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QFOR -> Schaumburg company execs arrested on fraud charges
by Robert ChannickContact ReporterChicago Tribune
Two top executives of a publicly traded Schaumburg software and consulting firm were arrested Wednesday morning for allegedly misrepresenting the company's finances to inflate its stock price.
Nandu Thondavadi, CEO of Schaumburg-based Quadrant 4 System, and Dhru Desai, its chief financial officer and chairman, were charged with wire fraud and certifying false financial reports related to two acquisitions and the settlement of a lawsuit against the company in 2013.
Thondavadi faces an additional charge of making false statements to the Securities and Exchange Commission in May during an investigation into the company's financial practices.
Both appeared in Chicago federal court Wednesday morning to hear the charges, which carry a maximum penalty of 20 years each for wire fraud and certifying false financial reports. Thondavadi faces an additional 5 years for allegedly making false statements to the SEC.
Thondavadi, 62, of North Barrington, and Desai, 55, of Barrington, are being held in federal custody, with a bond hearing set for Friday afternoon.
Quadrant 4, which launched in 2010, provides software and consulting services to health care and education customers. The firm reported $52 million in revenues and a net loss of $516,000 for 2015, according to financial filings.
The complaint alleges that Quadrant 4 misrepresented its acquisitions of Teledata Technology Solutions and Momentum Mobile in 2013, overstating the value of the deals. In the Teledata purchase, for example, the company said in financial statements it paid the seller 3 million shares of Quadrant 4 stock, when the actual agreement called for a payment of 475,000 shares, according to the complaint.
In late 2013, Quadrant 4 began making cash payments on a $1.75 million settlement after a court ruled it had breached a financing agreement with a New York-based lender, Downtown Capital Partners. Quadrant 4 allegedly misrepresented the settlement in financial statements as a payment of 1.87 million shares of its stock to enhance its cash position to investors, according to the complaint.
Thondavadi and Desai were the largest individual shareholders of the company at the time, according to the complaint.
In May, after the SEC launched an investigation into the company's financial practices, the agency questioned Thondavadi in its Chicago office about his potential interests in Core Information Technology Solutions, a major Quadrant 4 client. At the time, Thondavadi denied having any financial control or ownership interest in CITS, despite evidence to the contrary presented by the SEC, according to the complaint.
The company subsequently filed an amended annual report acknowledging related party transactions with CITS, which the complaint alleges resulted in $1.4 million in net transactions with Quadrant 4 in 2015.
Quadrant 4 has offices in seven states and India.
http://www.chicagotribune.com/business/ct-schaumburg-ceo-fraud-1201-biz-20161130-story.html
A/S increased to 1.95 BILLION shares per NVSOS Filing
Anyone an Idea what Proftron will do in the future?
Their Webpage is empty too -> www.proftron.com
A/S increased to ~300M shares per NVSOS Filing
Name change filed with the NVSOS
New Company Name: PUNCH ANIMATION INC.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=UXBgeSPJPV34%252fUyR7ueynQ%253d%253d&nt7=0
A/S increased to 300M shares per NVSOS Filing
A/S increased to 500M per NVSOS Filing
Per Correction Filing with the NVSOS: JOSEPH ARCARO
is listed again as Sole Officer.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=Lo79jIjlk%252fx4edPJGW3CpQ%253d%253d&nt7=0
Reinstatement filed with the NVSOS
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=DUV8ovJL37WoVuTfjGwffA%253d%253d&CorpName=CYCLONE+URANIUM+CORPORATION
explains the hits today
Company filed for a 1:100 RS with the FLSOS
http://search.sunbiz.org/Inquiry/CorporationSearch/ConvertTiffToPDF?storagePath=COR%5C2016%5C1115%5C92153669.Tif&documentNumber=P14000048052
A/S increased to 1.5 BILLION shares per NVSOS Filing
dunno and don't care
Reinstatement, new addy and new Sole Officer filed with the NVSOS
Sole Officer: YAU KAM WAH
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=UATQF%252beXWIME1xSNomWvAw%253d%253d&nt7=0
Reinstatement and other filings:
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=UATQF%252beXWIME1xSNomWvAw%253d%253d&CorpName=SUPPORTSAVE+SOLUTIONS%2c+INC.
seems like somebody caught it already
Just check how "well" he did
with his last Company AAEH...
