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I Know What you mean. I just hope they announce the deal with H.E.B stores. when they announce the verdict no tell how far this will go when that happen.
Hi getmoney214. I'm still holding my shares since I bought in after the BK dismissal when we rose huge that day. Unfortunately then days later we heard of the civil Suits. This is going to be one of those Plays that is most likely going to be stagnant until we hear of the final Order from the Courts on the Civil Case. BUT, time is on our side as this has now gone on for Months since they were filed so I would suspect that we should hear something early next year. These cases take time but also do not go on forever. Lets hope it is in the favor of the Co and the shareholders!
does anyone know where we stand? There have been a few changes to the web site.
Kevin Donovan is a crook, I had stock in EGMI and he helped with
company's demise. I'd watch out here!!!!!!!!!!!!!!!!!!
Is Kevin Donovan still with VTMS?
SEC Charges Executives and Auditor of Electronic Game Card Company with Fraud
FOR IMMEDIATE RELEASE
2012-223
Washington, D.C., Nov. 8, 2012 — The Securities and Exchange Commission today charged three executives with repeatedly lying to investors about the operations and financial condition of an Irvine, Calif.-based company that purported to sell credit card-size electronic games. The SEC also charged the company’s independent auditor with facilitating the scheme.
Additional Materials
SEC Complaint
http://www.sec.gov/litigation/complaints/2012/comp-pr2012-223.pdf
The SEC alleges that chief executive officer Lee Cole and chief financial officer Linden Boyne orchestrated a scheme in which Electronic Game Card Inc. (EGMI) enticed investors by claiming to have millions of dollars in annual revenue, hold millions of dollars in investments, and own an off-shore bank account worth more than $10 million. In reality, many of the company’s purported contracts were phony, the purported investments were merely in entities affiliated with Cole or Boyne, and the bank account did not exist. As a result of EGMI’s false claims, the company’s outstanding common stock was once valued as high as $150 million. EGMI is now bankrupt and its stock is worthless.
The SEC charged the company’s outside auditor — certified public accountant Timothy Quintanilla — with repeatedly issuing clean audit opinions about EGMI based on reckless and deficient audit work. Also charged is Kevin Donovan, who later replaced Cole as CEO and ignored many red flags about the accuracy of the company’s public statements and the integrity of Cole and Boyne. He provided false information during conference calls with analysts and investors.
“Cole and Boyne played a game of make-believe with a publicly-traded microcap company,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office. “We will continue to fight microcap fraud and bring charges against not only the company executives but also the auditors or other gatekeepers who legitimize a fraud and allow investors to be victimized.”
According to the SEC’s complaint filed in federal court in Manhattan, EGMI’s material misrepresentations and omissions in SEC filings and public statements occurred from 2007 to 2009. The company repeatedly reported non-existent revenues and assets, misrepresented its business operations, and failed to disclose related-party transactions. Those misrepresentations and others like them were just part of a scheme that Cole and Boyne orchestrated through EGMI to reap approximately $12 million in unlawful gains. While they were making material misrepresentations to inflate EGMI’s stock price, Cole and Boyne also secretly funneled millions of shares of EGMI stock to entities based in Gibraltar that they secretly controlled. They directed the Gibraltar entities to sell the shares, and proceeds of those sales were transferred to people or entities associated with Cole and Boyne or to EGMI itself. Cole and Boyne bolstered their lies by providing falsified documents to the company’s outside auditors.
The SEC alleges that as EGMI’s engagement partner, Quintanilla and the public accounting firm Mendoza Berger & Co. LLP issued clean audit opinions for EGMI’s year-end financial statements for 2006, 2007, and 2008, even though those statements were riddled with material misstatements and omissions. Mendoza Berger and Quintanilla knowingly or recklessly misrepresented that the firm had conducted audits of EGMI’s financial statements “in accordance with the standards of the Public Company Accounting Oversight Board (United States).” Mendoza Berger’s opinion stated that EGMI’s financial statements “present[ed] fairly, in all material respects, the financial position” of EGMI. In fact, Mendoza Berger had not audited critical aspects of EGMI’s financial statements, and its work did not conform to the standards of the Public Company Accounting Oversight Board (PCAOB). Quintanilla had no meaningful basis to have Mendoza Berger issue an opinion on EGMI’s financial statements.
The SEC further alleges that shortly after Donovan became CEO, he was notified of many red flags related to the company’s public statements about its operations, finances, and share count. Donovan violated the antifraud provisions of the securities laws when he led several public conference calls with securities analysts and investors in 2009, and knowingly or recklessly relayed false financial information about the company that had been provided to him by Cole and Boyne.
