Systems America, Inc.(fka SYAI)

[scion]

SEC Charges Former CEO of Penny Stock Company Systems America, Inc. with Fraud

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23850 /June 1, 2017

Securities and Exchange Commission v. Adesh Kumar Tyagi, No. 3:17-cv-03128 (N.D. Cal. filed May 31, 2017)

SEC Charges Former CEO of Penny Stock Company Systems America, Inc. with Fraud

The Securities and Exchange Commission has filed fraud charges against Adesh Kumar Tyagi, the former CEO, sole director, and majority shareholder of Systems America, Inc., subsequently renamed Cloudeeva, Inc.

The SEC's complaint, filed in the U.S. District Court for the Northern District of California on May 31, 2017, alleges that Tyagi falsely claimed in press releases he issued between July 2010 and September 2011 that the company had hundreds of customers and supported customer operations in nearly 20 countries when, in fact, the company had only two main clients in 2010 and did not support operations in any foreign countries in 2010 and 2011. Tyagi also allegedly falsely claimed in an Initial Disclosure he published on behalf of Systems American on July 2, 2010 that he was not a party to any material litigation. In Annual Reports he published on behalf of Systems America on February 24, 2011 and July 24, 2012, Tyagi claimed that no officer or director of the company had been named as a defendant in a criminal proceeding, when he had been named as a defendant in two pending criminal proceedings at the time of each publication. The complaint also alleges that Tyagi placed buy limit orders in small increments during individual trading days and marked the close on at least 16 trade dates in order to artificially inflate the share price and trading volume of the company's securities. Finally, the complaint alleges that Tyagi failed to file with the SEC required disclosures of his holdings and transactions in company securities.

The SEC's complaint charges Tyagi with violating Section 17(a) of the Securities Act of 1933 and Sections 10(b), 13(d), and 16(a) of the Securities Exchange Act of 1934 and Exchange Act Rules 10b-5, 13d-1, and 16a-3, and seeks to hold Tyagi secondarily liable as a control person under Section 20(a) of the Exchange Act and as an aider and abettor under Exchange Act Section 20(e) for the company's violations of Exchange Act Section 10(b) and Rule 10b-5(b). The complaint seeks permanent injunctions, an injunction prohibiting Tyagi from participating in transactions of any security of an entity of which he is an officer, director, owner, significant shareholder, or control person, disgorgement of ill-gotten gains plus prejudgment interest, penalties, and officer-and-director and penny stock bars.

On November 9, 2016, Tyagi pleaded guilty to certain of the misconduct at issue in the SEC's complaint in a parallel criminal matter in the U.S. District Court for the Central District of California to one count of securities fraud. The SEC's investigation is continuing.

SEC Complaint
https://www.sec.gov/litigation/complaints/2017/comp23850.pdf


https://www.sec.gov/litigation/litreleases/2017/lr23850.htm

[gman21]

Wow what a scam company. Should have known. Sons of ******

[presence]

SYAI'anora!

[Pitt Brain]

That's it...Belly up...

NOTICE THAT INITIAL DECISION HAS BECOME FINAL
The time for filing a petition for review of the initial decision in this proceeding has expired. No such petition has been filed by Cybermesh International Corp., Golden Harvest Corporation (a/k/a Disability Access Corporation), Mirenco, Inc., Newport Digital Technologies, Inc., Resource Holdings, Inc., SCOLR Pharma, Inc., or Titan Global Holdings, Inc., and the Commission has not chosen to review the decision on its own initiative.
Accordingly, notice is hereby given, pursuant to Rule 360(d) of the Commission's Rules of Practice,1 that the initial decision of the administrative law judge2 has become the final decision of the Commission with respect to Cybermesh International Corp., Golden Harvest Corporation (a/k/a Disability Access Corporation), Mirenco, Inc., Newport Digital Technologies,

[Mad89]

what will happen now .Syai will be unable to trade or ?

[Renee]

SYAI revoked:

http://www.sec.gov/litigation/admin/2014/34-72613.pdf

[beruntung]

yea, I didn't sell months ago when I could've actually made a few bucks...waited and now its so negative, I woulkd have to put $$ in just to pay off the trade charge! :(

[Pitt Brain]

Getting off the greys is what LEGENDS are made of. When one can see the " Forward split announced", then a suspension...? It's not good.

If you have money to burn, sure, but I'd expect massive dilution and Billions of shares to hit the market. Even a 500:1 R/S and sky rocket back down to the trips. There are plenty of them here in pinky stinky land...

There are other companies generating revenue in the low trips I'd rather look at then this.


All IMHO.

[Mad89]

shit that price is super low again, what do you think guys are u waiting ? price is super low good to buy now.

[beruntung]

thanks srm4u for the info

[srm4u]

for what it's worth
http://www.glassdoor.com/Salary/Cloudeeva-Salaries-E550687.htm
http://www.linkedin.com/company/systems-america
https://www.facebook.com/pages/Cloudeeva-Inc/121003204638957
http://www.sec.gov/litigation/suspensions/2014/34-72286.pdf
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=6959290

to bad they have no interest in their stock obligation to the public

[saigai]

with all those new hires that were posted here month after month. I hated to sell when i did but the gods were watching over me

I got lucky. I didn't see this suspension coming at all

pure luck

[beruntung]

Suspention ends 6/13 11:59 pm.
Then what will we see or at least something Monday - or +

[gman21]

I agree. They are a joke.

[deansip]

If the stock does go private what are the possibilities for us.

