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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
Wow what a scam company. Should have known. Sons of ******
That's it...Belly up...
what will happen now .Syai will be unable to trade or ?
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! :(
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.
shit that price is super low again, what do you think guys are u waiting ? price is super low good to buy now.
thanks srm4u for the info
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
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
Suspention ends 6/13 11:59 pm.
Then what will we see or at least something Monday - or +
I agree. They are a joke.
If the stock does go private what are the possibilities for us.
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
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.
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/
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
Look how much it can move on no volume..
can anyone contact syai , stock is dead for long time.
Seems like they forgot to update their "Cartoon Profiles" with the new hire...
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.
Patient and holding some bullshit companies trade at theses levels and this is an actual up and running company I think patients will reward
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.
We needs some info on whats transpiring.
No April Fool's Jokes? .... Anybody?....
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 ?
LOL, no money for buying pens and pencils and still they can do? Gosh!
- IMO
Totally disagree. It wont be long an the merger will happen IMHO.
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
SYAI News out with new positions. Looks like they are putting things in place for the merger. Global! IMHO
looks like their markets weren't to impressed with the news....
http://www.bloomberg.com/quote/SANT:GR
Waiting for news hopefully get some soon
lets close at 0.037 today. next week .05+
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.
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.
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
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, $$$$$$$
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
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
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.
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.
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..
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.
It done this last time then shot up to 0.08 +
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Systems America (OTC: SYAI- News) is the leading provider of fully diversified, end-to-end enterprise cloud solutions and information technology solutions to commercial and government clients worldwide. We are in the business of building relationships through time, dedication and perseverance. Systems America's mission is to provide customers in industry with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology. With service delivery and global operations and a blue-chip client list, Systems America delivers comprehensive solutions for all segments of custom application development and IT services. Our team of experienced IT professionals work closely with you to design develops and deploys unique solutions that will bring clarity to your business and IT initiatives.
At Systems America, we go the extra mile to get the job done. That's why our client's turn to us again and again for assistance with a growing range of their complex IT problems. From the beginning of every project, we add value to our offerings by assessing your complete IT environment and entire range of software applications.
Systems America has an impressive list of clients, many of whom are on the Fortune 500 list. The Company also has a large and growing number of medium sized hi-technology clients in the U.S.A. and Europe. Recognizing our mature processes and strength in managing complex technologies and offshore centers, a majority of our clients have entered into long-term partnerships with the Company.
Who Are Systems America's Customers? Here is the partial list of our client.
• McKesson Corp
• Motorola
• Chase
• PG&E
• United HealthCare
• AT&T
• Wells Fargo
• IBM
• IPG
• Citrix
• Symantec
Mile5 Solutions, a Systems America company, is an SAP partner focused exclusively on the small and medium enterprise (SME) market. We provide proven enterprise software solutions to keep your business on the pathway to long-term success.
Mile5 Solutions utilizes a proprietary, five-step delivery system called M5 Expressway™ that offers a manageable, fixed-price, fully integrated solution based on SAP ERP that can be up and running in as little as three months. Mile5 Solutions provides on-premise or hosted solutions in addition to leasing options.
We also offer consulting and customer support services including implementations, application support, hosting and training, and consulting services to help small and mid-market companies maximize their SAP solutions.
Mile5 Solutions is backed by a team of veteran and respected industry professionals, who have helped businesses just like yours achieve ongoing success.
Most of all, we provide peace-of-mind. Our proprietary process, based on SAP's Business All-in-One, is unequivocally less costly and less intrusive than other solutions, fully-scalable, and tailored to meet your unique business needs.
Contact us today to learn how your business can achieve:
Chief Executive Officer
As Chief Executive officer of Mile5 Solutions and Systems America, Inc. (OTC: SYAI), Adesh Tyagi brings 18 years of experience with a focus across various technologies specifically in Enterprise software, Cloud Computing and Application and Mobile services. Adesh Tyagi has dealt with all aspects of industry sectors on operations, merchant banking, investment banking and private equity for large and small/mid-market capitalization companies. Adesh Tyagi is building a global IT and cloud computing company with major focus on major focus on Cloud applications such as Salesforce.com, SAP On Demand, Business Intelligence, Data warehousing services.
From 2002 to 2008, Tyagi was a founder and Managing Partner at Nexent Ventures, a Private Equity and Advisory firm. As Managing Partner, Tyagi led the fund's M&A, corporate restructuring and LBO team in identifying and executing transactions. During his tenure, he has led private and public financings in excess of $1.6 billion, having completed transactions on a global basis, including United States, Europe, and India.
Prior to 2002, Tyagi founded many technology and services companies focused on web based technologies, wireless and enterprise software companies.
Tyagi has received many awards, recognitions, and designations that he earned, and was featured as one the top 20 CEO in India, a survey done by Indian national daily newspaper "The Hindustan Times". He was chosen to be Vice-Chairman of Business Advisory Council of Small Business for President of United States of America. Tyagi has Masters of Management Studies and Masters of Science degrees in Biological Sciences from Birla Institute of Technology and Science, Pilani, India.
Executive Vice President
Mike Bell brings nearly 15 years of executive-level management experience in the SAP Software and IT consulting market to Mile5 Solutions. Bell leads the company's partnership with SAP, directs sales and marketing initiatives, and manages overall daily operations at the Irvine headquarters and regional offices in Arizona and Texas.
During his career, Bell has helped grow several start-up and small software solutions companies, including Metamor Enterprise Solutions, RJT Compuquest, and Gravity Pro Consulting, into market leaders in the small and medium enterprise (SME) space. Bell successfully drove top line revenue for these firms by developing and delivering product and service models focused on driving real value for the customer. Bell played a key role on the management teams that earned these companies top industry recognition including SAP Partner of the Year and the SAP Pinnacle award.
Vice President, Client Services
Steven Hochheiser brings more than 25 years of management and consulting experience in manufacturing, supply chain, and IT operations with an emphasis on delivering ERP applications in discrete and lean environments; including SAP, Epicor, and Oracle. He has held key positions as Operations Manager for a Fortune 500 manufacturer, managing consultant for Epicor Software, and Global IT Director for a $300 million industrial manufacturer. Respected in the industry for his accelerated yet high quality implementations, Hochheiser oversees the Mile5 delivery team.
Hochheiser studied Operations Management at California State University, Northridge, Kaizen at the Kaizen Institute, RF and Warehouse management systems at Georgia Tech, and spent months in Japan receiving Toyota Production System training from Shingijutsu. He is also an active speaker on utilizing ERP systems in lean environments.
Vice President, Finance and Operations
Ben Venkatesh brings more than 30 years of finance, accounting and operational experience, and more than 17 years of senior management in the IT consulting market to his role as Vice President, Finance and Operations of Mile5 Solutions. Venkatesh oversees the entire finance, accounting and operations functions for the company.
Venkatesh garnered a strong knowledge of the IT consulting market, serving as Vice President of Finance and Operations at Metamor Enterprise Solutions, having played a key role in taking the company from $5 million to nearly $100 million. He was also a Vice President of Finance and Operations for Infokall and RJT Compuquest and was instrumental in increasing their profitability and establishing offshore development centers. He is a results-oriented finance professional with diverse experience in accounting and finance in technology companies with a global footprint
For the Quarterly Period Ended June 30, 2012
Common shares authorized: 500,000,000
Common shares outstanding: 81,182,219
Freely tradable shares (public float): 12,200,264
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