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Sarbanes–Oxley was named after bill sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH). As a result of SOX, top management must individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. Also, SOX increased the oversight role of boards of directors and the independence of the outside auditors who review the accuracy of corporate financial statements.
Thanks TorontoNewf really appreciate ur thoughts.
BTW the title of CFO has always been held by the CEO of Kallo
Refer to: Sarbanes–Oxley Act 2002
I have my ways! What is the reason for ur question?
TorontoNewf would appreciate ur comment on the following situation:
3 company cheques go ‘missing’ and get presented to the bank with ‘forged’ signatures.
Company very predictably blames junior accounting staff.
Internal investigation clears junior staff. Upon this, CEO immediately orders investigation closed as ‘they have more important things to worry about’.
Total amount of Chq fraud was about 30k
I see COPS with handcuffs arrresting the BoD & CEO
Notice how the higher price buys are a small amount of shares while the lower price buys r larger amount of shares.
Someone/ones are desperately trying to pump the price up.
Reeks to high heaven of a pump & dump
True, it will only have any value if that moron CEO delivers an iota of those promised of multimillion dollar contracts. Since 2009 he has sold NOTHING but spent millions
So the opposite of the following happened:
1. Dubious copyrights
2. No sales every
3. Money owed to employees
4. Money owed to suppliers
5. Money owed to Canada Revenue
6. FE undertakes to pay all debts
7. 600:1 RS
8. FE issued post RS shares
9. FE does not repay all debts
10. BoD issued post RS shares
You should get an award like the frost & something award Kalo is bragging they got but actually bought!!!!!
1. A year ago FE assumes liability for all Kallo debts in exchange for post r/s common shares
2. So liabilities removed from BS and Kallo becomes debt free
3. One year + later - post r/s shares issues to FE and to BoD as payment/bonus
4. Employees, CRA and suppliers r still owed money
5. Supplier gets a judgement for money owed them & Kallo accrues for judgement amount.
QUESTIONS:
1. Why did Kallo have to accrue for the judgement amount?
2. Did not FE assume liability for ALL debts?
3. A year+ later it appears no employees/CRA/consultants/suppliers have been paid. So they have to sue and Kallo will accrue for the judgement amount and rebook the losses? As per item 5 above
This sucks! This is not business which accounting principles r this company following?
I appreciate this very much TorontoNewf.
Must say I’m disappointed that this shady lowlife crook will get away with this $£!T.
However the question I’m still asking is:
WHY HAS FE BEEN PAID SHARED WITHOUT FULFILLING THEIR OBLIGATION TO PAY THE SALARIES, CRA AND OTHER Debts?!! And how did the BOD get issued post r/s shares without ensuring FE fulfilled their commitment
TorontoNewf, would u b kind enough to read the article at this link:
https://www.ice.gov/news/releases/hsi-investigation-leads-arrest-former-synergy-ceo
Here r two statements from there:
1. Synergy recognized approximately $1.5 million in "prepaid expenses," when at least 25% of those prepaid expenses were fictitious.
2. If convicted, Faibish (CEO) faces up to 30 years in prison.
Will appreciate ur comments if u do
Thanks for answering that question TorontoNewf, that took courage.
I appreciate u speaking out
Nothing is legit here. The fundamental so called copyright technologies do not exist
Yes LOOTED is the right word. The other thing to look at is that the CEO and further the board allowed this to happen. They ensured that they got paid cash or stock while letting investors, shareholders employees and suppliers get hosed with this deal.
Is the board elected to look after themselves or the shareholders?
The deal with FE needs to b scrutinized. Why was FE allowed to NOT PAY for shared issued to them?
They have not fulfilled the obligation to pay the debts that they agreed to take responsibility for.
But Kallo issued payment shares to FE. WHY?
This is a fraud
Thanks no harm done Ohmyohmy. This godman crook needs to go to hell
Thanks TorontoNewf. I have info that he borrowed from others as well, and willfully FORGOT that he did. He has also personally borrowed and offered to repay in Kallo shares. This is FRAUD
I sympathize with u but do not blame urself. This is an conman ... very good at his trade.
Don’t shoot the mesanger Ohmyohmy, i m just doing what I am really good at. This is not the first time I’ve sniffed out a criminal.
BTW every one of their Financials shows PREPAID EXPENSES despite salaries & expenses being paid by the company.
I am finding out more $£!T on this guy the CEO of this company. In the words on one who prepared first financials ‘the origin of the copyrights are nebulous’
I know there r shareholders & x employees reading this and saying this is true.
When a sniffer senses contraband at the airport do the officers look the other way and tell the dog to heel?
The time for u to act is now. Don’t tell me to heel and don’t look away. There is a criminal here
He who laughs last, laughs longest my friend Ohmyohmy.