The SEC’s complaint alleges that Cole and Boyne violated Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933; Sections 10(b), 13(b)(5), 13(d), and 16(a) of the Securities Exchange Act of 1934 and Rules 10b-5, 13a-14, 13b2-1, 13b2-2, 13d-1, 13d-2, 16a-2, and 16a-3; and Section 304 of the Sarbanes-Oxley Act of 2002. The SEC also alleges that Cole and Boyne are liable as control persons and for aiding and abetting violations of Sections 10(b), 13(a) and 13(b)(2)(A) of the Exchange Act and Rules 10b-5, 12b-20, 13a-1 and 13a-13. The SEC charges that Donovan violated Sections 17(a)(1) and 17(a)(3) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5. The SEC alleges that Quintanilla violated Section 17(a) of the Securities Act and Sections 10(b), 10A(a)(1), and 10A(b)(1) of the Exchange Act and Rule 10b-5. Quintanilla also is charged with aiding and abetting violations of Sections 10(b), 10A(a)(1), and 10A(b)(1) of the Exchange Act and Rule 10b-5 thereunder.
The SEC’s complaint seeks, among other things, a final judgment ordering Cole, Boyne, Donovan, and Quintanilla to pay financial penalties and permanently enjoining them from future violations of the securities laws; enjoining Cole, Boyne, and Donovan from serving as officers and directors of public companies and from participating in penny stock offerings; and ordering Cole, Boyne, and Quintanilla to disgorge their ill-gotten gains with prejudgment interest.
The SEC’s investigation, which is continuing, has been conducted by Michael Paley, Stephen Larson, James Addison, Gwen Licardo, and Aaron Arnzen of the New York Regional Office. Mr. Arnzen will lead the SEC’s litigation. The SEC thanks the PCAOB for its assistance in this matter.
# # #
http://www.sec.gov/news/press/2012/2012-223.htm
Hi getmoney214. I too thought the news of last week would have moved us up. I guess it's going to come down to just waiting on the results and the final outcome of the civil Suits. We've waited this long so I think we are in it for the long haul here. Eventually they will come to a conclusion and then hopefully the Co can put all this behind them.
what is going on we should be at .03
once they give us a large retailer this thing is going to .25 in no time
Nice to see News out after the close today after not hearing anything for months. Lets see how this Plays out Monday.
news out... sounds good. guess we shall see.
get ready! we are going back to .06 next week.
sales there would be next to zero. I became interested here when they had retail distribution.
Facts here are not easy to obtain.
you can buy vitamin spice from their web site. but if I was you i wouldnt put my money in something i dont know how their product is sold.
Why hasn't a 10k been filed? It should have been filed in April 2012?
What retailer can it be purchased at?
I wasn't aware they had any significant sales and was informed perhaps incorrectly that they didn't actually manufacture the product for delivery to retailers when they initially had an been detailed in the 2011 10k this was prior to all the lawsuits?
What do you mean no sales? I have bought some a few times.
how can you people own this stock if you havent try the product?
That would be a good thing to finally put finality to this ongoing saga. If we can get closure to the civil suits I think we could see a decent pps rise as we saw when the BK was dismissed.
I find that very hard to believe. They should already be in bankruptcy best one can tell. They have no money, will have to heavily dilute their shares to gain even minimal funding. They have no sales, no product nothing but a dream and ugly legal mess.
I heard from a good source that Mc Cormick is going to make them a offer.
Correct and it was a mere $400.00 or less in proceeds. But, someone wanted out badly and did so at a low price of 005. At some point here we will get some News and finality to the civil suits and that is what will move VTMS IMO.
it still was a crazy move if they try to sell at .005 when it was atleast 4 times that
Someone sold 75000 shares at .0005
Wouldnt be surpised if they did a typo and was suppoose to be at .005
Not a lot of $$ but still a loss.
OUCH.
You never know with the court dates but I would think it would be soon here.
Very nice move!
thanks for the move now and waiting for the drop in price again to get more free shares.
getmoney214. The Bankruptcy was "Dismissed" some months back which was stellar news at the time and the pps rose huge that day. Then within a few days several from within the Co filed civil suits against eachother and the pps retreated after that. At this point we are just sitting here for the past few months until we see some sort of finality to those lawsuits.
No money, no plan.
Someone tell me what's going on here. AM LOST to why this is crashing.
Hi SanDguy. Correct in that I think it will be a wait and see here. Once the BK was dismissed months back we thought we were good to go and then within a day or two we had several civil suits filed which is now what the holdup is. Until we get finality to those Suits I think we'll be just hovering up and down here.
I too am still holding.
I am a holder and a buyer, not many shares available below 1 cent
I dont like this company mainly because Ed is a rude mean guy, not real professional and he makes bad friends.
What the hell is going to happen here? my guess is not much for awhile as usual. Oh well, nothing to do but wait for Ed to kick start the engine and get the filings done
Hi Memphis Dave. I too am still holding VTMS. Interesting to see the activity here today and the nice B/A uptick. Someone is buying.........
