World Health Alternatives, Inc.(fka WHAIQ)

[Renee]

WHAIQ Finra deleted symbol:

http://otce.finra.org/DLDeletions

[sidedraft]

WHAIQ: Suspended by SEC

http://www.sec.gov/litigation/suspensions/2014/34-71465.pdf

[ash111]

WARMING UP,new report here http://reports.finance.yahoo.com/w0?r=58143909:2

[ash111]

NITE loading all,can blow up on any vol imo

[pkropp]

Thought some day nursing provider out of Atlanta bought the shell.

[I Don't Sell Homes]

Is WHAIQ an empty shell?

[I Don't Sell Homes]

I've had WHAIQ on watch for a few months. Something brewing?

[buxmaker]

Some interesting action in WHAIQ lately. Hopefully it will finally break out.

[monda2frida]

yw. yes, maybe shareholders will get some money back?

[billcarson]

thanks for the fast reply with info.....this looks interesting....

Business News Briefs
March 17, 2012 2:50 am
Share with others:
0
inShare. World Health settlement
A federal judge yesterday approved a $2.7 million settlement in a securities lawsuit brought against World Health Alternatives, the Wilkins medical staffing firm that collapsed from accounting fraud in 2005. The settlement will provide affected shareholders with about 11 cents per share, shareholders attorney Arthur Stock told U.S. District Judge Terrence F. McVerry. Funds from the settlement came from insurance policies covering World Health co-founder Richard E. McDonald, directors and the company's outside auditor. A federal grand jury investigation of the company continues, Mr. Stock told the judge.



Read more: http://www.post-gazette.com/stories/business/news/business-news-briefs-489084/#ixzz20Xz71V9v

[monda2frida]

sorry bill, i haven't been following it at all. this is the only info i have:

February 20, 2006

FROM:
World Health Alternatives, Inc.
777 Penn Center Blvd., Suite 111
Pittsburgh, PA 15235

Media Contact:
M. Benjamin Jones
[phone]

FOR IMMEDIATE RELEASE

WORLD HEALTH ALTERNATIVES, INC. FILES VOLUNTARY PETITION
IN BANKRUPTCY, ANNOUNCES SALE OF SUBSTANTIALLY ALL ASSETS
TO JACKSON HEALTHCARE STAFFING, LLC

PITTSBURGH, February 20, 2006 - World Health Alternatives, Inc. today announced it has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code, along with its subsidiaries World Health Staffing, Inc., a California corporation, World Health Staffing, Inc., a Delaware corporation, f/k/a MedTech Medical Staffing of Orlando, Inc., Better Solutions, Inc., JC Nationwide, Inc. f/k/a MedTech Staffing of Boca Raton, Inc. d/b/a JCNationwide, MedTech Medical Staffing of New England, Inc., and MedTech Franchising, Inc. The Company and its subsidiaries filed petitions today in the U.S. Bankruptcy Court for the District of Delaware in Wilmington, Delaware to facilitate a sale of the Company and its subsidiaries.

World Health also announced that it had entered into a “stalking horse” agreement for the sale of substantially all of its assets and the assets of its subsidiaries to Jackson Healthcare Staffing, LLC, an affiliate of Jackson Healthcare Solutions, LLC, for a purchase price of approximately $43 million in cash plus the assumption of certain liabilities, including liabilities to retained employees and staffing professionals. A motion has been filed with the Bankruptcy Court seeking approval of bidding procedures and the sale of assets.

In connection with the Chapter 11 filings, the Company also announced that it has secured an approximately $37 million debtor-in-possession (DIP) financing facility from CapitalSource Finance, LLC. The Company anticipates that the DIP financing, together with its ongoing revenue stream, will be sufficient to fund its operations, including payment of employee wages and benefits, during the sale process.
Page 2

“After careful consideration we concluded that a sale of the Company through a Chapter 11 auction process will best maximize the return for all stakeholders of the Company and is the best way for the Company to continue providing the level of service its customers expect,” said Benjamin Jones, President and Restructuring Officer of the Company. The sale is expected to be consummated in six to eight weeks.

[billcarson]

mond, any idea how a company can buy another company and limit the liabilities to a fixed amount, in this case $10M? unless the bky had blown out the shareholders stake as unsecured creditors......any chance you have a link to the bankruptcy provisions, assuming it was finalized? the terms of the sale would also be a help if anyone knows where to find them......

