In regard to this comment by NoMoDo:
The other moderator is still around but likely has lost interest after having to deal with the lies of Moses for so long.
You are close. I manage to read the boards and catch up once or twice a week. However, for the most part yes the lies of Moses and the soap opera that continues to swirl around this stock and IBCL demand too much time of which I don't have.
When I say continuing soap opera I mean this: Each time people left BSTI/IBCL/NVBG there was hope touted that things might change for the better. When Todd Smith took the reigns of Nova I spoke with him and explained much of the problems with Moses, Elfersly, Dierdra, Marcello. In other words the cast of characters over the years, the broken promises, the failures, the lies in press releases - etc etc. He said if he found out there was problems that would hurt Nova because the last thing he needs are skeletons in the closet he would get out. He didn't want to waste his time building up Nova only to have these skeletons emerge and suck up his work in building Nova up.
So then I read that he basically sucked in his neighbor to the tune of $400K I pretty much gave up on any hope that either company could ever become anything. The part about Todd Smith's neighbor was posted here by Jurisper from a court filing. Here is the link:
http://www.investorshub.com/boards/read_msg.asp?message_id=6606145
And so you don't have to leave this page - here is the relevant text.
THOMAS TOPP INVESTMENT
After separating from BioShield/IBCL in early 2004, Moses became an officer
and director of Nova BioGenetics, Inc. (“NBG”), a Delaware corporation organized
in January 2002, with its principal place of business in Atlanta, Georgia. NBG's
wholly owned subsidiary, Nova Biopharmaceuticals, Inc. (“NBP”), is a privately held
company, also headquartered in Atlanta, that touted itself as being in the business of
discovering, developing and commercializing products aimed at addressing bacterial,
viral and fungal resistance to existing drug therapies. Much of NBG/NBP's
intellectual property, specifically its issued United States patents and patent
applications and foreign patents and patent applications, were transferred to NBG by
IBCL as IBCL was shuttering its operations,12 and NBP has access to such intellectual
property through licensing arrangements with NBG.
To raise capital for its operations, in late 2003 and early 2004, NBP offered to
sell a total of two million shares of unregistered common stock in 25,000-share units.
The NBP stock to be sold in connection with the private placement was priced at
$1.00 per share; consequently, each unit was priced at $25,000, with one unit being
9
the minimum available for purchase pursuant to the private placement. Although NBP
offered the units without registration under the federal securities laws (thereby
necessitating that investors be sufficiently sophisticated to justify their investment in
restricted shares), the company disseminated a private offering memorandum
describing NBP, its business and operations, and the uses to which the proceeds of the
private placement would be put, along with a subscription agreement and purchaser
questionnaire.
In early January 2004, Thomas Topp, a German national and chief financial
officer of Heidelberg USA, was approached by his neighbor, Stephan Todd Smith,
regarding investing in NBP pursuant to its private placement of securities. Todd
Smith represented that he had been engaged by NBG/NBP to solicit investment in
NBP in connection with its unregistered offering of 25,000-share units of NBP
common stock. While Topp was interested in investing in NBP, he was concerned
about the risks associated with any such investment given the company's relative lack
of operating history and disclosure of its financial performance. In response to Topp's
concerns regarding the security of his investment, Todd Smith proffered an escrow
agreement in which another NBP investor had escrowed the funds underlying his
purchase of unregistered NBP units until such time, but in no event later than twelve
months, as NBP received a firm underwriting commitment to sell company shares in
13 The evidence will show that by far the majority of funds in the PFG account on or about
February 9, 2004 came from Topp's $400,000 transfer.
10
a registered initial public offering (“IPO”), at an IPO price of no less than $5.00 per
share. Topp forwarded the escrow agreement tendered by Todd Smith and the NBP
private placement subscription agreement to his investment advisor at Bank of
America (“B of A”).
After Topp's investment advisor suggested that his investment in NBP would
be secure if Topp and the company entered into an escrow agreement locking up
Topp's funds until NBP had a firm IPO commitment, Topp indicated that, provided
his investment funds were escrowed, he was willing to acquire 16 NBP private
placement units at an aggregate purchase price of $400,000. Topp signed the
subscription agreement, purchaser questionnaire and escrow agreement pertaining to
his $400,000 investment in NBP on or about February 9, 2004. He also directed B of
A to wire $400,000 from his account to Todd Smith's account at B of A, which was
held by Pyramid Financial Group (“PFG”), an entity operated by Todd Smith and
which Topp understood -- and the escrow agreement reflects -- would be the escrow
agent.
