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This would definetly null and void any subsequent warrants given to AUCTUS:
The SEC's complaint charges Auctus Management, Sollami, and Posner with violating Sections 15(a)(1) and 20(b) of the Securities Exchange Act of 1934. The SEC seeks permanent injunctions, disgorgement of ill-gotten gains plus prejudgment interest, civil penalties, and penny stock bars, and other equitable relief. The complaint also names as a relief defendant Auctus Fund, and seeks disgorgement from Auctus Fund of ill-gotten gains from Auctus Management, Sollami, and Posner's violations.
The SEC's case is being handled by Michael Franck, David Scheffler, Rua Kelly, Michael Moran, Mark Albers, and Amy Gwiazda of the Boston Regional Office.
It's probably a lot more than just "some" OTC companies. They screwed over 100 penny stocks!
Auctus is the reason some OTC companies have failed. Companies that could have made a difference with their products if given a fair deal. Xeri could have been another victim of Auctus had the SEC not investigated their shady business. Hopefully this helps Xeri get back up on their feet. Nexboards could be a game changing product, so let's see what happens now that the toxic financer is out of the picture. Now would be the perfect time to get a deal signed. I hope Auctus and everyone that had a hand in crushing the dreams of companies and their investors are locked away inside a mountain for the rest of their days.
The SEC's complaint clearly shows how Auctus illegally victimized penny stocks. Why would any objective observer take their side at this point?
Kill, Predatory lending is illegal, being one of the victims of this crime has been painful. Justice is coming, the predators are going to give back what they took. For the victimized retail share holders, the PPS is going to rise, I am looking for that to happen immediately.$$$$$
We have a lot to look forward to, mostly a rise in the share price. It would be nice if DUFYY would weigh in.
LOLOLOLOL....."VICTIMIZED"???
xeri WENT TO AUCTUS FOR $. AUCTUS LOANED THEM 6M. xeri SIGNED A LEGAL AGREEMENT TO MERGE WITH XTI AND UPLIST WITHIN CERTAIN TIME FRAME. THEY FAILED TO MEET THOSE TERMS AND ARE NOW IN DEFAULT. NOW THEY OWE AUCTUS 10M AND THAT'S NEVER GOING TO GO AWAY DESPITE WISHING IT WOULD.
HENCE THIS POS DOES A REVERSE SPLIT AND DILUTES A FEW BILLION SHARES....OR THIS POS SCAM GETS DELISTED BEFORE THEY'RE ABLE TO CONTINUE SCAMMING NAIVE RETAIL....
EITHER WAY INVESTORS LOSE EVERYTHING.
......
Having the Auctus loan wiped out will just the beginning of XERI's lucky streak.
The SEC has better things to do than going after companies that have been victimized by Auctus on the basis of their victimization.
Maybe XERI was in cahoots with Auctus and was scamming itself. That makes as much sense as some of the other conspiracy theories I've heard here.
Maxim seemed to be acting as a "finder" for Auctus and could potentially be liable in some way.
The complaint addresses loans signed through 2021. The warrants were obviously included under the terms of XERI's 2021 loan, so they are -- more likely than not -- covered by the complaint. Assuming otherwise without knowledge of some special exemption is illogical.
How's that thinking been working. One way or another Auctus will STILL be the NAIL in XERI'S COFFIN!!!! Won't be much longer now. Duffy's had a week to address this matter, nothing but crickets. May not even see the upcoming June EOY audited 10-K
TIC TOC tic
Looks like an opportunity to purchase more shares. XERI... $$$$$$$$.. LONG!!
LOLOLOLOL....LOAN DOESN'T GO AWAY AND SEC NOW INVESTIGATING ALL THE SCAM COMPANIES LIKE xeri THAT ARE ASSOCIATED WITH AUCTUS.
DELISTING COMING SOON...
Auctus screwed the pooch, and now dropped the soap in the shower. XERI... $$$$$$$$.. LONG!!
Lol, I think your spring just sprung. 11th hour Duffy. XERI lives on, the gift of life.
DESPARATE thinking.
TIC TOC TIC TOC TIC TOC TIC toc CLOCK IS WINDING DOWN
Your TIC TALKIN might be done, you may have to regroup. Kind of makes the scam angle irrelevant, Auctus has taken enough!
Ah, so Duffy did get that Certified Mail.
LOL!
The time line fits, I'd be willing to bet. the SEC has already contacted Duffy in regards to AUCTUS. Sounds like Duffy bought our winning ticket.
Funny how hope becomes fact. The SEC Complaint refers to Auctus debt notes once and if converted into shares at a large discount, and Auctus also then "selling the newly-issued shares of stock into the public U.S. securities markets."
https://www.sec.gov/litigation/complaints/2023/comp25741.pdf
If Auctus has not converted its Xeriant debt Note into XERI shares, and at a large discount, and sold these shares, then the Auctus Note continues to remain a debt obligation of Xeriant's.
$6.05M borrowed just does not vanish.