[monda2frida]

BRIEF: Official of defunct medical firm gets 5 years of probation

Apr 28, 2012 (Pittsburgh Post-Gazette - McClatchy-Tribune Information Services via COMTEX) -- Deanna Seruga, former controller of Wilkins-based World Health Alternatives Inc., was sentenced today to five years probation for misprision of felony in connection with the defunct medical staffing firm.
The crime involves knowing of falsehood but failing to report it. U.S. District Judge Joy Flowers Conti handed down the sentence.

World Health's co-founder Richard E. McDonald of Leechburg pleaded guilty this month to several fraud and tax counts and faces sentencing in August.

He was accused of manipulating the company's books and understating expenses and liabilities to make the firm appear to be more financially sound.

Ms. Seruga's age and place of residence were not immediately available.

Rich Lord: [e-mail] or 412-263-1542

___ (c)2012 the Pittsburgh Post-Gazette Visit the Pittsburgh Post-Gazette at
www.post-gazette.com Distributed by MCT Information Services
Rich Lord
Copyright (C) 2012, Pittsburgh Post-Gazette

[monda2frida]

Ex-CEO from Leechburg pleads guilty to fraud, tax evasion

Apr 14, 2012 (The Pittsburgh Tribune-Review - McClatchy-Tribune Information Services via COMTEX) -- With 15 words, a Leechburg man completed his fall from high-flying entrepreneur to convicted felon.
Richard E. McDonald, 38, seemed the embodiment of success in 2004. In the previous year, he had taken over as CEO of World Health Alternatives Inc., a Wilkins medical staffing company, and seemingly had grown its revenue 10-fold to more than $40.4 million.

He lived in a $450,000 home, drove luxury cars, traveled on chartered jets and was paid $1 million by a production company to film a reality television show based on his business.

The reality was that it was all a lie.

"Guilty, your honor," McDonald said five times on Friday as U.S. District Judge Joy Flowers Conti read off the fraud and tax charges McDonald was pleading to in a deal with the government to avoid prosecution on another 15 charges.

He pleaded guilty yesterday to one count each of wire fraud, securities fraud, certifying false statements to the Securities and Exchange Commission, payroll tax evasion and income tax evasion.

Federal investigators say McDonald, who became CEO in 2003, transferred company money to his personal account, persuaded investors to send payments for newly issued stock to his personal account, manipulated records to conceal World Health's $2.3 million in unpaid payroll taxes and overstated the amount of loans he allegedly made to the company.

He also understated the company's outstanding shares to give auditors and investors a false picture of the company's financial health, investigators say.

McDonald resigned his position in 2005, and the company filed for bankruptcy six months later. In 2006, Alpharetta, Ga.-based Jackson Healthcare Solutions bought World Health for $43 million, plus $10 million for liabilities.

At the time of his indictment, prosecutors said shareholders lost about $200 million. Assistant U.S. Attorney Shaun Sweeney said yesterday that both sides have agreed to a calculated loss of $41 million.

Wearing a white shirt, dark pants and a tan pullover sweater, McDonald did not speak during the hearing, except in answer to the judge's questions. He and his lawyer, Tina Miller, declined to comment after the hearing.

Conti set sentencing for Aug. 17.

___ (c)2012 The Pittsburgh Tribune-Review (Greensburg, Pa.) Visit The
Pittsburgh Tribune-Review (Greensburg, Pa.) at
www.pittsburghlive.com/x/pittsburghtrib Distributed by MCT Information Services

[ash111]

THIS CAN FLY IMO

[Aduke]

Yep. AUTO - $0.0012 x 1 million.

[ash111]

i see 1 m bids,G-FILER+46M O/S

[GreenMachine]

Whats going on here?

[Aduke]

WHAIQ - $0.0031 x $0.0032

[buxmaker]

WHAIQ coming back to life again at .003.

BUX

[Inspekta]

0,01 printed, we are ready, never been so high in the last years

[Inspekta]

holding not bad, need to break the range about 0,004, then blue sky

[pkropp1]

I guess WHAIQ is dormant again

[GreenMachine]

This moves incredibly fast.

