is dealing with William Sundel (ATNP) and Kip Eardley (ITRM)
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You know Steve Sharp got the big money here. When they announced the buyout, which was probably from his South American slush fund, his foreign .0009 purchases went through the roof. Then as the price went down, he used his boys in Central America to short it all the way to suspension day. It was an easy score both up and down and was able to save those Canadian restaurants from the brink of having their oil snuffed out.
Somebody actually has an ardent hankering for Mr. Ribotsky's business model.
What is and what it’s really not…
Fraud. One of the definitions of the word is an intentional deception made for personal gain or to damage another individual. What are the key words there? Intentional deception. Far be it for us to pry, but something stinks in the SEC case against beleaguered hedge fund guy Corey Ribotsky and his famed NIR Group and its not the gefilte fish on this the high holidays of the Jewish Religion.
Having written about Mr. Ribotsky and NIR numerous times and forwarding tidbits of information, we took it upon ourselves to review all the relevant documents filed by the SEC as well as read every news story in the past 48 hours. Exhausting. Which we must hand it to the Internet search engines and the Internet news sources. Talk about one person reporting and the rest just copy and pasting. What has become of real journalism? Does anyone look into the REAL FACTS ever? Obviously not as there are no real facts in the SEC’s complaint let alone any of the articles that have been written.
Let us start with the obvious. SEC CHARGES HEDGE FUND MANAGER…….well that was meant to sensationalize a civil securities case was it not? The word Charged is used in big block letters. So many assumed the poor guy had been arrested as we hear from Long Island rumor central. Well, for all those listening, reading or making things up as everyone including the government seems to be, no Mr. Ribotsky was not arrested. This is a civil case brought by the United States Securities and Exchange Commission after almost three years of intensive investigation into everything from a potential ponzi scheme as the media once called it, to valuations, to kickbacks to now a myriad of mismatched and unrecognizable claims.
Sources close to the firm and one former high level employee claim that all of these claims stem from the Dworkin saga and Dworkin is attempting to cooperate with authorities to make his coming sentencing lighter. Well who is surprised about that? Our justice system unfortunately rewards criminals (yes let us remind you here Dworkin is a criminal) for turning on others or as the case may be making things in order to reduce the time they will spend away for their own crimes. Highly fair by anyone’s standards we would have to say, but this is how our system is built. Fair or not fair that is what happens everyday.
We took some time and broke down the main claims in the complaint which in our opinion didnt really seem to fit together. It seems so all over the place that it was as if someone said well lets throw in something about everything, but nothing having to do with what we spent three years and millions of tax payer money on looking for? Ribotsky in his own release on the situation credits the regulators for finding out, that hey, he was right. He didn’t misvalue things and wasn’t a ponzi scheme after all. So people like the ever ranting Teri Buhl were wrong with their Mini Madoff claims. Maybe you should apologize Teri? But we are sure she is still busy finalizing her defense for her upcoming criminal charges in Connecticut.
Sources close to the investigation say that the SEC has it all wrong once again. The complaint, press release and multiple articles claim Ribotsky misappropriated $1,000,000 from 2004 through 2009 from an account that used to co-invest with the AJW Funds but was given to the Funds as a capital investment. What the SEC complaint fails to mention is that the transaction used to put the investment into the funds, called by one source from an accounting firm, an assignment of economic interest is a common place transaction in funds such as these and happens in every transfer from one entity to the other. The source went on to say it is perfectly legal and make sense accounting wise. What the SEC complaint fails to mention is Ribotsky, NIR and its accounting staff did this in full disclosure to its independent auditor. So, it begs the question where is the intent to deceive? It does not seem to exist.
Further the complaint seems to be silent on the fact that the proceeds in question were used to pay for corporate cars. Well, a source close to the situation tells us they were not even Ribotsky’s cars. They were those of employees. It is not uncommon for employees to have their car payments reimbursed by the company or drive a company car. So maybe there was an accounting error. Or the accounting department used the wrong account and to cover it up the former head of accounting said “hey, he did it”. But there does not seem to be any intent at all. Especially if it was fully disclosed to the auditors and the government.
We are told the government asked these questions over a period of twelve months and each time received answers from NIR, its employees including Mr. Ribotsky as well as the independent auditors. It seems highly unlikely that they would all conspire to steal $1,000,000 in proceeds when the complaint states the firm made over $100 million in the same time frame? Does that not seem a bit far fetched?