I am still in this one. Looks like someone is "quietly" accumulating shares in 100K lots.
Bid and ask going up on no volume. Maybe something is about to happen.
I am still long, but appreciate the updates. Hopefully these are almost done an the company can move forward.
another judgment today awarded against VTMS. Case number 30-2012-00563900, for about $70,000. Wow its one of Hand's "meritless" lawsuits.
Court Judgement awarded against VTMS, Case number 30-2012-00551318, Orange County Superior Court, on July 27, 2012, to his former lawyer in Orange County. He got stiffed like everyone has been stiffed by Ed Bukstel. No wonder VitaminSpice is being sued, they even stiff their own lawyers. His lawyers in Philadelphia quit because they were not paid.
Could there be more judgments on the way??
In a meeting in Irvine, CA, Jehu Hand allegedly attempted to bribe Edward Bukstel, CEO of VTMS, with money to allow Jehu Hand and his associates to continue their "pump and dump" scheme. Bukstel said no to any of the bribes offered by Jehu Hand. The result is a series of meritless and frivolous Lawsuits by Jehu Hand and his shell companies that have dead or non-existent shareholders, or are alter egos of Jehu Hand.
Alter Egos' i love it. Wish i knew which ones...oh i think i do.
I wouldn't put all that much into the drop today as it was on only 100k in volume and with a stock like this with a low SS that is normal to see. Once we see the final outcome to the lawsuits I think we then will see favorable movement here with VTMS.
I would like to know as well!
what happened here???
Oh, I see. Information from a friend. Thanks for the update.
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Contact Info996 Old Eagle School RoadSuite 1102Wayne, PA 1908
Website: http://www.vitaminspice.net
996 Old Eagle School Road
Suite 1102
Wayne, PA 19087
Website: http://www.vitaminspice.net
Phone: 481-367-7401
Phone: 481-367-74
Shares Outstanding | 155,234,664 a/o Sep 30, 2011 | |
Float | 14,706,129 a/o Sep 30, 2011 | |
Authorized Shares | Not Available | |
Par Value | No Par Value |
Shareholders of Record | 85 | a/o Apr 15, 2011 |
WAYNE, Pa., April 25, 2012 /PRNewswire via COMTEX/ -- VitaminSpice, Inc. (PINKSHEETS: VTMS) announces that the Federal Bankruptcy Court for the Eastern District of Pennsylvania has dismissed the involuntary bankruptcy petition that was filed against the company by its former attorney Jehu Hand, Ray Suprenard (IBT Florida), Jeremiah Hand, John Robison (Orange, California), and Esthetics World.
The Honorable Court further ordered that a Hearing be held regarding attorneys fees and damages. Furthermore, the Court Ordered that a Hearing be scheduled to hear VitaminSpice's "Bad Faith" Motion regarding the Filing of the petition. The Motions filed before this court included explicit documents provided to the court that demonstrated forgeries by petitioners, specifically Jehu Hand. One of the most outrageous documents that VitaminSpice provided is a back dated and notarized (by Jehu Hand's assistant, Kimberly Peterson) that was submitted to the offices of The United States Federal Court for the Eastern District of Pennsylvania's District Court Judge, Michael Baylson.
During the proceedings, petitioner John Robison admitted to providing investment funds via Kevin Lee Woodbridge, a convicted felon on securities violations. According to the SEC website, Woodbridge was banned for life from working with any public company in addition to Woodbridge's incarceration.
The Court will schedule a separate hearing to allow the parties to augment the present record with regard to the issue of whether VitaminSpice is entitled to fees and costs pursuant to 11 U.S.C. section 303(i). At that time, the Court will consider the issue of bad faith as it relates to VitaminSpice's section 303(i) requests, stated the Judge Madeline D. Coleman in documents issued by the court. VitaminSpice, by and through its attorneys will be submitting actual, compensatory, and punitive damage claims against all parties that filed the involuntary petition.
About VitaminSpiceVitaminSpice is uniquely positioned between the $150 billion health food/vitamin supplement industry and the multi-trillion-dollar traditional food industry. A pioneer in the emerging FoodCeutical Industry, VitaminSpice sells vitamin-, mineral- and antioxidant-infused spices and food products. Their offerings include Crushed Red Pepper, Ground Black Pepper, Italian Seasoning, Ground Cinnamon and Granulated Garlic. A proprietary micro-encapsulation process keeps vitamin properties locked inside, even when heated, allowing the seasonings, condiments, and food products to retain their full flavor.
VitaminSpice Safe HarborThis News Release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.
Contact:Edward BukstelCEOVitaminSpice, Inc.ebukstel@vitaminspice.net 484.367.7401
SOURCE VitaminSpice, Inc.
www.prnewswire.com
Copyright (C) 2012 PR Newswire. All rights reserved
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