[buxmaker]

Significant buying and price movement in WHAIQ today.

BUX

[l2 hunter]

Very small accumulation here. Only 400k left to 006

[Icanslim]

A $7 sell or 3,000 shares sold and the MM's move the price to .0022 or down 47%...this stock will move up bigly with some volume LOL

[Icanslim]

This gonna go much higher

$WHAIQ

[l2 hunter]

Ask 0034 o.e player place her ask order deeper and deeper. Cheap shares.

[Icanslim]

Agreed

[l2 hunter]

1@004 no bid selling. Can ran very big with more ask hitting. We will see what hapens here

[Icanslim]

or more?

[l2 hunter]

Close 0042 20%+ nice. Chart Looking great here. Tomorrow 01?

[Icanslim]

Ihub closed the 'other' WHAIQ board and directs everyone to this board

$WHAIQ

[l2 hunter]

Nice thin. Ready to take out 01 tomorrow.

[l2 hunter]

will close green today. 45k@0042 450k@0045 100k@0056 5k@019

[Medic425]

We are at .0042!

[Medic425]

This thing is thin.

[l2 hunter]

Looks good here. No one sell into the huge monsta bid. I day 0045+x close today. Ask very thin. 25k@003 than 0045 0056 019 Thats Strong.

[Estrella]

WHAIQ @ .005!

[ash111]

46M O/S, something is happening

[Estrella]

WHAIQ @ .0045!

[Estrella]

WHAIQ @ .004!

[Estrella]

WHAIQ @ .002!

[Estrella]

WHAIQ @ .0014!

[Estrella]

WHAIQ @ .0015!

[Estrella]

WHAIQ @ .001!

[ScovilleUnits]

Thanks for the post

Thinking total closure, short of total removal from a specified environment, never really comes given the players’ access to reincarnation within the environment.

Fewer loose ends than before is always good though and I enjoy hearing what happens to these rats.

Thanks

[scion]

In his settlement, McDonald agreed that he owed the SEC $8.5 million from illegal profits, plus interest. He won't have to pay it back because he has proven he doesn't have the resources. The same goes for Seruga who would have owed more than $500,000 but is also financially indigent, Horowitz said.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=45662287

Posted by: Dragonwing Date: Tuesday, January 19, 2010 5:46:32 PM
In reply to: None Post # of 3886

Four settle SEC claims against defunct Pa. firm

Dec 29, 2010 PITTSBURGH – Three former officers of a defunct Pittsburgh-area medical staffing company and an attorney who worked for them have agreed to settle stock fraud claims filed by the Securities and Exchange Commission.

The settlements, signed by all four participants in the World Health Alternatives Inc. case, must be approved by a federal judge, SEC attorney David Horowitz said Tuesday.

The agreements would end an SEC lawsuit filed last week that parallels a criminal investigation of alleged stock fraud. Federal prosecutors say investors lost $200 million when the company's penny stocks bottomed out following the resignation of president and chairman Richard McDonald in August 2005.

"Our case is settled and over with," Horowitz said, "but it's based on the same set of facts" as the criminal case.

The SEC accused McDonald of leading a scheme to manipulate financial statements to make the company appear more financially sound than it really was, and to hide money McDonald allegedly siphoned from the company to fund a lavish lifestyle.

McDonald is awaiting trial. According to the 20-count grand jury indictment, he took at least $6.4 million from the Wilkins Township-based company while president, chairman and sometime chief executive from 2003 to 2005; failed to pay federal taxes withheld from employees; and evaded his own taxes.

The settlements don't include admissions of wrongdoing by McDonald, 35, of Gilpin Township, and three others: Marc Roup, 36, of Murrysville, another former CEO; Deanna Seruga, 34, of Pittsburgh, the company's controller; and Joseph Emas, 55, of Surfside, Fla., who served as the company's securities counsel.

Instead, Roup has agreed to turn over a Mexican vacation home, its furnishings, a custom motorcycle and jewelry to a court-appointed receiver, who will sell the property. The proceeds will help repay $5.3 million in illegal profits, income and interest. Roup also will pay a $120,000 SEC fine.

In his settlement, McDonald agreed that he owed the SEC $8.5 million from illegal profits, plus interest. He won't have to pay it back because he has proven he doesn't have the resources. The same goes for Seruga who would have owed more than $500,000 but is also financially indigent, Horowitz said.