Why is it not in the complaint that Ribotsky has tens of millions of dollars in these funds and left fees he made in the funds instead of paying himself which he was allowed to do? So if there was a truly an accounting error Mr. Ribotsky could in turn give the investors back that money and then some. So what are we all missing? An accounting mistake? How many company’s trading on the NYSE have been accused, made and corrected accounting errors? Do you know? ALL OF THEM. So this is not a massive issue.
A Rolex watch? Well that was a tidbit that caught our eye too as Ribotsky and former disgruntled partner Yellin have been into watches for years. What is important to note is that Mr. Yellin is the one who started the policy at NIR of buying employees and senior key staffers watches as bonuses. So as it turns out this watch, the Rolex in question, was not for Ribotsky himself but was bought for another former employee who resides as well in Syosset, New York. Mr. Ribotsky did not use the watch himself and it was a gift to that employee. Which again is hardly uncommon in the financial industry and in large companies.
So what does that leave us with ladies and gentlemen. Some weak claims about statements made, taken out of context, one in 2005, one in 2007? Those hardly equate to a scheme to defraud investors or hide performance. But what the SEC fails to discuss is that micro cap PIPE investments are different than most and can become liquid all of a sudden or a company’s focus can change rather easily and often. It is the nature of the business. Take the famed Petroalge deal that Laurus is stuck in, which was three other companies prior to having that technology. It is just the nature of the business.
Or the claim of selling a piece of the portfolio in 2008/2009 amid monumental market conditions not unlike the Great Depression. House hold names Bear Stearns and Lehman Brothers gone. Banks merged. Merrill Lynch purchased and no longer a stand alone investment bank. So here is a guy, known in the industry raising money to buy distressed pieces of AJW. Laurus. Cornell/Yorkville. (which he subsequently did based on filings). If you are a fund manager looking for liquidity and you are approached with this idea, hey why not? $43 million or so in liquidity over a justifiable time frame seems like a good number in the middle of a financial crisis. Pointing a finger at the individual behind the purchase because he has, what did it say $500 in his checking account, well according to sources close to it, that individual was raising a new fund and not paying for it himself. That individual advertises all over the Internet doing 504s and buying pieces of peoples portfolios. It seems he actually is in that business, as this excerpt from his Internet advertising states —
- See more at: http://ginvestor.biz/what-is-and-what-its-really-not/#sthash.y0iUCZoD.dpuf
I don't know if it was done with class. The problem is that Corey's got that fat face that just makes you want to send him to jail where he belongs. While all those prison rape stories are quite embellished--especially at the fed joint where he'd go, but he could indeed be the exception. Certainly this round won't turn into criminal, but now that his trophy wife got her mouth on another guy's ring finger..., he'll need to do something to keep paying Hirsch and keep up that Ferrari lifestyle.
Just something about the guy irritates me, I can't put my finger on it. Makes me want to come out of retirement, slap a few summonses on him, and watch his blubber head feed the legal team another year worth of salary.
I have been trading my gold assets for silver... it just takes up so much room.
Wonder what the float really is...
Anybody up for suing this piglet_
When you associate with James Monroe Capital you benefit from decades of financial and operational experience, broad industry knowledge and a powerful network of global relationships.
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The Company currently operates two (2) distinct and unique divisions: an investment banking division and a division that seeks to make acquisitions in later stage growing and emerging companies with a proven business model, strong management team, and annual revenues of $1 million or greater. James Monroe Capital is currently pursuing clients looking to utilize its investment banking services and seeking to make target acquisitions in growing cash flowing companies.
While considering our clients’ ongoing capital requirements, strategic needs and culture, we also apply our strategic advisory skills to position a company in order to maximize valuation. We then draw on our extensive investment banking experience to creatively structure securities that meet our clients’ near- and long-term financing needs, and once fundraising is complete, we can continue to serve our clients as both financial and strategic advisors.
James Monroe Capital’s management have helped companies raise nearly every form of debt and equity capital in both private and public markets. Our well-developed network of institutional investors, banking institutions, equity funds, and investment firms can provide both capital and industry expertise, which gives us the ability to help find the optimal investor for each of our clients.
info@jamesmonroecapital.com
6/25/06
to me
Dear friend,
Your email was received, and it will be read by a real person! Due to the high volume of email, there may be a delay in sending you a response, however, we will attempt to answer your questions in a timely manner..
