Integrated Freight Corp (fka IFCR)

[herbie53]

YES COME BACK

[VeryBeary]

Come back to life IFCR. Putting it out in the universe. Who knows?

[VeryBeary]

Can this ticker ever come back from the dead? So to speak.

[Goofy R]

DELISTED!!!??? WOW!!! LOL!!! AMAZING!!!SURE-THIS-WILL-RUN!!!LOL!!!!

[Gnarlyman]

Karma!

[Wessam]

https://broussards1889.com/index.php/obit-obit/item/david-lee-fuselier

[Wessam]

Is this our guy
https://broussards1889.com/index.php/obit-obit/item/david-lee-fuselier

[Wessam]

Is this our guy
https://broussards1889.com/index.php/obit-obit/item/david-lee-fuselier

[Gregb987]

..|..

[jholtz]

Encountered Mr. Fuselier recently and had a bad feeling about him. A little googling and now I'm here, can anyone give me a comprehensive list of what he's done? I spoke to him in person and he assured me that he isn't actually a bad guy.

[Dr- T]

I doubt it, I just thought it was interesting. Personally, I think it's a crime this guy has a job higher than entry level.
One of the links valuates ifcr at 0 USD....so, I doubt anything positive is happening.

[Osullman]

What happens now? Any chance Integrated Freight gets relisted?

[Dr- T]

https://www.newstimes.com/business/article/SEC-sues-Brookfield-CEO-after-probe-into-rigged-11212856.php

[Dr- T]

This looks recent:

https://www.marketscreener.com/business-leaders/David-Fuselier-0CDPPH-E/biography/

[Bucknasty614]

update?

[Dr- T]

more on df:

U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23855 / June 8, 2017
Securities and Exchange Commission v. David N. Fuselier, Roy W. Erwin and Integrated Freight Corporation, No. 17-cv-04240 (S.D.N.Y.)
SEC Charges Chief Executive Officer and Issuer with Using a Rigged Transaction to Improve Financials
The Securities and Exchange Commission has charged a chief executive officer with perpetrating a fraudulent scheme to create the false appearance of improvement in the financial statements of two publicly traded companies by removing significant liabilities.
The SEC's complaint, filed in federal court in New York, N.Y. on June 6, 2017, alleges that beginning in 2012, David N. Fuselier, then-chairman, chief executive officer, and principal financial and accounting officer of Integrated Freight Corporation and New Leaf Brands, Inc., arranged for both companies purportedly to sell non-performing subsidiaries each with liabilities greater than assets. According to the complaint, Fuselier convinced a long-time friend and business associate, Roy W. Erwin, to be in charge of the purchaser, a new company formed and controlled by Fuselier that had no assets. Fuselier hid the true nature of the transactions from the companies' auditors and, from July 2012 to April 2015, reviewed, approved, and signed SEC filings containing false and misleading information about the related-party nature of the sales and the issuers' financial condition. As a result, Integrated Freight and New Leaf filed with the SEC materially false and misleading reports.
The SEC's complaint charges:
Fuselier and Integrated Freight with violating Sections 17(a)(1) and (3) of the Securities Act of 1934 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder;

Fuselier with violating Section 17(a)(2) of the Securities Act and Exchange Act Rules 13a-14, 13b2-1 and 13b2-2 and with aiding and abetting New Leaf's and Integrated Freight's violations of Sections 13(a) and 13(b)(2)(A) of the Exchange Act and Rules 12b-20, 13a-1 13a-11 and 13a-13 thereunder;

Integrated Freight with violating Sections 13(a) and 13(b)(2)(A) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-11 thereunder; and

Erwin with aiding and abetting Fuselier's violations of Sections 17(a)(1), (2) and (3) of the Securities Act and Section 10(b) and Rule 10b-5 thereunder.
Erwin has agreed to settle the SEC's charges by accepting a three-year officer and director bar and a penny stock bar, and by paying a $25,000 penalty. The settlement is subject to court approval.
The SEC also issued an order temporarily suspending trading in Integrated Freight's common stock and instituted administrative proceedings pursuant to Section 12(j) of the Exchange Act to determine whether it is necessary and appropriate for the protection of investors to suspend or revoke Integrated Freight's SEC-registered securities.
The SEC's investigation has been conducted by Kristin M. Pauley, Melissa A. Coppola, Lisa Knoop, Michael D. Birnbaum, Joseph P. Ceglio, Joshua Geller, Scott B. York and Adam S. Grace in the New York office. The litigation will be led by Mr. Birnbaum and Ms. Pauley. The case is being supervised by Lara Shalov Mehraban.
SEC Complaint

https://www.sec.gov/litigation/litreleases/2017/lr23855.htm

https://www.sec.gov/litigation/complaints/2017/comp23855.pdf

[Dr- T]

