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Well it's an update if the imformation has changed. Here are the two. Read page 2 on each one you will see the numbers are different.
http://www.relmholdingsinc.com/NineMonthEndReport92010.pdf
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=45505
Versalign does work for the University of Pennsylvania
http://www.purchasing.upenn.edu/buyinfo/suppliers/contract_suppliers_sname.php
http://www.drpennystock.com/ Has Relm on their watch list
Delaware courts: Couple sentenced to prison for fraud, conspiracy
WILMINGTON -- A couple that operated a Delaware lending institution that never lent any money -- while collecting hundreds of thousands of dollars in fees -- were sentenced to prison terms Wednesday in federal District Court.
Ed Johnson, 60, whom prosecutors described as "a lifelong con man," was sent to prison for 10 years, while his wife, G. Carol Johnson, 67, a formerly respected loan executive and community activist, will serve three years and four months behind bars.
Both at trial and at Wednesday's sentencing, Ed Johnson maintained that the criminal prosecution, followed by October's convictions by a jury on 14 fraud and conspiracy counts, was all a misunderstanding. If he'd gotten just a little more time and staff assistance, the financing would have worked out, he said.
"We were trying to help people, and now it's turned into a criminal event," he said.
But Assistant U.S. Attorney Lesley F. Wolf told District Judge Joseph J. Farnan Jr. that this was not an isolated incident. She said Johnson's criminal record stretched back 20 years, including convictions for larceny, bad checks, misappropriation of funds and fraud. She said prison time and previous court orders have not deterred Johnson and the only way to protect the public is to lock him up.
Farnan agreed, telling Johnson that the evidence showed that his loan business was conceived and executed as a criminal enterprise. "I think you started out to rip people off," he said.
According to court records, from 2003 to 2007 the Johnsons' companies -- MERL Financial and Heritage Capital Credit Corp. -- accepted 21 applications from businesses across the country for $370 million in loans to buy land and renovate buildings. But despite collecting $1.5 million in fees, the companies never delivered even a dollar in loan money to any of their clients.
Carol Johnson's attorney, Federal Public Defender Edson Bostic, picked up on the government charge that Ed Johnson was a con man, saying Ed brought that quality to his marriage.
In detailing Carol Johnson's impressive résumé, her charitable work and lack of criminal record, Bostic said she should not be defined by this conviction.
During her brief address to the court, Carol Johnson repeatedly and tearfully apologized.
"I am so sorry, so sorry we are here," she said. "I wanted Ed to succeed. We were married 25 years and I wanted him to succeed." She also said she never meant to do wrong and begged Farnan not to incarcerate her.
Wolf, however, pushed back against the portrayal of Carol Johnson as a victim. She said Carol's role -- her credibility as a loan executive before joining Heritage -- "was an essential part of the fraud."
Were it not for Carol Johnson's sterling reputation, Wolf said, many victims would not have done business with Heritage. And, she said, given Carol Johnson's lengthy experience in the loan industry, "she should have known better"
Farnan agreed, though in handing down a lighter sentence he said he was taking into account Carol Johnson's previous good works.
And unlike Ed Johnson -- whom Farnan ordered incarcerated immediately -- the judge allowed Carol Johnson to report to prison late next month.
Farnan also told Carol Johnson she might benefit from relationship counselling during her incarceration.
The Johnsons were also ordered to pay restitution to their victims.
