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CVNSQ CUSIP suspended. FINRA deleted symbol:
http://otce.finra.org/DLDeletions
It is noted as being in bankruptcy on otcmarkets.com. Does not specify what chapter.
Quick question for all: why the trading volumes have been such ridiculous lows as a 150M-share-OS Q stock? Anyway millions of shares dumped at 0.0001 so far! Is this a CH7 bankruptcy? TIA!
Up 400% so far!
4. In addition to failing to disclose to clients the compensation that TAG received from Individual A, Tagliaferri failed to disclose to clients that TAG received kickbacks from another issuer, International Equine Acquisitions Holdings, Inc. (“IEAH”), in exchange for causing TAG clients to invest in the issuer. Furthermore, Tagliaferri misappropriated approximately $5 million in client funds and transferred the funds to a private equity fund, UMS Partners Fund II, L.P. (“UMS”), for the purported purchase of UMS promissory notes, when no such notes existed. Tagliaferri then caused UMS to transfer at least half of the funds it received from TAG clients to Conversion Services International, Inc. (“Conversion Services”), a microcap issuer in whose common stock and promissory notes TAG clients were invested, thus enabling Conversion Services to make principal and/or interest payments on notes held by TAG clients.
SEC Order
http://www.sec.gov/litigation/admin/2013/34-68963.pdf
SEC Charges Virgin Islands-Based Investment Adviser with Defrauding Clients
FOR IMMEDIATE RELEASE
2013-25
Washington, D.C., Feb. 21, 2013 — The Securities and Exchange Commission today charged an investment adviser located in the U.S. Virgin Islands with defrauding clients from whom he withheld the fact that he was receiving kickbacks for investing their money in thinly-traded companies. When he faced pressure to pay clients their returns on those investments, he allegedly used money from other clients in a Ponzi-like fashion to make payments.
Additional Materials
SEC Order
http://www.sec.gov/litigation/admin/2013/34-68963.pdf
The SEC’s Enforcement Division alleges that James S. Tagliaferri, through his St. Thomas-based firm TAG Virgin Islands, routinely used his discretionary authority over the accounts of his clients to purchase promissory notes issued by particular private companies. In exchange for financing those companies, TAG received millions of dollars in cash and other compensation — a conflict of interest that was never disclosed to investors. The Enforcement Division further alleges that when the promissory notes neared or passed maturity and his clients demanded payment, Tagliaferri misused assets of other clients to meet those demands.
“Tagliaferri was anything but forthcoming with his clients and he repeatedly failed to act in their best interests,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office. “He didn’t tell them about the compensation he received from the companies they were financing, and then compounded his fraud by using client assets to pay other clients when the conflicted investments came due.”
In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges against Tagliaferri.
According to the SEC’s order instituting administrative proceedings, Tagliaferri invested TAG clients primarily in conservative and liquid investments such as municipal bonds and blue-chip stocks until around 2007, when he began investing clients in highly illiquid securities. These investments included promissory notes issued by various closely-held private companies that were nothing more than holding companies through which an individual and his family effected personal and business transactions. He also invested at least $40 million of clients’ money in notes of a private horse-racing company, International Equine Acquisitions Holdings, Inc.
According to the SEC’s order, TAG received more than $3.35 million and approximately 500,000 shares of stock of a microcap company in return for placing various investments with these companies. The compensation that TAG received from the companies for the investments that Tagliaferri made on behalf of his clients created a conflict of interest that he was required to disclose to investors.
The SEC’s Enforcement Division alleges that Tagliaferri then further defrauded clients by investing their funds in microcap and other thinly-traded public companies in order to raise at least $80 million to pay the interest or principal due to other clients on certain of the promissory notes. Tagliaferri explained in e-mails he sent in April 2010 to the individual behind the companies that the real motivation for investing TAG clients in one of his microcap companies was to use the proceeds to pay off other clients invested in the initial series of promissory notes. “Where is the $125MM. As you are aware, this money was earmarked to clear all of the notes and other issues facing us both,” Tagliaferri wrote. He later added, the “shares you transferred are being sold to clients. With those proceeds, you’re buying back your own notes.” TAG clients were unaware, however, that Tagliaferri’s true motivation for having them buy these stocks was to repay other TAG clients on other conflicted investments he had made for them.
According to the SEC’s order, Tagliaferri willfully violated Sections 17(a)(1) and (3) of the Securities Act of 1933, Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 and Rules 10b-5 thereunder, and Sections 206(1), 206(2) and 206(3) of the Investment Advisers Act of 1940.
