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Bobby Cohen, what happened to UNVC his pharm company? Did he drive that one into the ground?
NIR group's Managing Director Bobby Cohen turns up at UNVC
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=104012551
a dormant non operational shell
Owings Mills, MD, July 03, 2014 --(PR.com)-- Univec, Inc. (UNVC) a specialty pharmaceutical company, announces the appointment for Chairman of the Financial Advisory Board ("CFAB" or "Chairman") Robert M. Cohen of Revolution Investment Management based in New York. Mr. Cohen will be responsible for overseeing operations in finance. With over 32 years in the investment industry Mr. Cohen was Founder and President of Robert M. Cohen and Co.,
ROBERT M. COHEN & CO., INC.
Not over yet for Eric.
Watch and see. Never been wrong here yet. Maybe, just maybe I know what's comin down before it goes down. Ya never know who you're talkin too and what inside info they have around this place.
Dude messed with the wrong folks. Ask Jim Bolt how that karma bites ya in the ass. Funny how ya can get so many on board when ya have tactics that work. So go back and read the posts and compare em with events such as the lawsuit ya mentioned. Dude's friggin done. Just a matter of how much he wants ta resist. That's how this is gonna play and the perp aint got the game ta play at this level.
Is he talkin care of his kid yet? You'll get more on this subject as time rolls on. Just like the last 8 years.
Here's your NIR perp and associate list
Robotsky done
Dworkin done
Yellon done
Cohen done
Schecter done
Robinson done and in hiding
Bolt done and in prison
Humphries done and afraid ta tell his story
Gelmons done and hidin
Culbertson done and in hidin
This field is for HARDBALL players only. The above listed folks came in second.
NIR sure was a breeding ground making frauds for life. Eric Noveshen sued in federal court last week for racketeering corruption and theft from a so called "employer"
https://ericnoveshen.wordpress.com/2015/12/03/470/
No
Likely another complicit CEO. Pays well for the CEO to act dumb. The NIR business model
Dennis Alexander CEO Anither Ribotsky ?
Effective November 1, 2015, Mr. Bobby Cohen will serve as Chief Capital Purchase Architect for a newly created Capital Purchase Division, and Mr. Timothy Honeycutt will serve as Manager of Business Development of the Capital Purchase Division. Mr. Cohen will receive 50% of the profit for each contract sale for the new Capital Purchase Division and Mr. Honeycutt will received Three Thousand Dollars ($3,000) per month as well as a Convertible Promissory Note in the amount of Seventy Five Thousand Dollars ($75,000).
http://www.sec.gov/Archives/edgar/data/1495028/000159406215000314/form8k.htm
Cohen turns up with Tim Honeycutt and Dennis Alexander Scamming a new company reve capital purchase. Google for ur self and spread the word to watch ur wallets.
Did ya expect different?
You're (us) being conned at levels ya never knew existed. Exposing Noveshen would be like killing the goose that lays golden eggs.
One of the filings in US v Dworkin said they knew who one of the kickback guys was. It was Noveshen with that 375k kickback. So why didn't they go after him after they deposed him they dropped the ball. Loretta Lynch - this was her case. She in the big seat now she should tell FBI or Sec back in NYC of in FL to fix that. Before Noveshen scams another 50,000 penny stock suckers. Do we need ta start a petition? lol
Noveshen is pathetic.
Those I talked with some who dealt with him as the NIR representative simply laughed him off as if he was some little pest.
Every time I mentioned Noveshen they either laughed or warned about what he actually was.
Here's how they worked. Noveshen would find Pink sheet companies that needed funding. Then he'd introduce them to NIR. NIR would play the due diligence game for awhiule and then fund with money Corey conned from various dumb investors. Dworkin would handle the funding deal. Once funded, Dworkin would hound the funded company until THEY paid Noveshen 10% with the funds borrowed. Guess who was splitting the 10% fee? Noveshen would then come back in and claim no more funding would take place unless the funded company did some PR to bolster the PPS. He's then bring in Medgen or someone like them as their selected PR firm. Now it was "hire them or all funding stops. Bingo, another 50k to split.
Not sure what there is to figure out about Noveshen. all knew what he was.
How many companies actually paid off their NIR debt? Only those who had no idea what was goin down.