Great looking Webpage. LOL
A/S increased to 500M shares per NVSOS Filing
R/S coming per NVSOS Filing (hit today)
Name change filed with the FLSOS
New BOD and Co Addy filed with the NVSOS
A/S increased to 4,5 BILLION shares per NVSOS Filing
A/S is now 15 BILLION shares per NVSOS Filing
as outlined already in the DEF 14 Filing
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=uUT73Dh9tkfrKPSCjXQfSA%253d%253d&CorpName=BRAZIL+MINERALS%2c+INC.
A/S increase doesn't require Finra approval, while a R/S does.
You are joking, right?
The AS is not effected by a RS:
A/S increased to 1.5 Billion shares per NVSOS Filing
IMO Just a PUMP Job
that'll die very soon.
Company Name change now filed with the NVSOS
New Name: FINANCIAL GRAVITY COMPANIES, INC.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=vg3BoWUaexBy4emyrWsvww%253d%253d&nt7=0
Just check out their webpage... MJ LMFAO
Website: http://www.mjwl.info (as shown on OTC)
Somebody is just spreading rumors based on the Ticker imo.
Company Name changed to KESTREL TRANSPORTATION. INC.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=Lf1uPyLFO%252blIe7GkM2FYTA%253d%253d&nt7=0
Tracy Ticker !! Caution!!
It was re-named to BIOCHAR previously… but for some Reason the new CEO James Gaspard is now going public with his other Co
https://www.linkedin.com/in/james-gaspard-56b30485
Name change filed with the NVSOS
New Company Name: FOUNDERS BAY TECHNOLOGIES, INC.
http://fbaytech.com/
AS increased to 100 BILLION shares per FLSOS Filing
http://search.sunbiz.org/Inquiry/CorporationSearch/ConvertTiffToPDF?storagePath=COR%5C2016%5C1024%5C90591404.Tif&documentNumber=P09000084815
GL!
That's how it looks at the moment.
Most Info's about the entire Company construct are currently available on the GREI Homepage http://www.atimodular.com/
I think we'll have to wait for Co Filings for more Info's about their Plans for EXAI, but so far it looks pretty good, imo.
Should have taken a position myself here.
Seems like Harvey will still going with GOFF, BUT
for a different Business...
Another Amendment filed, Address change:
Yep, saw it and also this:
http://www.nasdaq.com/markets/ipos/company/americatowne-inc-934316-78409
Seems like decided different per this 8K:
Still possible... BUT
The THC Webpage is not longer shown as Company Webpage Link on OTCMarkets either.
Only time will tell what's going on here.
Agreed!
Indeed it does look interesting,
but the big Question is: What are the Plans here?
Background of Mr. Perkens per Bloomperg:
That's correct, but for some Reason the Name change got reversed.
I wonder why all the Hype took place all of a sudden again, since this THC Site was listed as the New Company Home already since July with OTCMarkets... It was the Reason for the first run back then.
Well, it got removed and only Tracy's Email Addy is shown yet.
Per my tracking the name change to THC with the NVSOS took place already in Sep and NOT just last Week.
For some Reason the Webpage has been removed from OTCMarket and the Name change got reversed...
Name changed back to GOFF CORP. at the NVSOS
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=XYlj4epguo%252bkt%252f0pOwIlgQ%253d%253d&nt7=0
What happened to THC Therapeutics?? No Deal?
Name change filed with the NVSOS
New Company Name PAO GROUP, INC.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=AgVhu28LFHJVrDBGK7BRaw%253d%253d&nt7=0
Name change and New BOD filed with the FLSOS
New Co Name: ATI NATIONWIDE HOLDING CORP
http://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?inquirytype=EntityName&directionType=Initial&searchNameOrder=EXA%20P010000946690&aggregateId=domp-p01000094669-9f565b98-2ac4-4fcc-9d2f-7de29bf30403&searchTerm=EXA%20Inc.&listNameOrder=EXA%20P010000946690
OTC Market does hold the new Info already: http://www.otcmarkets.com/stock/EXAI/profile
New Co Home Page: http://www.atinationwide.com/
Same Guy that took over GREI !
GREI Hompage: http://www.atimodular.com/