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Imaging3, Inc. (IGNG)

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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) 02/14/2018 10:19:54 AM
IGNG News: Current Report Filing (8-k) 12/21/2017 10:24:33 AM
IGNG News: Amended Quarterly Report (10-q/a) 12/12/2017 05:21:52 PM
IGNG News: Current Report Filing (8-k) 11/17/2017 12:28:09 PM
IGNG News: Quarterly Report (10-q) 11/14/2017 01:50:41 PM
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#47376  Sticky Note Everyone needs to get back on topic about IH Linda (Retired) 09/19/11 06:15:06 PM
#53527   IGNG... Back on track. Chaka 02/23/18 07:20:24 AM
#53526   thank you for sharing what you have learned. eom. tedpeele 02/15/18 10:33:41 AM
#53525   pennies make all kinds of claims which is supercleetus 02/14/18 05:34:18 PM
#53524   $IGNG NEWS!! PENNYBUSTER 02/14/18 03:43:23 PM
#53523   Hard to believe this company is still around. coldterdinvestor 02/08/18 03:32:04 PM
#53522   “ the major claims this company makes are around mr_sano 02/08/18 02:01:09 PM
#53521   without any doubt, there are a lot of supercleetus 02/08/18 01:35:19 PM
#53520   C arms own this space and the key mr_sano 02/08/18 12:41:38 PM
#53519   Comeback of companies in financial default with their mr_sano 02/06/18 12:12:07 PM
#53518   some people on this board made a killing supercleetus 02/05/18 07:48:54 PM
#53517   "Dude" I've made 100's of thousands betting on urbanredneck 02/05/18 12:45:14 PM
#53516   Dude check the history of this company and mr_sano 02/05/18 11:40:06 AM
#53515   Thanks for the "English Lesson", but I am urbanredneck 02/05/18 09:58:53 AM
#53514   Tight? Not the most accurate description of imgg. mr_sano 02/04/18 11:22:35 AM
#53513   I was looking to invest in IGNG. urbanredneck 02/01/18 04:20:21 PM
#53512   Already in default to NEW lenders and being sued stockmasterflash 12/22/17 09:57:40 AM
#53511   Imaging3 hires new fundraiser in chief stockmasterflash 12/21/17 10:47:25 AM
#53510   Alpha Capital Anstalt et al v. Imaging3, Inc. stockmasterflash 12/06/17 05:14:50 PM
#53509   Pending Litigation stockmasterflash 12/06/17 05:04:40 PM
#53508   Entity Details THIS IS NOT A STATEMENT OF stockmasterflash 12/06/17 04:56:26 PM
#53507   SEC questioning Filings of Imaging3 stockmasterflash 12/06/17 04:06:40 PM
#53506   I had 280k shares of this when it chevyman 11/20/17 05:32:54 PM
#53505   You called that event years ago! mr_sano 11/17/17 12:36:46 AM
#53504   Pending Litigation stockmasterflash 11/14/17 04:24:18 PM
#53503   R/S Why? Just dumb imrichbeotch 11/09/17 04:30:36 PM
#53502   R/S being voted on next week stockmasterflash 11/09/17 04:27:59 PM
#53501   What's going on with this scam imrichbeotch 11/09/17 04:21:40 PM
#53500   In ALL penny stocks I go by risk look1 10/07/17 06:46:07 PM
#53499   Reverse stock split announcement = death nail for FormerMarine 10/05/17 01:50:51 PM
#53498   Look, this is a fishing exhibition!Virtually no chance mr_sano 10/04/17 12:30:56 PM
#53497   In the news it also said look1 09/30/17 09:27:27 AM
#53496   You might want to google nasdaq and nyse stockmasterflash 09/29/17 04:17:34 PM
#53495   LOOKS LIKE MORE good NEWS COMING look1 09/29/17 03:02:21 PM
#53494   Into oblivion! mr_sano 09/23/17 09:25:00 PM
#53493   Reverse Split!!!!! 1-30 (maybe--TBD) stockmasterflash 09/22/17 05:53:07 PM
#53492   The years roll on stockmasterflash 09/21/17 08:54:51 AM
#53491   Is this company still trying to promote the coldterdinvestor 09/13/17 03:52:49 PM
#53489   Amazing! How does this continue year after year???...mind boggling! mr_sano 08/17/17 11:17:46 PM
#53488   Quality promoter stockmasterflash 08/17/17 02:17:25 PM
#53487   Implicit in the 8K stockmasterflash 08/17/17 11:30:16 AM
#53486   So Dane Medley stockmasterflash 08/17/17 06:59:20 AM
#53485   Imaging3 Announces Successful Conclusion of Mandatory Self-Remediation Period look1 08/04/17 09:17:26 AM
#53484   So IGNG was allowed to spin off stockmasterflash 07/20/17 09:28:04 AM
#53483   To me he is working for the repairing look1 07/20/17 08:13:32 AM
#53482   Guess you right imrichbeotch 07/17/17 12:42:35 PM
#53481   He "invented" the machine stockmasterflash 07/17/17 12:35:39 PM
#53480   Yea i wanted to go find him. imrichbeotch 07/17/17 12:18:02 PM
#53479   Must have been hard to find money after look1 07/17/17 11:30:18 AM
#53478   Not alot of communication from the company. imrichbeotch 07/13/17 09:45:05 AM
#53477   You will have to remember IGNG is not look1 07/10/17 10:04:23 AM