http://www.delawareonline.com/article/20100527/NEWS01/5270366/Delaware-courts-Couple-sentenced-to-prison-for-fraud-conspiracy
Johnsons are gone Newtrader
http://mortgagefraud.squarespace.com/journal/2009/10/30/delaware-couple-convicted-in-loan-fraud-fee-scheme-that-vict.html
Friday, October 30, 2009
1:00PM
Delaware couple convicted in loan fraud fee scheme that victimized churches
David C. Weiss, United States Attorney for the District of Delaware, announced today that Ed Johnson, age 60, and G. Carol Johnson, age 67, of Wilmington, were both found guilty by a federal jury yesterday of one count of conspiracy to commit mail and wire fraud, 10 counts of mail and wire fraud and one count of engaging in an illegal monetary transaction. Mr. Johnson was also convicted individually of one additional mail and wire fraud count. The jury also found that $1,549,598.78 is subject to forfeiture by Mr. and Mrs. Johnson, as that amount represented the proceeds of their fraud. The conspiracy and mail and wire fraud counts are punishable by a maximum term of 30 years imprisonment and a maximum fine of $1,000,000. The count of engaging in an illegal monetary transaction is punishable by a maximum term of imprisonment of 10 years and a fine of not more than twice the amount of the criminally derived property involved in the transaction.
Beginning in 2003 through 2007, Mr. and Mrs. Johnson engaged in a multi-year loan fraud scheme, operating initially through MERL Financial Group and later through Heritage Capital Credit Corporation and Independent Capital Credit Corporation – all companies controlled by Mr. and Mrs. Johnson. As part of that scheme, the defendants fraudulently collected large fees totaling $1,549,598.78 from at least 21 different sets of victims, including a number of churches. The victims, who were seeking funding for a variety of building and development projects, were told by Mr. and Mrs. Johnson that if they paid these large fees, the defendants’ companies would arrange for them to receive loans for these projects. However, at the time the defendants made these promises, they had no source of funding available, nor was this funding imminently available. When promised loan closing dates came and went with the victims receiving no money, the defendants continued to attempt to collect additional fees from the victims and to make misrepresentations regarding their ability to fund loans. Ultimately, none of the 21 sets of victims ever received a loan through the defendants and their companies.
As part of their scheme, the defendants told victims that the victims had to pay application fees, loan commitment fees, closing costs and appraisal fees – at times totaling over $300,000 per victim – in order to receive their loan. With respect to the appraisal fees, in some instances the defendants hired an appraisal company to work on the victim’s project, but the defendants wrongfully retained the fees they had collected for appraisal work and never paid the appraisal company. At other times, victims paid appraisal fees to defendants, yet the defendants never even hired the appraisal company to complete work on that victim’s project and instead kept the money for themselves.
The evidence at trial demonstrated that in significant part, Mr. and Mrs. Johnson spent the victims’ money on luxury items for themselves and their family. These purchases included over $66,000 of jewelry and clothing at stores such as Tiffany and Company or Saks Fifth Avenue. The defendants also spent over $44,000 of victim monies at restaurants and distributed victim funds to their children in various ways.
United States Attorney David C. Weiss said “The defendants used Delaware as the launching pad for a nationwide financial fraud scheme, in which they wrongfully took money from victims living all over the country. These victims, including some from the Delaware Valley, suffered financially and emotionally losing thousands of dollars and their dreams of success. We are pleased with the jury’s guilty verdict and will continue to help the victims attempt to recover funds from the defendants.”
The case was investigated by Special Agent Peter Gangel of the Federal Bureau of Investigation’s Wilmington, Delaware office. It was prosecuted by Assistant United States Attorneys Lesley F. Wolf and Christopher J. Burke.
Yes they would have to file one within four days, but RELM doesn't file much I searched the EDGAR system and they only have one filing the last couple of years
http://www.sec.gov/Archives/edgar/data/1432108/000118811210000589/xslFormDX01/primary_doc.xml
Let's separate the deals: Versalign is a subsidiary for Access Versalign Inc. The Versalign acquisition was completed on Feb 20, 2009 by AVI , but Relm didn't own Access Versalign at the time Relm purchase 76% of AVI on Oct 5, 2009 a restructured deal from the one announced May 5, 2009.