Want to really get to the bottom of this scam? Follow the Convertible Note transaction through Domestic Securities. Pretty easy ta find out what funds came into NIR, what went out to funded companies and what the converted shares brought into NIR. Then get the short sale records for each company. Why no make sense for a change and view the complete transactional records. No mystery here. Dudes like noveshen dep end on legal laziness and incompetent regulatory agencies. US is just too sick to even care. Let's not dig too deep into a massive scam, it might bring attention to the even bigger one.
Though y'all would find this interesting. Eric Noveshen claiming in a lawsuit he didn't have have much ta do with NIR. What a hoot! As the second link says, can't hide Envision's Involvement in NIR scams they both made off with a lot of $.
https://ericnoveshen.wordpress.com/2015/10/05/noveshen-says-nir-was-kosher-and-neither-of-them-broke-the-law/
https://ericnoveshen.wordpress.com/2015/10/07/cant-hide-noveshen-envision-capitals-connections-to-the-nir-group/
Is this the same Michael Gelmon of Gelmon Bros that was involved w Ribotsky, Mimi Rogers n NIR?
From Novation Holdings board:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=115293760
You need to check the Florida SOS - on March 6, 2014 the A/S was increased to 10 Billion shares.
NOHO is a Michael Gelmon and Robert Hipple shell - don't expect any good news.
They haven't filed any financial information since March 31, 2014.
Anyone have the case numbers
for Bobby Cohen's problems?
Medgen, NIR & Noveshen connection - you were right PD they were all playing the game together. Press release below is dated April 19, 2005. On either April 5 or 7, 2005 Noveshen hurriedly signed a marital settlement agreement with his first wife because he wanted to sign it before his huge windfall of cash came in from his consulting fees from the deal he put together for NIR to fund Medgen. If the exwife found out he had the kind of money he made from that deal her child support would have doubled. Wonder if anyone paid taxes on all of this LOL.
http://www.businesswire.com/news/home/20050419005299/en/Med-Gen-Attracts-Investment-NIR-Group#.VePeiNq9KK0
BOCA RATON, Fla.--(BUSINESS WIRE)--April 19, 2005--Med Gen Inc. (OTCBB:MDGN), manufacturers of the national brands Snorenz(R), snore relief throat spray and Good Nights Sleep(R), sleep aid throat spray, announced today that it has secured financing from the NIR Group of Roslyn, New York and various participating Investment Funds.
The Investment totals $1,540,000 of gross proceeds, with most of the proceeds being used for marketing of Snorenz(R) and Good Nights Sleep(R), the development of Appease(TM), the company's new throat spray dietary brand and Radio and TV advertising programs to support its brands already being sold in leading chains.
“, and similar expressions are intended to identify forward looking statements. There are a number of events or actual results of Med Gen operations that could differ materially from those indicated by such forward looking statements.”
The funding, which is in the form of a three year 8% Convertible Debenture and Warrants to convert 1,540,000 shares at $0.085, consists of three tranches of $740,000 and two equal tranches of $400,000. The first tranche was received by the company on March 31, 2005. The second and third tranches will be funded upon, (i) the filing of a registration statement and, (ii) the effectiveness of the registration. The debenture is immediately convertible into shares of common stock at any time during the term, but at no time can the conversion result in ownership that would exceed 4.9% of the issued and outstanding shares of the company's stock. The terms that control the conversion of the debenture and the number of shares that can be converted at any-one-time, in effect, are protective of the company's shares from any down spiraling due to the unloading of a large number of shares at any one time. Other protective covenants prohibit the shorting of the Company's common stock For a more complete review of the funding documents please visit the government web site EDGAR.com.
By extending this opportunity to Med Gen, the NIR Group has shown its confidence in the future of Med Gen and in its management as well as the efficacy of its present and future products and its unique "sprays the way", technology.
This Press Release contains or incorporates by reference "forward looking statements including certain information with respect to plans and strategies of Med Gen Inc. For this purpose, any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes", "suggests", "anticipates", "plans", "expects", and similar expressions are intended to identify forward looking statements. There are a number of events or actual results of Med Gen operations that could differ materially from those indicated by such forward looking statements.
Med Gen, Inc. is a publicly traded company on the OTCBB exchange "MDGN".
Commission's made consulting/promoting for edoorways were paid in EDWY stock which he traded for his cash windfall, he told me it was all legal but I haven't a clue.
Princess????
"Would someone murder me over talking about pennies? I mean edwy left him with millions and millions of pennies but still. If it happens let Stonegate know he's said to be working on a penny stock expose for a network."