We appreciate your interest in James Monroe Capital. We are glad that you took the time to write! Other people probably have the same questions and comments that you do, but just will not bother to tell us.
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The sure-fire way you can spot a good company is to watch it for a few years. Please book mark our website and stay in touch. Some day, after we have proven ourselves to you, We will be very proud to hear you say that you think we have done a good job.
Thank you for sharing,
Chris
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11/29/2012 128 MOTION to extend time to respond by Wayne A. Burmaster, Edward W. Hayter. (Attachments: # 1 Exhibit, # 2 Mailing Envelope)(RMT) (Entered: 11/29/2012)
11/29/2012 129 ANSWER to court interrogatories by Securities & Exchange Commission. (RMT) (Entered: 11/29/2012)
12/13/2012 130 RESPONSE to motion re 128 MOTION to extend time to respond to Verified Motion for Nunc Pro Tunc Extension of Time to Respond to Summary Judgment Motion and Motion to Compel Discovery filed by Securities & Exchange Commission. (Attachments: # 1 Exhibit 10-5-12 email, # 2 Exhibit 10-23-12 email, # 3 Exhibit 11-23-12 email, # 4 Exhibit 12-11-12 email, # 5 Exhibit 11-28-12 letter, # 6 Exhibit 12-12-12 email)(Martin, Christopher) (Entered: 12/13/2012)
12/17/2012 131 OPINION AND ORDER granting 126 Motion for Default Judgment against relief defendant Baron International, Inc. and Judgment will be entered in favor of plaintiff and against defendant Baron International as to Count I as stated in the Opinion and Order. The Clerk shall enter judgment accordingly, send a copy of this Opinion and Order to Mr. Ingala, and terminate Baron International as a pending defendant. Signed by Judge John E. Steele on 12/17/2012. (RKR) (Entered: 12/17/2012)
12/19/2012 132 JUDGMENT entered in favor of plaintiff and against defendant Baron International as to Count I as stated in the Opinion and Order (Signed by Deputy Clerk) (SPB) (Entered: 12/19/2012)
12/28/2012 133 ORDER granting 128 Verified Motion for Nunc Pro Tunc Extension of Time to Respond to Summary Judgment Motion; and denying 128 Motion to Compel Discovery. The Defendants shall have until February 13, 2013 in which to file a response to the Motion for Summary Judgment. No further extensions will be granted. Signed by Magistrate Judge Douglas N. Frazier on 12/28/2012. (brh) (Entered: 12/28/2012)
01/02/2013 134 MOTION for extension of time to file document /to file its Motion Recommending Particularized Permanent Injunction Language and Appropriate Amount of Civil Penalties by Securities & Exchange Commission. (Attachments: # 1 Text of Proposed Order)(Martin, Christopher) (Entered: 01/02/2013)
01/07/2013 135 ENDORSED ORDER granting 134 Motion for Extension of Time to File its Motion Recommending Particularized Permanent Injunction Language and Appropriate Amount of Civil Penalties. The Securities and Exchange Commissioner shall have until March 11, 2013 in which to file its Motion. Signed by Magistrate Judge Douglas N. Frazier on 1/7/2013. (brh) Modified on 1/7/2013 to change year(brh). (Entered: 01/07/2013)
02/14/2013 136 OPPOSITION to 67 MOTION for summary judgment filed by Wayne A. Burmaster, Edward W. Hayter. (Attachments: # 1 Mailing Envelope)(SPB) (Entered: 02/15/2013)
02/14/2013 137 RESPONSE to the Securites and Exchange Commission's statement of undisputed facts in support of its motion for Summary Judgment re 67 filed by Wayne A. Burmaster, Edward W. Hayter. (Attachments: # 1 Mailing Envelope)(SPB) (Entered: 02/15/2013)