[srm4u]

what ever happened to their last filing 15-12g with the sec. CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
http://www.sec.gov/Archives/edgar/data/932818/000110801709000483/spantelform15.htm
http://www.sec.gov/cgi-bin/browse-edgar?company=&match=&filenum=0-25124&State=&Country=&SIC=&myowner=exclude&action=getcompany
could it be that they filed under the name of Spantel Communications, Inc
it's time for Tyagi to hire a sec attorney, unless he intends to take the company private by means of the sec

[kwazeetech1]

What a joke of a management team. This is such a shame to be in such a hot industry (especially in the stock market) and completely fail miserably to run the company even minimally to keep it at a few pennies.

[Renee]

SYAI SEC Suspension:

http://www.sec.gov/litigation/suspensions/2014/34-72286.pdf

Order:

http://www.sec.gov/litigation/suspensions/2014/34-72286-o.pdf

Admin Proceeding:

http://www.sec.gov/litigation/admin/2014/34-72287.pdf

Finra:

http://www.otcbb.com/marketwatch/

[beruntung]

Since Scott Hammel was appointed (3/28/2014), Ive heard nothing but crickets here.....

Hope something positive shows up here soon, I have been holding out from running away

[Swish22]

Look how much it can move on no volume..

[Mad89]

can anyone contact syai , stock is dead for long time.

[markanthony]

STILL NO FINANCIALS?

[markanthony]

Seems like they forgot to update their "Cartoon Profiles" with the new hire...

[kwazeetech1]

The problem is hot sectors don't stay hot for long and you have to strike while the iron is hot. This management and company have this year to get this to another exchange and show some corporate professionalism.

[tomvearer]

Patient and holding some bullshit companies trade at theses levels and this is an actual up and running company I think patients will reward

[gman21]

This company may be in a hot sector, cloud computing, but they have zero marketing skills. The company can stay silent for many months before they come out with some silly news release.

Investing in this stock is only for long penny stock investors . Very few of those around.

[doc4261]

We needs some info on whats transpiring.

[deansip]

No April Fool's Jokes? .... Anybody?....

[Mad89]

hmm nice news,do you think guys we can expect financial results or documents from accordint to news ? any news about deal with s&t ? or email ?

[Ratsin111]

LOL, no money for buying pens and pencils and still they can do? Gosh!
- IMO

[hitmanvf]

Totally disagree. It wont be long an the merger will happen IMHO.

[Ratsin111]

In my opinion, these positions are created to fight internal legal fights bot not for M&A. If you follow this link and the case carefully, you will understand that they borrowed money to pay employees. To me S&T is completely off. After following this case if people still believe this company, god only save - IMO

http://www.sccaseinfo.org/pa6.asp?full_case_number=1-13-CV-252952&crumbs=Civil Calendar&crumbs=Party/Case Type Search&crumbs=Party/Case Type Results

[hitmanvf]

SYAI News out with new positions. Looks like they are putting things in place for the merger. Global! IMHO

[srm4u]

looks like their markets weren't to impressed with the news....
http://www.bloomberg.com/quote/SANT:GR

[doc4261]

http://nachrichten.finanztreff.de/news_news.htn?sektion=region_news_eu&id=9681313

[tomvearer]

Waiting for news hopefully get some soon

[hitmanvf]

so quiet!

[sunshine73]

lets close at 0.037 today. next week .05+

[doc4261]

Ill wait till the cows come home if this company can pull any valuation even close to thos others. Im pretty sure they will close this deal. Stike when the irons HOT. Cloud is where to be right now.

[doc4261]

With $91 million of revenue in calendar 2013 (and a modest net income of under $100,000), that values the company at only 15 times revenue. Compared to some of its cloud brethren, it’s a downright bargain.



what will be our revenue , 500 mil * 15 = 7.5 bil valuation

or liek this company
Recall that last week healthcare cloud services provider Castlight Health (CSLT) priced at 107 times revenue and later jumped to 268 times.

500 mil * 107 = 50 billion.

either way Ill take it.

[doc4261]

Chew on this, its what should be coming our way..
http://finance.yahoo.com/blogs/the-exchange/paylocity-latest-cloud-ipo-to-hit-the-heights-144507369.html

[sunshine73]

In my opinion this is going to run. Buckle up guys!

We will get back to .05+ in no time. Just a few slaps is all we need.

People are buying at this low levels, they know why, $$$$$$$

[Ratsin111]

In my opinion, it's worth nothing and I don't know who did you speak to and how can they assure when nothing is working. If you follow this link and the case carefully, you will understand whether it's worth or not - IMO

http://www.sccaseinfo.org/pa6.asp?full_case_number=1-13-CV-252952&crumbs=Civil Calendar&crumbs=Party/Case Type Search&crumbs=Party/Case Type Results

[srm4u]

those that sold, sold for a small profit and wanted to bring the price down so they could load at a cheap price....so they thought

[sunshine73]

Like I said, when I spoke to him he was very confident that the deal would go through. Just needed a little more time to get the financing. If he had no interest he would have never asked for the extension, just think about it!

People panicked and sold early. Big mistake if you ask me.

[srm4u]

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=97920690

[gman21]

When last did you see a financial report ? In fact the company has a caveat emptor status. Which well run company would have such a status for so long ?

The only interest in this company is because they are in a hot sector, cloud computing.

[Swish22]

How do you know it's poorly run? I want to see what you see. Not disagreeing. It's certainly moves fast when shares are traded..

[gman21]

I'll certainly get more of this stock below 2 cents . It's a poorly run company but better than most pink sheet scams. It's likely to bounce again.

[tomvearer]

It done this last time then shot up to 0.08 +