Your husband, Eric Noveshen claimed you could be murdered over questioning penny profits?
Too bad I can't post some a the threats I've received. Want a good tip? Stay on the offensive. Your ex all the way to Dworkin and Robotsky are "big talk pussys". They run and hide when the kitchen gets hot. However, they do associate with morons who will cause harm for coin. Look into the " Rumble in Roslyn" showdown.
Now read this: http://www.businessweek.com/1996/51/b35061.htm
Robotsky found a new way. All he needed was a few slim balls like Eric to make it happen. The "mark" was the NIR investors not the companies.
Now let me give ya a heads up on JJ373 and myself. We were both watchin the same play unfold. We did not agree on several claims / theories but the dude is a straight shooter. Our beef was about the actual perps. In the Mob On Wall Street, linked above, pay attention to names and who they link to. Murray Goldenberg had his fall guy Art Robins. If you don't know of Art, you weren't payin attention close enough. Same template was used by eric with many companies. You will get no where tryin ta find legal leverage at the company level. These companies legally could turn shares that they created outta thin air to cash. Cash that came from NIR investors who were conned. The secondary share play is where ya wanna investigate. Ya got emails??? Look for specific names such as Mark Shefts/ Domestic Securities and words such as "short play". Look real hard inta the MedGen players right from your Boca backyard. Look for offshore penny trades conversations.
No one I've blogged with yet has an idea just how deep this all goes. The dude you mentioned who is putting tagether an video expose of this scam has to follow the trail down the Rabbit Hole to get it all. Many of your ex's clients were involved with sht you won't believe. If you can get to steven Humphries you'll get right to the core.
Post some name ya find here. Several of us will have solid input on most of em.
Ya mentioned that Eric made millions off of edwy. Was that from commissions or trading? If it was from tradin ya got Eric by the balls. Despite his threats you have audio proof of, the last place he wants to be with an informed plaintiff is in federal court. If ya do, be sure ya out smart the feds. The coulda sent Eric and many others away by putting the squeeze on Dworkin and Humphries prior to sentencing both.
PennyPrincess I don't follow this stuff as closely as I used to but do think that was one of my better posts. Point was how easy it was
to start a "company" - and legal too!
Creating scams is more difficult now days I think but they still exist and there still is a "market" aimed at the gullible.
I once wrote a piece based on a PR from a company that was going to sell equipment to the Mexico City Police. I wish that I could find it. It implied that the Mexico City Police was about to order 10,000 "atomic powered submersible tricycles"! I embellished it some of course but the point was how ridiculous some PRs were, Safe Harbor or not.
I was quite fascinated with the secrecy of my ex's profession. For years I tried to understand what he did on the phone and computer all day. This one post pretty much summed it up...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37315917
Also explains up why the companies were always said to be based in Nevada. Apparently it is legal after all. Maybe I owe him an apology for the last few months I was told it was illegal. Though if pump and dump is legal why would he say its dangerous for me to bring up? Would someone murder me over talking about pennies? I mean edwy left him with millions and millions of pennies but still. If it happens let Stonegate know he's said to be working on a penny stock expose for a network.
jjj373 Sunday, 04/26/09
expar My definition of a real company differs from yours.
Contact Danielle at Corporate Office Services in Reno. They have a Nevada Corporation Spring Special going on! She'll get you going. Even will sell you the name of an "aged company"
[like good Scotch?], the more aged the more expensive but they start at $3000. Then for $250 she will change the name of the company but it's date of incorporation will remain the same.
To continue with that, for about $1500 a year she will do all the paperwork and provide a business address.
Voila! XYZ Inc. is in business and they have discovered a cure for all cancers [protected by safe harbor of course] because, as we know, things don't always go as planned. Since this is the OTCBB - make that never go as planned. Perhaps give Ribotsky a call at some point when the "pump & dump" no longer
works? And.....the beat goes on.
btw Danielle and Corporate are legit and operate strictly within Nevada State laws. Many of the companies that are hatched there are not - imo.
http://investorshub.advfn.com/boards/replies.aspx?msg=37307072
To jjj373--
I'm really just trying to learn this stuff...but from what I saw at the co., NIR (and affiliates) obviously know the SEC and balance sheets for the past few years and continue to lend money even though there is no way the co. could EVER pay back the loans.
When the co. cannot pay by due date --which is EVERY single time for 4 years and 8 loans, the CEO works on some debt restructuring and suddenly there's 250,000 or more new shares traded at below .00001 cents.