02/27/2013 138 NOTICE of unavailability of counsel bySecurities & Exchange Commission from March 21, 2013 to April 1, 2013. (Martin, Christopher) (Entered: 02/27/2013)
03/07/2013 139 MOTION to Strike 137 Response, 136 Response in Opposition to Motion /Declaration of Wayne Burmaster and Affidavit of Christian Gallo from DE 136 and DE 137 by Securities & Exchange Commission. (Attachments: # 1 Exhibit 1, # 2 Exhibit 2, # 3 Exhibit 3, # 4 Exhibit 4, # 5 Text of Proposed Order)(Martin, Christopher) (Entered: 03/07/2013)
03/07/2013 140 MOTION for miscellaneous relief, specifically Recommending Particularized Permanent Injunction Language Against BIH Corporation pursuant to DE 121 and DE 135 by Securities & Exchange Commission. (Attachments: # 1 Text of Proposed Order)(Martin, Christopher) (Entered: 03/07/2013)
03/07/2013 141 MOTION for Extension of Time to File Response/Reply as to 121 Order on Motion for Default Judgment /Motion Recommending Appropriate Amount of Civil Penalties by Securities & Exchange Commission. (Attachments: # 1 Text of Proposed Order)(Martin, Christopher) (Entered: 03/07/2013)
03/08/2013 142 ORDER granting 141 Motion for Extension of Time to File Motion on civil penalties no later than 4/19/2013. Signed by Judge John E. Steele on 3/8/2013. (RKR) (Entered: 03/08/2013)
03/25/2013 143 ORDER deferring 67 Plaintiff's Motion for Summary Judgment pending disposition of 139 Plaintiff's Motion to Strike Declaration of Wayne Burmaster and Affidavit of Christian Gallo. Signed by Judge John E. Steele on 3/25/2013. (AAA) (Entered: 03/25/2013)
03/25/2013 144 ORDER denying 94 Edward Hayter's Verified Motion to Strike. See Order for details. Signed by Judge John E. Steele on 3/25/2013. (AAA) (Entered: 03/25/2013)
03/25/2013 145 OPINION AND ORDER granting in part and denying in part 100 Plaintiff's Motion to Strike Defendant Burmaster's Amended Answer and Affirmative Defenses to Complaint and Crossclaim Against BIH Corporation; granting in part and denying in part 102 Plaintiff's Motion to Strike Defendant Hayter's Amended Answer and Affirmative Defenses to Complaint. See Opinion and Order for details. Signed by Judge John E. Steele on 3/25/2013. (AAA) (Entered: 03/25/2013)
04/02/2013 146 RESPONSE in Opposition re 139 MOTION to Strike 137 Response, 136 Response in Opposition to Motion /Declaration of Wayne Burmaster and Affidavit of Christian Gallo from DE 136 and DE 137 filed by Wayne A. Burmaster, Edward W. Hayter. (Attachments: # 1 Mailing Envelope)(SPB) (Entered: 04/03/2013)
04/02/2013 147 RESPONSE in Opposition re 140 MOTION for miscellaneous relief, specifically Recommending Particularized Permanent Injunction Language Against BIH Corporation pursuant to DE 121 and DE 135 filed by Edward W. Hayter. (Attachments: # 1 Mailing Envelope)(SPB) (Entered: 04/03/2013)
04/03/2013 148 Unopposed MOTION for Mark David Hunter, Tiffany J. Brown, and Hunter Taubman Weiss LLP to withdraw as attorney by Christopher L. Astrom, Bimini Reef Real Estate, Inc., Damian B. Guthrie, Riverview Capital Inc.. (Attachments: # 1 Text of Proposed Order)(Brown, Tiffany) Motions referred to Magistrate Judge Douglas N. Frazier. (Entered: 04/03/2013)
04/19/2013 149 MOTION for Final Judgments Against Defendants BIH Corporation, North Bay South Corporation, Bimini Reef Real Estate, Inc., Riverview Capital Inc., Christopher L. Astrom, and Damian B. Guthrie judgment by Securities & Exchange Commission. (Attachments: # 1 Exhibit 1, part 1 of 12, # 2 Exhibit 1, part 2 of 12, # 3 Exhibit 1, part 3 of 12, # 4 Exhibit 1, part 4 of 12, # 5 Exhibit 1, part 5 of 12, # 6 Exhibit 1, part 6 of 12, # 7 Exhibit 1, part 7 of 12, # 8 Exhibit 1, part 8 of 12, # 9 Exhibit 1, part 9 of 12, # 10 Exhibit 1, part 10 of 12, # 11 Exhibit 1, part 11 of 12, # 12 Exhibit 1, part 12 of 12, # 13 Exhibit 2, # 14 Exhibit 3, # 15 Text of Proposed Order)(Martin, Christopher) (Entered: 04/19/2013)