The SEC’s investigation, which is continuing, was conducted by Leslie Kazon, Saima S. Ahmed, and Christopher Ferrante of the New York Regional Office. The litigation will be led by Ms. Ahmed and Nancy Brown. The SEC thanks the U.S. Attorney’s Office for the Southern District of New York, the U.S. Postal Inspection Service, and the Financial Industry Regulatory Authority (FINRA) for their assistance in this matter.
# # #
http://www.sec.gov/news/press/2013/2013-25.htm
Then what's your opinion,do you feel all is finished here as there was one more PR few days before which said CVNS ceases operations
http://www.prnewswire.com/news-releases/conversion-services-international-inc-ceases-operations-144437605.html
Well if that was the case then the stock would have been 0.0001 ,or do you think the MMs would make a final rally to clear their inventories before bringing this to 0.0001
Google it disys announced they brought certain assets of CVNS ,don't know what it means ,disys is now a 250 mio company we would be lucky if the reverse merger goes through,that's why when I bid at 0.006 nite comes above me god knows what's in store for us
DROP and CVNS. Remember drop was too trading in similar pattern for months with no revenues but when run started hit .70 and still trades at .32 while CVNS is a revenue company for last many years with a high of $ 1.49 few years back
Once the DISYS merger news is out just watch this trade similarly
8k filed today...nothing spectacular. Looks like one of the final steps before being purchased by DISYS.
No sellers,grooming for the big run
I have had this stock forever but did add with the news good things a comin wowzaaa.
MONSTER in making,guys just imagine the LOI was signed last month to merge with disys ,where in the world in penny stocks you would get a company with 150 mio USD plus revenues ,Thomas pear has cleared off all the old guys and set this for the merger
Check the last 10 years trading history ,the stick was trading on AMEX at 1.50$ plus when the o/s was 70 mio and since then nit much dilution,when the merger would be announce this would be past .25 just possibly one session,the recent 8ks filed to old guys justify they have got very little stock options and as per the LOI disys might acquire all assets and work force and the lenders would facilitate CVNS to clear all the liabilities
Then sky is the limit I would not be surprised to see this back on AMEX in $$$$$$ in 12 months time
Frankly just to tell you all it's me who has been accumulating at the .01 levels and will wait for MMs to shake which I don't feel they will as they have very little inventory as you can see from the short data,expect fire works waiting eagerly for the merger news now
im having a hard time trading while Roy london is in jail, I usually follow him around and buy what he bashes and its usually good for a multi bagger.
last chance to buy before a .01, r/m
is finalized soon. disys opens up offices in switzerland
http://www.disys.com/about-us/news-events/
CVNS .01
CVNS .0095
CVNS .008
CVNS .008
http://www.barchart.com/quotes/stocks/CVNS
use to trade .20- 5bux
CVNS Security Details
Share Structure
Market Value1 $658,705 a/o Feb 24, 2012
Shares Outstanding 149,705,719 a/o Nov 02, 2011
Float Not Available
Authorized Shares Not Available
Par Value 0.001
Shareholders
Shareholders of Record 504 a/o Mar 23, 2011
Security Notes
Note = delisted from NYSE Alternext on 09/08/08
Capital Change=shs decreased by 1 for 15 split. Pay date=09/21/2005.
Merging with a 150 million dollar company
http://www.disys.com/
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8400876
board of directors cleared for new company!
reorganized company for disys r/m! 150 mill rev company going public!!!!!!!! Boom shaka laka
have u seen the 8-ks?
change of directors?
disys is going to acquire them
150 million rev a year!
sleeper of the year! muah!!!!!
hows that working out for ya
not crazy..just not smart
http://www.bizjournals.com/washington/print-edition/2010/10/29/40-under-40-mahfuz-ahmeda.html
obviously taking a 150 million dollar company public through a reverse merger, cvns is in default. They are buying it out with their technology. Im gonna buy some back, seems like your p d theory is off.
that what i was saying..P&D
Ya the pr that just came out (2nd one) that says the company that wants to buy them is in default, mmm not good.
So Im out.
G-
Thank you for your concern. I did. LOL
Good Luck!!
G-
wrong direction.. U should have sold....
LOL, you really did buy too high!
You are hilarious. Keep ur chin up kid!
Ya, cuz it would just have been impossible to get in under .003 considering there is around 600k shares that went thru at .003 and below but that would just be crazy if I got some of them, right?
LOL good luck buddy!!
G-
like you got in below .0031..good luck..you will need it..do your DD
Yeah ok bud...Your quite the chirpy one arent cha?? What makes you think Im in too high, what cuz I recently posted?
Im very happy with where Im in at, sittin pretty with lots of green right now.
You seem like you may have bought a bit high though
G-
yeah sure..whatever makes you feel better getting in too high..gotta be careful of those front load P&D's
Someone's trying to induce panic selling to pick up cheap shares.
G-
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