When I say that I believe that this company is not real....I mean I really think the CEO is trying to keep it from turning a profit. I am at a loss as to how that could possibly work, but I swear it is happening. I know the CFO and CEO are close to NIR and affiliates.
By the way Princess
All of my posts from 4-6-2006 to the end of 2008 were removed / deleted. When the lawsuit threats didn't work they had all the posts (mine) that revealed the NIR/Dworkin/Noveshen game removed. Way too accurate for the perps ta leave up. Just takes time ta see who was postin the truth.
Hey Princess
"gun to Noveshens head" Now that's a laugher.
Emails exposed from dworkin? Where are they?
Look hard inta Medgen, Art Robins and Eric. Might wanna read my posts published around that Dec 2007 date ya mentioned. Shareholders booted Robins aroun july 2007. Noveshen filed a suit in NY regardin a Robins signed note.
Another name ya need ta look inta is Steven Humphries. Former CEO of HLNT who was in a friendly lawsuit with NIR. Steve was the former roomie with Mike Gelmon. You up ta speed on shorting? Eric wants no part of the questions that would be asked about Medgen, Robins as CEO of ECMH, Humphries and his predessor CEO David Walters, husband of Mimi walters, Cal. senator and major NIR investor. Eric was front and center in all the scams.
Above is just a small peek inta eric's game.
He sucked every dime from his family and friends on this venture leaving everyone broke. Anyone see a pattern here?
CR must have his most recent mailing address unless he's no longer living up his ass.
From the docket, looks like he showed up but the hearing was adjourned to 11th August. There's a letter from the trustee's attorney demanding that Cohen provide a valid mailing address for re-service of the subpoena, so I guess he claimed that he never received it?
Way past oops. Revolution investment doesn't exist. They closed up shop and walked away from investors and their money is gone. It was a scam and CR and his girl were pulling the strings for Cohen. That place has been gone since November when CR and TS abandoned ship leaving Cohen with blood on his hands and investors calling for investigations as to where their money went.
oops!
https://www.linkedin.com/pub/bobby-cohen/65/931/b65
Bobby Cohen | LinkedIn
https://www.linkedin.com/pub/bobby-cohen/65/931/b65
Roslyn, New York - ?CEO at Revolution Investment Management
View Bobby Cohen's professional profile on LinkedIn. LinkedIn is the ... He founded Robert M. Cohen & Co. ... Chairman and CEO at The Ribotsky Institute ...
oy vey
Pretty much sums up t6he whole group.
Don't worry Bobby, I'm sure Corey has your back. These clowns would never screw each other, would they?????
Cohen show up at court on 7th? Heard he's heading to Florida in August to face jury trial. Being CR 's fall guy going to bite him on the ass. Where's the SEC on this guy? He owes tons to investors and closes up shop and repays no one.
The federal indictments that came for Dworkin & Noveshen were a shock like a lightning bolt- Maggie was not warned. They came when she was five months pregnant with their second child in 2010 and she was told she might have to give birth alone because there might be a "short 6 month" trip to prison. And then a flashback to that fateful call in December 2007. When "DD" told Noveshen their little NIR money making dance was over and to lose his number. Then came the scurry to print any emails from Dworkin to paint him as an evil person who coerced these kickbacks with a gun to Noveshen's head. When all he really had to do was dangle a cash carrot.
The sad part is that was not the last of the Noveshen NIR deals and more people would lose money, better put be "robbed" again in 2009.
Why is CR and his band of merry men still running around scamming others? SEC investigations dragging their feet??? The information is out there!!!!
Just find, interview Steven Humphries.
Ya he was in Texas. Had an office with Mike Gelmon.
Humphries got was in a beef with HLNT. Mel Robinson stole HLNT while Humphries was under Fed investigation. Humphries can connect the dots on Bolt, Robinson, Walters, Wilding, Gelmon, NIR, Culbertson, trafficant, Dworkin, Noveshen, Kravitz.
Humphries did his time. If they really want the perps and key to the rabbit hole they'll give Hump immunity and and have a friggin field day with the unbelievable but real info he has.
Guess who put Humphries in place at HLNT ? SSEV? The Walters. Wanna see Mimi squirm? Ask about the funds that went to NIR then drift into the Ca. prison money she works so hard on.
It's all comin apart at the seams folks.