04/26/2013 150 NOTICE of withdrawal of motion by Christopher L. Astrom, Bimini Reef Real Estate, Inc., Damian B. Guthrie, Riverview Capital Inc. re 148 Unopposed MOTION for Mark David Hunter, Tiffany J. Brown, and Hunter Taubman Weiss LLP to withdraw as attorney filed by Christopher L. Astrom, Riverview Capital Inc., Bimini Reef Real Estate, Inc., Damian B. Guthrie (Hunter, Mark) (Entered: 04/26/2013)
04/26/2013 151 ENDORSED ORDER withdrawing 148 Unopposed Motion to Withdraw as Counsel for Defendants Christopher L. Astrom, Bimini Reef Real Estate, Inc., Damian B. Guthrie and Riverview Capital, Inc. per the Notice of Withdrawal 150 . Signed by Magistrate Judge Douglas N. Frazier on 4/26/2013. (brh) (Entered: 04/26/2013)
04/26/2013 152 Unopposed MOTION for Extension of Time to File Response/Reply as to 149 MOTION for Final Judgments Against Defendants BIH Corporation, North Bay South Corporation, Bimini Reef Real Estate, Inc., Riverview Capital Inc., Christopher L. Astrom, and Damian B. Guthrie judgment by Christopher L. Astrom, Bimini Reef Real Estate, Inc., Damian B. Guthrie, Riverview Capital Inc.. (Attachments: # 1 Text of Proposed Order)(Hunter, Mark) (Entered: 04/26/2013)
04/26/2013 153 ENDORSED ORDER granting 152 Unopposed Motion for Extension of Time to Respond to Plaintiff's Motion for Final Judgments Against Defendants BIH Corporation, North Bay South Corporation, Bimini Reef Real Estate, Inc., Riverview Capital Inc., Christopher L. Astrom, and Damian B. Guthrie. Bimini Reef Real Estate, Inc., Riverview Capital Inc., Christopher L. Astrom, and Damian B. Guthrie shall have until May 20, 2013 in which to file a response. Signed by Magistrate Judge Douglas N. Frazier on 4/26/2013. (brh) (Entered: 04/26/2013)
05/20/2013 154 MEMORANDUM in opposition re 149 Motion for judgment filed by Christopher L. Astrom, Bimini Reef Real Estate, Inc., Damian B. Guthrie, Riverview Capital Inc.. (Attachments: # 1 Exhibit A)(Hunter, Mark) (Entered: 05/20/2013)
05/20/2013 155 DECLARATION of Damian B. Guthrie re 154 Memorandum in opposition by Damian B. Guthrie, Riverview Capital Inc.. (Attachments: # 1 Exhibit A)(Hunter, Mark) (Entered: 05/20/2013)
05/20/2013 156 DECLARATION of Christopher L. Astrom re 154 Memorandum in opposition by Christopher L. Astrom, Bimini Reef Real Estate, Inc.. (Hunter, Mark) (Entered: 05/20/2013)
05/23/2013 157 ORDER deferring 139 Plaintiff's Motion to Strike Declaration of Wayne Burmaster and Affidavit of Christian Gallo. Discovery will be reopened for the limited purpose of allowing depositions for defendant Wayne Burmaster and non-party Christian Gallo. The remaining deadlines will be reset under a separate amended scheduling order. Signed by Judge John E. Steele on 5/23/2013. (AAA) (Entered: 05/23/2013)
06/04/2013 158 AMENDED CASE MANAGEMENT AND SCHEDULING ORDER: (Limited Discovery due by 7/26/2013, Supplemental motion due by 08/16/2013, Supplemental response due by 08/30/2013, Pretrial statement due by 11/1/2013, All other motions due by 10/25/2013, Final Pretrial Conference set for 11/18/2013 at 9:00 AM in Ft. Myers Courtroom 6 A before Judge John E. Steele, Jury Trial set for trial term commencing 12/2/2013 in Ft. Myers Courtroom 6 A before Judge John E. Steele.) Signed by Judge John E. Steele on 6/4/2013. (RKR) (Entered: 06/04/2013)
Plump and slump?