http://finance.boston.com/boston/news/read?GUID=8752106
http://www.marketwire.com/press-release/RELM-Holdings-Inc-Has-Purchased-76-of-Access-Versalign-Inc-1054831.htm
As of the corrected fins for 2009 the 24% has not been accounted for. Read below I copied this from the 2009 fins, it said Relm plans to issue meaning at that time they haven't, and I can't find nowhere on the net that the 24% has been paid, so maybe this is what is going on but it's not the end of the world we still own 76%
2. 2009 Developments Access Versalign Inc. (“AVI”) purchased Versalign Inc. on February 20, 2009 in a share exchange. The Versalign shareholders received 2 million shares of AVI in exchange for 100% of the shares in Versalign. Subsequent to this event, RELM purchased 38 million shares of AVI common stock giving it 76% control of AVI. AVI was purchased with a demand note that has a value of $2,000,000 and RELM is able to liquidate this demand note through the proceeds from the sale of public stock in an affiliate (Protective Capital Structures Corp - PCSO: OTC. PK) (“Public Stock”) held by Relm Real Estate Holdings Inc. (“RREH”)
RELM plans to issue an additional 315 million shares of restricted RELM stock to AVI shareholders to acquire the remaining 24% balance of shares in AVI. As part of the plan, each AVI shareholder of record before the acquisition of AVI by RELM is expected to receive 14.2 shares of RELM for each share of AVI. AVI continues to pursue its efforts to acquire four information technology services companies
May, 2010
ValexConsulting has been engaged to revamp the suite of web-based financial products for the commercial lending company. The software provides modules for simultaneously underwriting, securitizing, analyzing default risk and preparing legal and trust indenture documents for a loan or a pool of loans.
http://www.valexconsulting.com/spotlight/news/default.asp?year=2010
June, 2008
RELM Real Estate Holdings, Inc. (Wilmington, DE), a financing company for revenue producing commercial real estate loans, selects ValexConsulting to develop and support it's web-based shareholder portal. The application will feature document management, security/permissions, profile management, etc.
http://www.valexconsulting.com/spotlight/news/default.asp?year=2008
We're on the Reg Sho list day 1 is just the begining they have alot of shares short hold'm and make them paid.
http://www.otcmarkets.com/stock/RELM/short-sales
Today's OpinionView from Barchart.com
Strong Buy
Support & Resistance
2nd Resistance Point 0.0008
1st Resistance Point 0.0008
Last Price 0.0007
1st Support Level 0.0006
2nd Support Level 0.0004
Don't forget that Relm was on the Reg Sho list back in Sept, Nov, and Dec on little volume. I think they have to cover the last 75 million shares.
Composite Indicators Signal
Short Term Indicators
7 Day Average Directional Indicator Buy
10 - 8 Day Moving Average Hilo Channel Buy
20 Day Moving Average vs Price Buy
20 - 50 Day MACD Oscillator Hold
20 Day Bollinger Bands Buy
Short Term Indicators Average: 80% Buy
20-Day Average Volume - 5,871,600
Medium Term Indicators
40 Day Commodity Channel Index Buy
50 Day Moving Average vs Price Buy
20 - 100 Day MACD Oscillator Hold
50 Day Parabolic Time/Price Buy
Medium Term Indicators Average: 75% Buy
50-Day Average Volume - 5,411,080
Long Term Indicators
60 Day Commodity Channel Index Buy
100 Day Moving Average vs Price Buy
50 - 100 Day MACD Oscillator Hold
Long Term Indicators Average: 67% Buy
100-Day Average Volume - 5,692,460
Overall Average: 72% Buy
Price Support Pivot Point Resistance
0.0006 0.0003 0.0005 0.0007
Versalign is a listed contract supplier for the University of Pennsylania
http://www.purchasing.upenn.edu/buyinfo/suppliers/contract_suppliers.php
Welcome back Hippo put them greenbacks in the till, you,ve been sitting on them so long mole has set in.