It's about $10M now, right?, after Xeriant's two previous default extensions with added-on penalty debt.
https://www.sec.gov/Archives/edgar/data/1481504/000147793221007820/xeri_ex41.htm
Only if Maxim had one of theirs sitting on Auctus board of directors.
Xeriant Closes Key $6M Financing, November 05, 2021.
https://www.globenewswire.com/news-release/2021/11/05/2328583/0/en/Xeriant-Closes-Key-6M-Financing.html
Maxim Group, LLC hooked Xeriant, Inc. up with Auctus. Wonder if SEC comes down on Maxim for collusion.
.
So you're saying Duffy was making payment on the note the day they signed??????
It clearly states between 2013 & 2021. More READING BETWEEN the LINES.
I would think the $5+ million loan would be wiped off XERI's books as former liability rather than being treated as income. How soon depends on whether the case is settled or goes to trial. In any event, it will be good news for XERI,
Any warrants Auctus received would probably be treated as just another form of ill-gotten gains that they will be forced to give up.
The SEC's complaint clearly indicates that Auctus' business model was totally illegal and was probably responsible for undermining the share prices of scores of penny stocks like XERI. While the complaint doesn't currently mention illegal short-selling, that's probably harder to prove -- but I wouldn't be surprised to see that added in subsequent complaints. (FYI: The SEC rarely loses cases in Federal Court.)
I don't find that stated anywhere in the original agreement. Please post where that is stated in the agreement where these warrants were issued. Why issue warrants when no payment was due? The DEFAULT is what made those warrants required as payment before the note matured.
I concur 100%, Auctus is going to be the one dropping the soap in the shower! They're goingvto get exactly what's coming to them.
WRONG!!! THEY OWE WHAT THEY OWE....
NOTHING BUT LYING GRIFTERS SCAMMING NAIVE RETAIL....
DELISTING COMING SOON....
So the next 10Q should show millions in income correct
Sounds like any subsequent warrants that were issued under the terms of an illegal note would be voided along with the underlying principal and interest. XERIANT isn't in default if the loan is deemed illegal.
Warrants were issued with the original signing of the deal and some were issued later
That is when the deal was signed but would warrants have been issued before the first DEFAULT in 2022. Until then if the note agreement was completed and had been paid back there would be no need to issue warrants would there????
The "TRUTH" always prevails. XERI... $$$$$$$$.. LONG!!
Didn't Xeri sign their deal with Auctus after 2021?
Didn't Xeri sign their deal with Auctus after 2021?
Link to the suit
https://www.sec.gov/litigation/complaints/2023/comp25741.pdf
From the SEC suit against Auctus
E.
Order the surrender and cancellation of any securities (including convertible
notes, warrants, and shares) obtained by Auctus in connection with its convertible notes business
between 2013 and 2021, which are still held by Auctus.
LOLOLOLOL....NOT SO GREAT FOR LONGS TODAY
What a great Thursday morning. XERI... $$$$$$$$.. LONG!!
I'm saying he's not going to the mailbox...EVER
For specific reasons
Waiting for the certified letter from the SEC. LOL
I ALSO SIAD THEY'RE BROKE...FACT
WON'T PRODUCE ANYTHING....FACT
LYING GRIFTERS....FACT
POS SCAM...FACT
Mailbox??? This FOOL probably hiding in the dumpster behind his apartment building....
SEC WILL find him though. They ALWAYS do...EVENTUALLY
Talk about regurgitating the SAME OLD REALLY OLD BS.
TIC TOC
I doubt if TMF is going to tarnish their name any more than they already did. I wouldn't be surprised if we DON'T hear any more about a TMF partnership. XERI has been dark for awhile and I don't expect new BS about a 9 figure building project anymore. Since SEC involvement with Auctus Duffy surely doesn't want to draw attention to this SCAM. Probably scared to go to the mailbox at this point in time.
TIC TOC
10-Q does-not-confirm TMF Corporation is a "valued strategic investor."
Xeriant's March 8th, 2023 Press Release quoted Xeriant, Inc. CEO Keith Duffy with statement regarding TMF Corporation that "TMF Corporation is one of our valued strategic investors and we’re excited to finally collaborate to unlock their capabilities as we set out to begin the manufacturing of NEXBOARD™,” said Keith Duffy, CEO of Xeriant. https://www.globenewswire.com/news-release/2023/03/08/2622993/0/en/Xeriant-partners-with-TMF-Corporation-for-NEXBOARD-test-production.html
And yet, In Xeriant's 10-Q released two and a half months later on May 22nd, 2023, Xeriant provides zero mention of a new investor, or of any new investment funding from any investor.
The 10-Q has zero mention of TMF Corporation, zero mention of any subsequent events, nada, zip, just more zero. https://www.sec.gov/ix?doc=/Archives/edgar/data/1481504/000147793223003889/xeri_10q.htm
It does in fact appear that TMF Corporation is not an investor in or of Xeriant.
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