Ribotski / Hirsch chugging along
Date Filed
#
Docket Text
11/15/2012 69 MOTION for Issuance of Letters Rogatory by Corey Ribotsky, The NIR Group, LLC. (Attachments: # 1 Exhibit 1 to Notice of Motion, # 2 Exhibit A (1 of 2) to Exhibit 1, # 3 Exhibit A (2 of 2) to Exhibit 1, # 4 Exhibit B to Exhibit 1, # 5 Exhibit C to Exhibit 1, # 6 Exhibit D to Exhibit 1, # 7 Exhibit E to Exhibit 1, # 8 Certificate of Service, # 9 Memorandum in Support Letter to Judge Brown) (Hirsch, Douglas) (Entered: 11/15/2012)
11/20/2012 70 First MOTION for Discovery Conference by Securities and Exchange Commission. (Byrne, Kenneth) (Entered: 11/20/2012)
11/21/2012 71 MOTION to Compel Production of Information as to Plaintiff's Actions to Change Dworkin Fifth Amendment Plea, and Response to Plaintiff's Nov. 20, 2012 Letter by Corey Ribotsky, The NIR Group, LLC. (Lieberman, Samuel) (Entered: 11/21/2012)
11/26/2012 72 REPLY in Opposition to Defendant's Motion Compelling Discovery filed by Securities and Exchange Commission. (Byrne, Kenneth) (Entered: 11/26/2012)
12/06/2012 ELECTRONIC ORDER deferring ruling on 69 Motion for Issuance of Letters Rogatory. A telephone conference is hereby scheduled for Monday, December 10, 2012 at 2:30 PM. Counsel for defendants shall have all parties on the line before contacting chambers. The subject of the telephone conference shall be defendant's compliance with the applicable rules and treaty provisions in its proposed letters rogatory. Ordered by Magistrate Judge Gary R. Brown on 12/6/2012. (Buehler, Brian) (Entered: 12/06/2012)
12/07/2012 ELECTRONIC ORDER finding as moot 71 Motion to Compel. Whereas counsel for the SEC represents that no documents responsive to the application exist, the motion is found to be moot. Ordered by Magistrate Judge Gary R. Brown on 12/7/2012. (Buehler, Brian) (Entered: 12/07/2012)
12/10/2012 73 Minute Order for proceedings held before Magistrate Judge Gary R. Brown: Counsel present via telephone. Motion Hearing held on 12/10/2012 re 69 MOTION for Issuance of Letters Rogatory and 70] First MOTION for Discovery filed by Securities and Exchange Commission. 69 Motion for Issuance of Letters Rogatory is GRANTED. 70 Motion for Discovery is GRANTED. Discovery deadlines are extended by 90 days: Fact discovery cut off to May 1, 2013; exchange of plaintiffs expert reports to May 22, 2013; exchange of defendants expert reports to June 13, 2013; initiation of dispositive motion proceedings to July 15, 2013; and electronic filing of the joint proposed pre-trial order consistent with the District Judge's requirements to July 29, 2013. SO ORDERED. (Brienza, Lauren) (Main Document 73 replaced on 12/10/2012) (Brienza, Lauren). Modified on 12/10/2012 (Brienza, Lauren). (Entered: 12/10/2012)
12/10/2012 74 ORDER: GRANTING the 69 MOTION for Issuance of Letters Rogatory filed by Corey Ribotsky, The NIR Group, LLC. Ordered by Magistrate Judge Gary R. Brown on 12/10/2012. c/m by ecf. (Mahon, Cinthia) (Entered: 12/14/2012)
01/09/2013 75 Letter enclosing rulings made by Magistrate Judge Brown during December 11, 2012 deposition of Richard Felsen and December 13, 2012 deposition of Joan Grant. (Brienza, Lauren) (Entered: 01/09/2013)
02/20/2013 76 First MOTION to Quash Document and Deposition Discovery by Securities and Exchange Commission. (Byrne, Kenneth) (Entered: 02/20/2013)
02/22/2013 77 RESPONSE in Opposition re 76 First MOTION to Quash Document and Deposition Discovery filed by Corey Ribotsky, The NIR Group, LLC. (Attachments: # 1 Exhibit A - Email from N.I.R. Counsel to S.E.C. Dated February 20, 2013, # 2 Exhibit B - S.E.C. Responses to N.I.R. Document Requests) (Rossan, Jennifer) (Entered: 02/22/2013)