Fuselier:



U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23989 / November 17, 2017
Securities and Exchange Commission v. David N. Fuselier, Roy W. Erwin and Integrated Freight Corporation, No. 17-cv-04240 (S.D.N.Y.)
SEC Obtains Judgment Against Microcap Issuer and former CEO
The Securities and Exchange Commission announced today that it has obtained final judgments against a publicly traded microcap issuer and its former chairman and CEO for an accounting scheme in which they defrauded investors by transferring significant liabilities to a related third party in sham transactions intended to conceal the company's financial condition and reduce its debt.
According to the SEC's complaint, filed June 6, 2017, defendant David N. Fuselier attempted to conceal defendant Integrated Freight Corporation's poor financial condition by selling several of the company's heavily indebted and non-performing subsidiaries to a related third party for nominal consideration. Fuselier allegedly concealed the true nature of these transfers from Integrated Freight Corporation's auditors and caused the company to file false and misleading disclosures relating to the transactions with the SEC between 2012 and 2015. The SEC also alleged that Fuselier signed materially false certifications regarding Integrated Freight Corporation's annual and quarterly reports. The SEC's complaint charged Fuselier with similar conduct at another company he controlled, New Leaf Brands, Inc.
Without admitting or denying the allegations in the Complaint, Fuselier consented to the entry of the final judgment enjoining him from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5, 13a-14(a), 13b2-1, and 13b2-2 thereunder, and from aiding and abetting further violations of Exchange Act Sections 13(a) and 13(b)(2)(A) and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder. In addition, the judgment bars Fuselier from serving as an officer or director of a public company and from participating in a penny stock offering. The judgment also orders Fuselier to pay disgorgement in the amount of $128,187.86, plus prejudgment interest thereon in the amount of $22,213.85, and a civil penalty in the amount of $150,000.
Without admitting or denying the allegations in the Complaint, Integrated Freight consented to the entry of the final judgment enjoining it from violating Securities Act Sections 17(a)(1) and (3), Exchange Act Sections 10(b), 13(a) and 13(b)(2)(A) and Rules 10b-5, 12b-20, 13a-1 and 13a-11 thereunder, and orders Integrated Freight to pay a civil penalty in the amount of $10,000.
On November 17, 2017, the SEC also issued an order revoking the registration of each class of securities of Integrated Freight registered with the Commission pursuant to Exchange Act Section 12(j).
For further information, see Litigation Release No. 23855 (June 8, 2017).

https://www.sec.gov/litigation/litreleases/2017/lr23989.htm

(more)

[Dr- T]

Any news about DF?

[Homebrew]

Zzzzzzzzzzzzzzzz......Too bad all those red flags were ignored.

[fuzzychin]

Good to hear from you. Any thoughts.

Fuzzy

[13strats]

Just for the heck of it i thought id check on ifcr website. Very surprised its still up and working

[tw2319]

Don't know. Just hope the "sisters" are having their way with him in the laundry room at Shawshank.


T.

[13strats]

I know ifcr is dead. I rarely concern myself with it anymore. But, i am interested in what is happening with Fuselier. Does anyone have any info on his court proceedings?

[eddy2]

The collateral was valued at zero by the market, or near to it. I assume it can only be worthless until the assets are sold off.

The next play will be interesting.

[eddy2]

It’s a done deal. Should of seen it coming sooner. Another one delisted with another I held. Worth zip.

[Dr- T]

Today, I just emailed with Jack from Eversull group. They are the investors group for IFCR. Here's the quick communication:

Hi Jack,

I understand that you are investors relations for Integrated Freight Corp. I was wondering if there has been any update on what is happening with this company? Is there a chance this stock gets relisted?? I appreciate your attention.

His response:

They haven't provided any updates, there is a possibility of it getting back up as a viable entity but probably a better chance of it getting delisted. They appear to owe a lot of money

Jack Eversull

[stockhunter-ny]

Like what ?
I am about the call etrade too bc i have no idea what to do i get f.. ed. Over 30k on this and now i have worthless 180m shares
Any idea ?