We need some holders Hippo, jump on and grab a few
BCLOC Business Loan to $235,200 annually
Check out this link on PCSO this is money made on just one loan.
http://www.tradingmarkets.com/.site/news/Stock%20News/2202338/
Let's not forget about Nate's email from Greenberg about the work with Ohana
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56037510
Here's the website remember this is just what they get paid from the state of Delaware. We all know that Greenberg is doing consultant work with Ohana, that Versalign will get money from. That was from a email Greenberg replied to someone on this board.
http://gss.omb.delaware.gov/contracting/contracts/394vur.shtml
This website has Versalign listed as 5-10 million annually.
http://versalign.openfos.com/
Here's some earnings for you.
Versalign's earnings from the state of Delaware.
July $62,173
August $79,825
Sept $99,885
Oct $72,676
Total $314,559
They haven't posted Nov, and Dec yet. I have seen alot of pinks that couldn't make that amount of money in 10 years trading 10 times what we are. .001 to .0012 should be the bottom we're priced way to cheap.
On 12-1-10 30,000,000 traded at .0003 before an up tic to .0004 it's going to take alot of steam to get this boat out of the water.
Versalign is a Remote Access and Telecommuting Consulting Firm for Telecommuting 360 in the state of Delaware.
http://www.telecommuting360.com/directory/Delaware-Service-Provider
Look RELM is still on watch list
http://finance.boston.com/boston/news/read?GUID=16307839
Can someone tell me if they closed this deal, if so the annual EBITDA would be $1.2 million.
http://finance.boston.com/boston/news/read?GUID=9037689&Symbol=RELM
Reg Sho Day Two
http://www.otcmarkets.com/stock/RELM/short-sales
Count back the days and I think this is from that 27 mil day right after the news. If they can't have one run up day without shorting then I think shares are hard to come by. If we had some buying pressure RELM would be at .003 in no time. JMO
RELM back on Reg Sho
http://www.otcmarkets.com/stock/RELM/short-sales
PR just released on pink sheets
http://www.otcmarkets.com/stock/RELM/news?id=24755&b=y
I just got the Sept numbers for what Versalign got paid from the state of Delaware. I gave you the July and August numbers before, but here they are again. Remember this is just what they got paid for the state of Delaware this doesn't account for what they are making on other projects.
July
$62,173
August
$79,825.33
Sept
$99,885.16
$241,883.49 Total for 3 months
Here's the link you can see what they have been paid for the last 2 years.
http://gss.omb.delaware.gov/contracting/contracts/394vur.shtml
I posted this before but I think it's worth another look. Here's some DD Versaligns delware state contracts extended to April 30, 2011
http://gss.omb.delaware.gov/contracting/documents/07394A-15.pdf
MM's have got to be kidding. 27,731,593 shares bought and 1,855,000 shares sold take it down. Who can make sense of this.
Woow!!!!!! Something going on here look at all those buys.
Yesterday was day 13 and we're still on the list
I know Snelling doesn't have anything to do with this but his Bio gave some info on Versalign that I didn't know.
http://www.linkedin.com/pub/geoff-snelling/9/283/486
Reg sho six days, I don't believe they are short much because we have'nt had much volume. BUT you relmers are a tight bunch with your shares. I'm proud to be dug in with your guys at .0003/4 everyone is holding the line.
Reg Sho five days now
http://www.otcmarkets.com/stock/RELM/short-sales
RELM on the naked short list again yesterday. I think they are still short from back in Sept, they got off the list by buying and selling shares between MM's which just pushed the buck forward.
http://www.otcmarkets.com/stock/RELM/short-sales
That's what I'm saying why give them 3's and 4's. Sell them for 6's then Relm will be a 100% gain and will draw lots of eyes to it. All we need is volume and this thing will be over 001 in no time.
RELM has been on the reg sho list for 2 days and nobody noticed.
http://www.otcmarkets.com/stock/RELM/short-sales
Check this out RELM on naked short list
http://green.tmcnet.com/news/2010/11/05/5119205.htm