03/08/2013 78 REPLY in Support re 76 First MOTION to Quash Document and Deposition Discovery filed by Securities and Exchange Commission. (Byrne, Kenneth) (Entered: 03/08/2013)
03/08/2013 79 MOTION for Leave to File Surreply to SEC's Reply by Corey Ribotsky, The NIR Group, LLC. (Rossan, Jennifer) (Entered: 03/08/2013)
03/15/2013 80 MOTION to Compel Production of Documents by Daryl Dworkin by Corey Ribotsky, The NIR Group, LLC. (Lieberman, Samuel) (Entered: 03/15/2013)
03/18/2013 81 REPLY in Opposition re 80 MOTION to Compel Production of Documents by Daryl Dworkin filed by Daryl Dworkin. (Marks, Jonathan) (Entered: 03/18/2013)
03/24/2013 82 ORDER granting 76 Motion to Quash. For the reasons set forth in the attached Memorandum and Order, the motion is GRANTED. Ordered by Magistrate Judge Gary R. Brown on 3/24/2013. (Buehler, Brian) (Entered: 03/24/2013)
04/04/2013 83 Second MOTION for Extension of Time to Complete Discovery by Securities and Exchange Commission. (Byrne, Kenneth) (Entered: 04/04/2013)
04/04/2013 ELECTRONIC ORDER granting 83 Motion for Extension of Time to Complete Discovery. The deadline by which to complete fact discovery is EXTENDED 60 days to July 1, 2013. Final extension. Ordered by Magistrate Judge Gary R. Brown on 4/4/2013. (Buehler, Brian) (Entered: 04/04/2013)
05/01/2013 ELECTRONIC ORDER terminating 79 Motion for Leave to File. Ordered by Magistrate Judge Gary R. Brown on 5/1/2013. (Buehler, Brian) (Entered: 05/01/2013)
05/01/2013 ELECTRONIC SCHEDULING ORDER: re 80 MOTION to Compel Production of Documents by Daryl Dworkin filed by Corey Ribotsky, The NIR Group, LLC. A Telephone Conference is scheduled for May 9, 2013 at 11:00 AM before Magistrate Judge Gary R. Brown. Counsel for defendants shall have all parties and counsel for Mr. Dworkin on the line before contacting the Court. Counsel for defendants shall further notify counsel for Mr. Dworkin of the hearing by close of business on May 2, 2013. Ordered by Magistrate Judge Gary R. Brown on 5/1/2013. (Buehler, Brian) (Entered: 05/01/2013)
05/09/2013 84 Minute Order for proceedings held before Magistrate Judge Gary R. Brown: Counsel present via telephone. Motion Hearing held on 5/9/2013 re 80 MOTION to Compel Production of Documents by Daryl Dworkin filed by Corey Ribotsky, The NIR Group, LLC. 80 Motion to Compel dismissed as moot. (Brienza, Lauren) (Entered: 05/09/2013)
05/21/2013 85 Minute Order for proceedings held before Magistrate Judge Gary R. Brown: Counsel present via telephone. Status Conference held on 5/21/2013. A further telephone status conference is scheduled on 7/24/2013 at 10:00 AM. The discovery cut-off is extended to 7/31/2013. SO ORDERED. (Brienza, Lauren) (Main Document 85 replaced on 5/21/2013) (Brienza, Lauren). (Entered: 05/21/2013)
Lots of crimes.
Do tell.
I contacted Nissan and they have no affiliation with CCGI.
How does this Company believe it is eligible to uplist?
Funny how none of the investors have sued Corey for fraud?
Is it yours?
Well bonds at a deep discount... do you think they'll kill the commons? What's in the bankruptcy plan?
My analysts believe there might be some attention coming here.
Should we get the stock or the bonds?
Is this a good stock?
my, my-- what tasty treats do we have here?
Feds use Web site to seek victims of Red Sea management fraud
Posted on May 28, 2012 by Special to A.M. Costa Rica
The Department of Justice has set up a Web site for potential victims of the Red Sea Management $7 million stock manipulation scam. The department said that it would like to hear from persons who think they may have been victims of the Costa Rica-based fraud.
The Web site can be found HERE and the individual cases can be found under numbers 11-cr-20121 and 12-cr-20049.
This prosecution is part of efforts under way by the Financial Fraud Enforcement Task Force.