Secondly Kallo did & can do nothing to help sick or dying for the following reasons:
The four copyrights they supposedly own r garbage. Three of them have not been developed despite spending millions over 10 years
The one mobileclinic which they claim to have developed and launched is plagiarized from a hospital in Chinnai and in reality is just a hyped up or pumped up ambulance.
If one sees it as it is and not listed to the crook that has delivered ZERO so far one will realize it is just BS in a tie.
TorontoNewf did cecil borrow money from u?
Don’t answer if not comfortable
Criminals MO is to hide/destroy evidence or traces of their actions. An investigators job is to find the hidden/destroyed pieces and put them together and make a case.
In the last few u & I have put together a few pieces.
I had a hunch that the Technoligies cecil supposedly has were fake. U have added credibility to that.
I’m going to dig around some more. I tell u I’ve seen this before. Criminals always think they can get away with $£!t. But they always always leave a trace
In that case, this is a well thought out and planned scam.
Cecil and Kassett r prime suspects for insider dealings/trading.
Both of them can face jail time
Do u think they knew planned it so FE would not paid creditors?
Certainly seems like it since Kallo has done nothing to pay employees/CRA/Creditors
But directors have paid Kassett and themselves.
This is a one way ticket. If knowingly done, it’s a CRIME
How does that .06 jump happen? I don’t get it
Holy crap! Google map shows 67 simms drive as a house on a residential street!
Did Kallo Directors know this when they signed the deal with FE? If not shud they b bonused/paid share or cash for not doing due diligence
Question still is why has Kallo fulfilled their part of the agreement by issuing FE shares & NOT ensured that FE fulfills their part?
This is a ‘let’s hose the shareholders’ job.
1.So over a year ago FE Pharmacy commits to payoff all Kallo debts in exchange for those post reverse split shares
2. Reverse split done
3. Shares to FE Phatmacy issues
4. Bonus shares/payment to directors done
5. FE Pharmacy has not paid anyone? As per 10k & 10q CRA is over money, employee, consultant, supplier have judgements that r accrued for. Why r they accrued for. FE Pharmacy has to pay this right? Why has Kallo issued shares to FE Pharmacy if FEP has not performed their commitment?
6. Why did FEP take on those debts a year ago and not fulfill its obligation.
7. Did they know of possible deals when FEP SIGNED that 8k a year ago?
8. Smells like INSIDER INFORMATION
69. The guy from under Cecil’s skirt shud come out now...it’s leaking blood red under the skirt!!!
Thanks Toronto. This validates the fact that this is a scam. Cecil is a scammer. I am looking as to what we shud do next
TorontoNewf I wonder if u would share your thoughts on those ‘copyrights’ being impaired to zero value
There was someone commenting that I am disgruntled and giving out insider info. Where is he hiding now? Under Cecil’s skirt?
The SEC should definitely investigate this scam. Anyone know if a complaint has to b submitted?
He has pained a lot of people, used other people’s money to fund his life style. It is a public company, this what he as done must b made public
We should team up and sue that crook cecil
TorontoNewf you’ve gotta go easy on your self. How could u have known better? This guy’s a crook. Maybe we can get together and sue cecil for our money. He is the ceo & cfo he is responsible for all actions.
WOW! I don’t know what to say. Except that it’s more evident now that cecil is a crook.
CEO Cecil should b arrested
That they paid themselves $/stock/anything despite not making a single sale. All this while spending millions of other people’s money & then making sure those people will never recover their investment by diluting them
TorontoNewf what do u think those prepaid expenses (in their financials) are? When salaries r paid, expenses covered, what could b a reason to have prepaid expenses? Another way for money to b taken out and justification deferred? They have prepaid expenses in every financial....I think they took money out and saying it is an expense yet to b incurred. SCAM
U met John Cecil? $£!T
Thanks for that Kingpindg
In the 10k that u linked to, I read the following:
Kallo's Copyrighted Technologies:
The following technologies are protected under Canadian and International copyrights and are authored by John Cecil and owned by Kallo Inc. Kallo Inc. has ownership rights of the products referred in this section, of which B, C, and D are under development
A.
M.C. Telehealth – Mobile Clinic Telehealth System – Developed and launched in November 2011.
B.
EMR Integration Engine – Electronic Medical Record Integration Engine - Under development.
C.
C&ID-IMS – Communicable and Infectious Disease Information Management System - Under Development
D.
CCG Technology – Clinical-Care Globalization technology – Under Development
They have spent a truck load of money NOT DEVELOPING the technologies?
These are authored by John Cecil, copyrighted and NOT YET DEVELOPED after spending a trailer load of money??
Bad boy, bad boy what u gonna do when they come for u?
I don’t get it. The asset has to have been sold or something. How can it b valued at 800K in 2013 and then ZERO in the next year? This is on their balance sheet!