While you're at it DD Michael Riconnasuito and the Mena Arkansas crew. Barry Seal, Jim Trafficant, his proxy Jim Culbertson, Jim Bolt and his proxy Mel Robinson, Wilding and Noveshen.
Want a good read? Try "The Mob On Wall street" Pay attention to dirty accountant murray Goldenberg and his connection to Art Robins, Noveshen and Dworkin. Laundy time. Domestic Securities, Mark Shefts? feel me?
Damn, NIR investors, wake up!!!
I started postin facts on this scam long before went down. This site has some of the leads ya need: https://ericnoveshen.wordpress.com/tag/daryl-dworkin/
It aint my site but contains plenty a my DD tracks.
Some of ya will remember my posts in early 2008 tellin ya exactly what was comin down. Now someone even understands the important Mel Robinson connection along with his partner in crime Jim Bolt.
Some a my followers were thinkin I was friggin nuts when I posted about Bolt, Robinson, John Culbertson and Jimbo Trafficant. Let me tell ya right now, ya don't have even 1% of the story on these boys as in relates to the bombing of the Murrah Building in Oklahoma City.
I posted on the HLNT (Robinson / Bolt) friendly lawsuit with NIR. I got "blank looks" on that one.
livemint seems ta be on the right trail with Noveshen. Good work. Any agency that wanted Noveshen's ass only needed to pay attention. Then have a little " come to Jesus" talk with Mel Robinson, Paul Kravitz, Christine Noveshen, Art Robins and several other team players.
I got tired of mappin your investigations here on IHub. No one seemed to get it an I understand. This aint a "Rabbit Holr" folks, it's a friggin "Black hole".
I feel for Christine Carter Noveshen. Stay on this one Terri. Why was every Noveshen contract jurisdiction in New York?
Shefts and NIR. Dig folks. Noveshen, NIR, Medgen. Bullseye. Friendly lawsuits, the core. Follow the fkin shares.
Did Dworkin actually spill it all or did PWC step in with the redaction pen? You NIR investors think an offshore arm of PWC is lookin out for your best interests? I suggest ya start understandin the mentality of these dudes (all of em) when it comes to the "sting".
Hey livemint
ya I was askin about the audio involving Maggie.
Got a question, fact check that means something to me. You sure Christine got free from the psychopath (a person suffering from chronic mental disorder with abnormal or violent social behavior.) in 2005? That aint jiving with my notes.
Find Christine and ask her a few pointed questions. She likely wants nothing ta do with anything Noveshen related. Did she warn Maggie?
Welcome back. You mean the YouTube video about the legal abuse or the one under some domestic violence heading? If you mean the one with the guy yelling F$k@ every other word at the woman that he's going to destroy her, That one is Noveshen. There is a clear mention of a "Maggie" who may have been his second wife, there is no disillusion of marriage in Broward or Dade but there are a ton of custody entries. Plus his voice is pretty distinctive. The first wife was named Christine but they divorced before I met him in 05. Didn't know Watson went as far back as the MedGen crew. Is Steve Humphries in Texas? I remember reading court docs where he asked to appear via phone cause he was broke and in - I thought it was Texas.
The sooner the better. CR was pulling the puppet strings behind Cohen and CRs then girlfriend. Books seemed to have vanished along with millions. They leave a trail everywhere they go. Time for jail boys and girls.
The dumb ass
came in after Dworkin and noveshen got started splittin up shake down cash from the funded. They knew the CR gig was up. Cohen stepped in and played Dworkins role. All three of these lyin dicks need ta be put away.
Lawsuits filed all over the map vs BC. CR trained him well. BC was just the front man for Revolution management.
Got your PM livemint
Been outta the country. Couldn't respond. Watched the video. Did ya confirm that it was E N?
The system is broke. Dworkin had it all and gave it up. It's them that did nothing. How far did ya drill down on Cohen, Watson, Shefts, Gelmon and the whole Med Gen crew? If I were you I'd be callin Steve Humphries. That'll also bring in Jim Bolt who's now sittin in prison. Dude murdered another guy there in Arkansas.
Noveshen is a sick dude. Wife was named Christine I believe, not Maggie. Bout all I want ta say right now.
The trustee in CR's personal BK case has filed a contempt motion against Cohen for ignoring a subpoena summons. Hearing scheduled for 7th July.
Those 2 were running revolution management which seems to have disappeared off the map leaving investors once again scratching their heads and wondering where their money went.