This is the case that involved Red Sea Management and Sentry Global Securities, both based in the Edificio Colón in San José. The principal of the brokerage firm has been sentenced in Miami to 20 years in prison for his role in a stock manipulation scheme that defrauded investors in a company called CO2 Technologies
The man, Jonathan Curshen, 47, was the principal of both firms. He was sentenced earlier this month by U.S. District Judge Richard W. Goldberg. Red Sea Management and Sentry Global Securities are companies located in San José, Costa Rica, that provided offshore accounts and facilitated trading in penny stocks.
In addition to his prison term, Curshen was sentenced to serve three years of supervised release and was ordered to forfeit approximately $7.3 million. Curshen and his co-defendant, Las Vegas stock promoter Nathan Montgomery, were convicted by a jury in January on all counts.
The evidence at trial showed that in January and February 2007, Curshen of Costa Rica and Sarasota, Fla., and Montgomery, of Las Vegas, were involved in a scheme to illegally manipulate the stock price of CO2 Tech.
Evidence at trial showed that Curshen’s and Montgomery’s co-conspirators controlled the outstanding shares of CO2 Tech, which were used in the stock manipulation scheme.
Montgomery and his conspirators engaged in coordinated trades in conjunction with the issuance of false and misleading press releases that were designed to artificially inflate the price of CO2 Tech shares to make it appear that it had significant business prospects.
According to these press releases, CO2 Tech purported to have a business relationship with Boeing to reduce polluting gases emitted from airplanes, when in fact CO2 Tech never had any business or relationship with Boeing.
According to the evidence at trial, Montgomery and his co-conspirators, Robert Weidenbaum, Timothy Barham Jr., Ryan Reynolds and others fraudulently pumped the market price and demand for CO2 Tech stock through these press releases and coordinated trades of shares of CO2 Tech stock in order to create the appearance of legitimate buying interest by legitimate investors. The evidence showed that as Montgomery and his conspirators pumped the price of the stock, Curshen and his conspirators facilitated the dumping of shares through the trading desk at Red Sea and Sentry Global Securities by selling the shares to the general investing public. The evidence showed that these shares, which became virtually worthless, were purchased by unsuspecting investors, including investors in the Southern District of Florida. The evidence showed that Montgomery, Weidenbaum, Reynolds and Barham were paid approximately $1 million in cash by their conspirators to participate in sham stock trades of CO2 Tech. The cash was delivered to them in Miami via a private jet from an airport outside New York.
The evidence further showed that, from approximately 2003 through 2008, Curshen operated Red Sea as a money laundering hub in Costa Rica that established bank accounts and brokerage accounts in the United States and Canada under false pretenses and through nominee owners. The evidence further showed that Curshen and his co-conspirators laundered the proceeds of the stock fraud from accounts in the United States to an account in Canada, all in an effort to conceal and disguise the nature and source of the proceeds.
Stock promoters Barham and Weidenbaum were sentenced to 30 months and 26 months in prison, respectively. Michael Krome, a securities attorney from New York, who participated in the conspiracy and evaded federal securities registration requirements, was sentenced to 34 months in prison.
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Chump.
Hello my children, I do think it's finally time.
I see Paul is trding his own stock some more.
I didn`t like this as a cellarbox stock when it was 0001 x 0002, but actually the authorized and the number of shares were reduced under prior management. If I recall, when this was Intelective Communications it has an a/s of 5bllion which was reduced to 3 billion under BCND.
Did they promise?
He did if you passed it along.
Sad bro, sad.
Tastes like free range chicken, grown in the hills of West Virginia.
Always with these Pinkies. Otherwise they would need shareholder meetings, etc.
Are you looking at the updated ones they posted tonight? What is with their crazy press releases?
What exactly does this PR say?
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Our thoughts on this point? Well,
It may be easy to split shares
It may also be easy to issue large amounts of shares
You can´t help people suspecting Corey of being the short seller on every stock. If you´re the neighborhood drug dealer, everyone assumes you´re the source of all drugs in the neighborhood. It doesn´t mean it´s true.
How is Corey doing?
I don´t know that it needs a PR to go up. It just keeps going up. The person on the bid is accumulating. It took a lot of investment money to buy up this float.
Which I believe is affiliated with Giluet Foundation that earmarked several million dollars to various projects to help the local communities. However, I have not been able to confirm that yet.