After Topp's $400,000 investment hit the PFG account,13 requests were made
to distribute funds from the account, which, because Topp's investment advisors at B
14 Topp ultimately did not have to come to NBP's office because Todd Smith undertook to
bring the investment agreements directly to Topp.
11
of A were aware that his funds were to be escrowed, caused B of A to freeze the PFG
account and to call Topp, advising him of the requested distribution of funds. Topp
proceeded to call Todd Smith to question the distributions from the PFG account,
which caused Todd Smith to come over to Topp's home. Topp and Todd Smith then
called Moses to ask about the distributions from the PFG account. In addition to
Moses identifying himself on the call, Topp had previously spoken with Moses by
phone when he was initially prepared to sign the NBP subscription and escrow
agreements and received directions to NBP's offices from Moses.14
Moses represented to Topp that his $400,000 investment in NBP was secure
because Topp's funds had been moved from the PFG account to another escrow
account held by NBP. Moses further represented that this escrow account held
additional investor funds deposited by other investors in NBP's private placement.
The evidence will show, however, that no such transfer of Topp's investment from the
PFG account to any NBP account ever occurred. Moreover, although NBP disclosed
or intended to disclose that it had raised additional investment in connection with the
NBP private placement that exceeded Topp's $400,000 investment, the evidence will
show that no such additional investment was made or that such additional investment
15 A grand jury returned the indictment on September 29, 2004. (Doc. 1).
12
had itself been escrowed and therefore was not available as security for Topp's
investment.
Based upon Moses's representation that Topp's $400,000 investment had either
been moved to another NBP escrow account or was otherwise adequately secured, B
of A removed the freeze on the PFG account. Funds were thereafter distributed from
Topp's putatively escrowed investment in the PFG account to pay, among other
things: (1) $30,000 to satisfy a lien lodged by Chapes, Ltd. against the engagement
ring of Moses's wife; (2)$15,000 to a brokerage account at Track Data, over which
Moses held trading authority; (3) $10,000 to pay the legal fees of Jack Martin, Moses's
criminal defense attorney in the instant indictment; and (4) other purely personal
expenses of Moses that were represented to be NBG/NBP expenses. By the fall of
2004, Topp confronted Todd Smith about the status of his $400,000 investment in
NBP, at which time Todd Smith admitted that, notwithstanding the escrow agreement,
Topp's funds had been used to satisfy Moses's obligations associated with the instant
indictment,15 along with his personal expenses.
Accordingly, the government intends to offer the foregoing proof to establish
Moses's awareness that Topp's $400,000 investment in NBP was to be escrowed and
that, notwithstanding such knowledge, Moses both misrepresented the status of the
funds to Topp and took advantage of the investment to satisfy purely personal
obligations, including obligations incurred in defending himself in the instant criminal
action.
Respectfully submitted,
DAVID E. NAHMIAS
UNITED STATES ATTORNEY
/s/
R. JOSEPH BURBY, IV
ASSISTANT UNITED STATES ATTORNEY
Georgia Bar No. 094503
/s/
PAUL N. MONNIN
ASSISTANT UNITED STATES ATTORNEY
Georgia Bar No. 516612
600 Richard B. Russell Bldg.
75 Spring St., S.W.
Atlanta, GA 30335
(404) 581-6000 (phone)
(404) 581-6181 (fax)
CERTIFICATE OF SERVICE
This is to certify that I have this day served upon the person listed below a copy
of the foregoing document electronically:
John Richard Martin, Esq.
Martin Brothers, P.C.
500 Grant Building
44 Broad Street, N.W.
Atlanta, GA 30303-2327
This 7th day of June, 2005.
/s/
R. JOSEPH BURBY, IV
ASSISTANT UNITED STATES ATTORNEY
The highlighted text above regarding Track Data - please notice it is the same brokerage account listed in the 144 filed earlier this month.
So quite frankly I see little hope of getting any value from investments in either stock. When I received the e-mail from the SEC indicating Moses was selling stock I posted it here. I did that to alert anyone that may still have stock in NVBG to expect to see it go down because Moses selling is certainly not going to help increase the share value in my opinion.
GG
News 
Market Data 
Discover 
AI