He popped up here last year
Don't know what the deal was. Hijack the shell? UNVC was one of the ones named in the SEC complaint as being in long term default to NIR. UNVC hasn't operated in 5 years or so. The CEO was a serious deadbeat. In his personal bankruptcy, he refused to turn over his tax records to the UST. Then when the bankruptcy was denied, Ribotsky gave the company another $60,000.
But that's neither here nor there--no PR's for a year before or after this Bobby sighting. PR.com is a free PR service from what I know. Same time as a fake UNVC website appeared too
http://www.pr.com/press-release/567501
UNIVEC Announces Appointment for Chairman of Financial Advisory Board
Owings Mills, MD, July 03, 2014 --(PR.com)-- Univec, Inc. (UNVC) a specialty pharmaceutical company, announces the appointment for Chairman of the Financial Advisory Board ("CFAB" or "Chairman") Robert M. Cohen of Revolution Investment Management based in New York. Mr. Cohen will be responsible for overseeing operations in finance. With over 32 years in the investment industry Mr. Cohen was Founder and President of Robert M. Cohen and Co., a full service brokerage firm specializing in investment banking , research and marketing making.
David L. Dalton, President and CEO of Univec stated, “We are delighted to have reached this agreement with such a seasoned professional. Mr. Cohen's expertise will lead the company's financial operations and funding process for expanding and moving forward.”
About Univec
Univec, Inc. A minority business enterprise (MBE) is a Specialty Pharmaceutical Company that manufactures and distributes transdermal patches and high cost Specialty Pharmaceuticals. Recent NDC approvals by the FDA provides a niche market for smoking cessation, nicotine replacement products and pain management along with behavioral health pharmaceuticals.
Forward Looking Statements
This document may contain forward-looking statements based on current expectations that could be affected by the risks and uncertainties involved in Univec’s business. These risks and uncertainties include, but are not limited to, the risks described from time to time in Univec’s reports to the General Public and reporting agencies. Subsequent written or oral statements attributable to Univec or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this document and those in Univec’s reports filed
Univec Inc.
The Specialty Pharmaceutical Company
Contact:
David Dalton, President
Contact Information
Univec Inc.
David Dalton
443-253-0194
Contact
I do know more.
hahahhahhahahhahhahahha good one
Great post. Thanks. The beat goes on.
"SEC knew Collecting $14.5 mn Hedgie Ribotsky fine Would Fail".
www.teribuhl.com/2015/02/13/sec-knew-collecting-14-5-mn-hedgie-ribotsky-fine-would-fail/
SEC knew Collecting $14.5 mn Hedgie Ribotsky fine Would Fail
N.I.R. Group hedge fund founder, Corey Ribotsky, filed for personal bankruptcy leaving a whopping $36 million of debt unpaid a year after he settled with the SEC for investor fraud. Today I am reporting for Growth Capitalist that court records allude to the notion that the government knew Ribotsky wouldn’t be able to pay his multi-million dollar fine when they backed down from taking him to trial and agreed to a settlement in 2013.
Long Island-native Corey Ribotsky ran a hedge fund that mainly invested in PIPE’s for over a decade. These are private interest bearing loans made to small cap companies that turn into discounted stock warrants if the borrow can’t payback the loan in a certain amount of time. To simplify what usually happened in N.I.R. Group PIPE transactions the borrow usually doesn’t pay back the loan and the hedge fund gets cheap stock they can sell for cash on the open market which can drag down the price of a small cap stock to unsuspecting penny stock investors. Ribotsky raised hundreds of millions of dollars from upper middle class investors that he met via his charity work, a north shore country club or through introducing brokers.
I began investigating Ribotsky for investor fraud in 2008 while reporting for the New York Post. It took the SEC until September 2011 to finally sue the hedge fund manager for securities violations & investor fraud. By the time the SEC sued, investors in N.I.R.’s once $800 million hedge fund had lost their money, and Ribotsky continued to earn millions in fees managing and unwinding a fund whose valuations were allegedly inflated.
Between investigative reporters documenting Ribotsky threatening & lying to investors, along with internal whistleblowers, the government’s case against Ribotsky was built for them before they sued. Yet at the end of the day we only saw the Securities and Exchange Commission bar Ribotsky from the industry for only four years and collect zilch from him to return to investors.
It wasn’t till three years after the securities regulator sued Ribotsky for stealing millions from his investors that we learn the government is having an impossible time collecting any money to return to N.I.R. Group investors.
