor_web_names_seq_number=0001&names_name_ind=P&ret_names_cor_number=&ret_cor_web_names_seq_number=&ret_names_name_ind=&ret_names_comp_name=&ret_names_filing_type=&ret_cor_web_princ_seq=&ret_princ_comp_name=CICCARELLIJOSEPH&ret_princ_type=

JR INVESTMENT HOLDINGS LLC

http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L11000021225&inq_came_from=OFFFWD&cor_web_names_seq_number=0002&names_name_ind=P&ret_names_cor_number=&ret_cor_web_names_seq_number=&ret_names_name_ind=&ret_names_comp_name=&ret_names_filing_type=&ret_cor_web_princ_seq=&ret_princ_comp_name=CICCARELLIJOSEPH&ret_princ_type=


Cute how they use their initials JC and RD, J and R



This is how PTEL has used the debt Note controlled by Flash Funding Inc so far:

On April 6, 2011 Flash Funding, Inc. converted $25,000 of the debt purchased as outlined in the Debt Purchase Agreement into 2,000,000 shares of Pegasus Tel. Common stock. The market price of the stock was .08 which resulted in a finance charge of $160,000.

On May 2, 2011 Flash Funding, Inc. converted $2,000 of the debt purchased as outlined in the Debt Purchase Agreement into 2,000,000 shares of Pegasus Tel. Common Stock. The market price of the stock was .07 on that day resulting in a finance charge of $140,000.

But in reality PTEL was trading at $2.00/share on April 6th so those 2,000,000 shares were valued at $4,000,000. By the time those 2,000,000 shares were finished being sold the stock price was down to $.08/share.

So Richard Dibiase's buddy, Joseph Cicarelli, got $4,140,000 worth of stock for $27,000 worth of debts and the super discounted debt conversions haven't stopped. PTEL continued to sink from $.07 on May 2nd to $.0002/share today.

Some people call that a dilution scam.



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