[aheckler1]

30 days to become a worthless security

[aheckler1]

Revoked registration. Need to wait 39 days

[aheckler1]

E*TRADE says we might get something in return from the shares. It seems like there’s a corporate action. They’re looking into it and calling me back

[1Budman]

Good luck to all thanks G

[13strats]

Well. I guess thats it. Out of all the pennies ive played i really only hit on 3 and they were mj stocks when they were hot. Ifcr was my last penny whether i made money or not. Now i know for sure

[Renee]

IFCR revoked:

https://www.sec.gov/litigation/admin/2017/34-82104.pdf

[redderosa]

No idea. I only know that I won't close my account 'cause, hey, maybe some MJ company buys it years later and it pops to a dime. Powerball's about those same odds and somebody always wins that, right?

Obviously, I'm not holding my breath.

[stockhunter-ny]

So long story , are we going loose whatever left or there is a still chance ?

[redderosa]

Least I could do. You helped us a lot.

[13strats]

Thankyou for doing the work

[redderosa]

Some. Five pretty straightforward pages.

The action clearly states he perpetrated a scheme to fraudulently improve the financial status of IFCR and NLEF. It asked that he be barred from holding any position in a publicly traded company, barred from participating in the activities of any penny stock, "ordered to disgorge all ill-gotten gains and pay pre-judgement interest on those amounts," and that the court will be "imposing civil money penalties."

David Fuselier did not respond to the summons, did not appear in court. According to others on this board, he went fishing. Guilty by default.

My guess, with this information: his "ill-gotten gains" may or may not be considered his salary, but it has yet to be seen or proved that he actually made any money from IFCR stock. Probably didn't, but now he certainly never will. There will be a fine later, I'm sure equal to what one of us lost--maybe. The possible upside is with this matter closed, maybe IFCR will move forward. I doubt anyone's holding their breath on that, but I don't see any reason to sell my shares, either.

[aidytrader]

Any updates?

[eddy2]

They are $5 for every ten shares to be issued after the share reversal. That is if investors want to purchase the documents. The cost I herd is a few cents per document issue. Going to a great cause. The first is that thirty percent of the proceeds go towards the release of depreciated assets bringing down the treasury count. The other is debt owing towards administration costs.

So we have what I figure to be just over a thousand share holders. Now let’s assume 500 court documents are sold at a administration cost of a dollar. That is $400 dollars towards administration fees leaning $4000.00 in revenue and another $1000.00 of released taxs back into the treasury stock owed.

My point is that should the company be sold the free will of the goverment has to be repaid in the form of sales tax’s and is required to be shown as outstanding shares owed or share holder debt if you like.

The collateral minus any other debt that is not collateralized ie: accounts payable has to come out of the outstanding shares owed. This leaves the balance owing ie capital surplus or your private placement capital or public funds minus the retained earnings that is recieved by the insiders at par plus market pricing.

I hope this helps the ones who are still grasping with this whole complex accounting scheme put out by the international accounting community.

Do you DD and decipher the rules your self. I would advise hiring a good international accounting lawyer or an accountant in assisting you. Not cheap but well worth the investment in time as the time to attend school maybe not reachable by many of us. I found this to be true in my case.

Good luck, the future is in your own hands.

[redderosa]

Here's the link. You can buy the docs for five bucks, but I'm going to try getting them for free, first.

https://www.pacermonitor.com/public/case/21626616/Securities_and_Exchange_Commission_v_Fuselier_et_al

[redderosa]

Got something: Clerk's certificate of default, filed October 4th against David Fuselier. I can't access PACER from my computer, but I think I can at the courthouse. Docket number is in my previous posts, if anyone has access at a law office.

[eddy2]

No problem mate.

[1Budman]

Thanks G

[eddy2]

There was never any liget revenue that is if you don’t count revenue from the sale of debt above the stated par value. There is no positive asset value generated above the ones who hold the collateral. Liability should be twice the assets value. If below the offering is said to be in a deficit position. If above the offering is said to be in positive territory and that revenue is positive for the sale of equity against its charges ie: administration charges

Sell out of the money and when in and rising buy. Good luck guys. Stay clear and save.

[13strats]

Wish i had an answer. If and when fuselier’s trial gets over should give us some answers. Until then i believe we are just in limbo