On November 13 2014, SEC attorney Kenneth Byrne wrote Judge Bianco the Commission had started “collection proceedings against Ribotsky that included discovery of his income and asset”. The government never got Ribotsky to admit guilt and his lawyer Doug Hirsch told the court the SEC knew before they settled the case in November 2013 that Ribotsky didn’t have anywhere near the assets or earning potential to pay the amount the SEC wanted in a fine (See Attorney Hirsch letter below). Bankruptcy records show Ribotsky stopped making mortgage payments on his $6.8 million loan to Signature Bank in September 2012, which was secured by his family home at 11 Bostwick Lane, Old Westbury, NY. The property is in a llc called ZFL and listed as an asset owned 100% by Ribotsky. Additionally, court records show $549,321.48 in town property and school taxes have not been paid on the home dating back to 2011. On July 19th 2013, months before the SEC settlement, Signature Bank started foreclosure proceedings in Nassau County court against the home. Total debt owed by ZFL to Signature bank is now $7,203,277.78. Any SEC collection efforts would be behind Signature Bank who has a secured claim on one of Ribotsky’s largest assets. A recent order by Ribotsky’s bankruptcy judge shows Signature Bank, who claims they were close to finishing the foreclosure right before Ribotsky filed bankruptcy, will be allowed to move forward with their case and collect funds from a foreclosure auction.
Ribotsky also had ownership interest in another home, 317 Bedford Ave Bellmore NY, which is also held in a LLC. Court filings show Ribotsky testified in a bankruptcy hearing he transferred 50% of his interest in 317 Bedford to Howard Tanney at no consideration. A 2004 bankruptcy exam has been ordered against Howard Tanney to prove Ribotsky did not commit fraudulent conveyance via the home interest transfer.
The government watched reporters like myself, Matt Goldstein, and Nathan Vardi for four years detail Ribotsky’s fraud via on record sources and documents, but only managed to make one criminal arrest of Ribotsky’s right hand guy Daryl Dworkin. In 2010 Dworkin quickly turned DOJ government whistleblower and plead guilty to taking bribes while working at N.I.R. group. The fund was eventually forced into an outside receiver (PwC) taking over in the Cayman Islands who was given some decent access to a document trail of fraud allegedly committed by Ribotsky.
The SEC could have at least deposed Daryl Dworkin in their case, as court filings in SEC v. Ribotsky show the DOJ’s deal with him was he had to testify for the SEC. But the government settled right before the deposition was going to happen. Dworkin’s testimony would have at least helped investors learn what he was telling the DOJ about Ribotsky’s role in the fraud, which could have aided any investor civil suits against the hedge fund manager.
At a sentencing hearing I attended for N.I.R. Group executive Daryl Dworkin on November 5 2014 the DOJ had to admit to federal Judge Dearie they didn’t charge Ribotsky with criminal fraud because they didn’t think they had enough evidence to convict him. For four years the DOJ delayed Dworkin’s sentencing while they worked him for information against Ribotsky.
A month after the Dworkin sentencing Ribotsky finally tells his version of what he did with some of the millions he took from his investors via his chapter seven federal bankruptcy filing. The December 17 2014 bankruptcy shows he’s been sued numerous times but never paid up on judgments rendered by the court. Interest and stock in financial companies Ribotsky owned were primarily transferred to another top N.I.R. Group executive Robert ‘Bobby’ Cohen. The bankruptcy court has ordered Cohen to go through a 2004 examination of some of the transferred stock. Additionally, Christopher Machton of Great Neck NY, who got a $300,000 loan from Ribotsky has been given a 2004 exam subpoena from the bankruptcy court to prove he got the funds and how they were used.
“The government is suing him and he simply moved money around so he didn’t have to pay fines”, is what one Boston-based N.I.R. Group Investor told me after he read Ribotsky’s bankruptcy documents. In fact, in 2012 Ribotsky says in court filings he still made $1.2 million. That was the year he was getting kicked out of his fund, fighting a SEC lawsuit, and investors learned via the receiver the hedge fund assets were super hard to sell and illiquid. Meaning there wasn’t a ton of hope of getting their hard earned dollars back from the hedge fund.
The case was a complete failure by Loretta Lynch’s office (the black woman Obama has put up to be the next head of the DOJ) and an abysmal victory by the SEC – who at least got Ribotsky to agree to stop committing fraud for a few years.