If it's later determined that either has the money, or has assets that can be liquidated, the SEC can go after it, Horowitz said.

Emas, the attorney, has agreed to repay $163,000, which includes fees he got for WHA work, plus interest. He also has agreed to a $15,000 fine, Horowitz said.

All four also agreed that they will not engage in securities fraud and, in the case of McDonald and Roup, will be barred from ever serving as officers of publicly traded firms.

Seruga, a CPA, can never represent a publicly traded company as an accountant before the SEC. Emas has agreed to be barred for two years from serving as a securities counsel for any publicly traded company.

McDonald doesn't have an attorney in the SEC case and his criminal defense attorney did not immediately return a call for comment.

Roup has an unlisted home phone. Emas didn't immediately return a message left at his home Tuesday.

Seruga, the former controller, pleaded guilty last year to certifying bogus financial statements to the SEC and is awaiting sentencing. Her defense attorney didn't immediately return a call for comment.

http://news.yahoo.com/s/ap/20091229/ap_on_bi_ge/us_sec_world_health_alternatives

http://www.sec.gov/litigation/complaints/2009/comp21350.pdf

[ScovilleUnits]

Former CEO indicted on $200 million securities fraud

Saturday , August 29, 2009 14:14ET

Aug 29, 2009 (Pittsburgh Post-Gazette - McClatchy-Tribune Information Services via COMTEX) -- Nearly four years after the SEC launched an investigation into financial irregularities at a former Wilkins business, the president and CEO has been indicted on charges that he orchestrated a $200 million securities fraud.

Richard F. McDonald, 35, of Leechburg, was indicted by a federal grand jury on Thursday. He ran World Health Alternatives Inc., a publicly traded company that provided medical staffing. He appeared yesterday before U.S. Magistrate Judge Amy Reynolds Hay.

He faces 20 counts, including wire fraud, securities fraud, making false statements to the SEC, and failure to pay both payroll and personal income tax.

Mr. McDonald, dressed in a gray Penguins T-shirt and jeans, was released on a $100,000 cash or property bond and faces formal arraignment on Friday.

Prosecutors claim he illegally transferred corporate funds to his personal account; had vendors send payments for newly issued stock to his personal account and manipulated corporate financial records to conceal that payroll taxes went unpaid.

According to the U.S. attorney's office, the company's stock price fell to 49 cents per share from $3.55 per share during a one-week period in August 2005 as a result of Mr. McDonald's actions.

The loss to shareholders was more than $200 million, based on approximately 69 million outstanding shares, the government contends.

Mr. McDonald abruptly resigned from World Health on Aug. 15, 2005, stating family and health reasons.

The company's stock plunged after company officials disclosed the accounting errors and discrepancies in the company's financial reports.

When the financial irregularities became public in 2005, the company had 310 corporate employees, 1,100 full-time health-care workers and 17 offices.

Several lawsuits were filed against World Health, and the company filed for Chapter 11 bankruptcy in February 2006.

Mr. McDonald became part of World Health in February 2003 when his previous company, Better Solutions Inc., was acquired. He became the CEO at World Health in June 2004.

According to the indictment, Mr. McDonald claimed that he had loaned large sums of money to World Health and then issued checks to himself as repayment.

In October 2004, the government said, he wrote checks totaling $750,000 from company accounts and deposited them in his personal accounts.

Further, prosecutors say that Mr. McDonald forged the signature of a fellow board member so that the company could issue three additional lots of more than 1 million shares of World Health stock.

When those were sold, the indictment said, Mr. McDonald had the purchasers wire some $2 million into accounts controlled by him.

Mr. McDonald is also charged with collecting more than $2.2 million in payroll taxes from company employees and not turning it over to the IRS, as well as not paying personal income tax on approximately $6 million he earned between 2003 and 2005.

The former controller of World Health, Deanna Seruga, pleaded guilty to a count known as "misprision of felony," in October. According to prosecutors, Ms. Seruga knew that false financial certifications were being submitted to the SEC, but she failed to alert anyone.

She is scheduled to be sentenced on Oct. 30 before U.S. District Judge Joy Flowers Conti.

Paula Reed Ward can be reached at [e-mail] or 412-263-2620.