At Dworkin’s sentencing hearing in Brooklyn, NY I got to see how the DOJ and SEC lawyers acted in this case. I was surprised by their egos given how little they accomplished. Government lawyers told Judge Dearie they were working hard to recover money for investors but they simply haven’t been able to do it. After the hearing I cornered SEC attorney Kenneth Byrne and a little man with horn rimmed glasses who was running the DOJ case to ask them face to face how they felt about their inability to get justice for investors and collect any money. DOJ attorney Daniel A. Spector scowled at my question and instead of answering it demanded to know my name and who I report for. I said my name was Teri Buhl and you should clearly know who I report for now. (Spector’s predecessor who started the NIR Group case had interviewed me in 2009 to get help finding NIR investors Ribotsky had lied to so I know the DOJ had been reading my reporting.) Attorney Spector’s ego kicked in and gave me a smug look saying they can’t comment on the case except what I heard them say in court. Now after a case is over the DOJ can comment and usually issues a press release. But in this case the PR girl for the DOJ admitted since there was no jail time for Dworkin there wouldn’t be a public comment. Meaning they didn’t want to promote a case that got so little for investors.
As I watched the SEC attorney and the DOJ boys leave the court room and slink into the elevator I did something I rarely do when asking subjects of a story questions. I asserted my opinion. I looked them both in the eye and said, “You should be ashamed of yourself for not doing more for the defrauded investors. You had this case handed to you an a platter.”
Attorney Spector’s rebuttal was silence and later in the day he refused to get his press person to answer how much Dworkin was ordered by the judge to pay in a forfeiture bond. The bond was ordered in court but the amount was not mentioned. This was public record and they had to answer my reporter question. Instead they stonewalled me and we had to wait a few days to print the news of Dworkin’s sentencing at Growth Capitalist until all the court documents from the hearing were filed online. Dworkin received NO jail time, no penalty fine for his three felony convictions, and only a forfeiture bond to give back the $400,000 he had taken in bribes to bring PIPE deals to N.I.R. Group. And to this day we don’t know if the government will even collect that from him given he can’t earn big money working on Wall Street any more and he told the court his home is in foreclosure.
For those of you familiar with Ribotsky I have uploaded a copy of his unsecured creditors. Tom Sporkin, securities attorney at Buckley Sandler who was a former SEC enforcement lawyer, told me it is very hard to get a bankruptcy court to forgive a government fine so Ribotsky will technically still be liable for the $14.5 million the SEC is supposed to extract from him. But chances of that happening are zero to none in my view. I’d expect Ribotsky to end up moving to the Cayman Islands. A place one of his former best friends told me he often took a private jet to and visited an off-shore bank; after he’s done telling an American bankruptcy court he has no money to pay $36 million back.
I do know more.
He rolled. That's why he got the pass.
Noveshen never went down cause he didn't make enough to go down for. It ain't like he got friends or nothin he keeps his name off his scams picks up the big boys crumbs unless u know something I don't
Last I heard Goldenburg was offering
his services to new start up pink sheet companies.
Wanna get a feel for Goldenburg? Resd this:
http://www.businessweek.com/1996/51/b35061.htm
He and his buddy Handler were First Colonial Ventures. It became ECMH. No poster yet has grasp what was really goin down in S. Florida back in those days. All between Palm Beach and Boca Raton.
If ya look real deep inta my early posts here and on R Bull you'll find out how some a these dudes caught my interest. Goldenburg was just a slime ball CPA along with the various lawyers that popped up in my DD. I was sent in on some munitions that were comin outta a chemical plant down there. Soma a the dudes in the article above were tryin ta play a dangerous game.
You're in the rabbit hole now bro.
Virtually all the bad guys hand their hands in the penny market back then. The laundry had ta get done ya know. There were also several others workin on sheddin light on various games these boys played.
Some a the S. Florida long time posters may wade inta this conversation. We'll see.
The RIP list is long. Madoff, NIR, Ribotski, Dworkin, Goldenburg and many more ya have no idea were connected. Ever wonder why he didn't go down?
You've mentioned Envision and Noveshen several times.
The No Cal case took me two weeks to read entirely. Very interesting depos entertaining too - "I didn't trust Murry Goldberg to pay the bills" what ever happened to him? Is he still in, was it Palm Springs doing similar businesses or did he get his had slapped enough.
Just rehashin the old days woog.
Wade in bro. Medgen was such a fun little group.
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