NanoTech Entertainment Inc (NTEK)

[jgstockhunter]

This whole criminal case is simply a breach of contract case that goes horribly bad. Foley sells his company, Ultracade to Global VR
for millions and for a fat salary. Oooooops, Foley maybe tech guru but no business genius transfers the technology and then finds out Global VR aint got no money! Not only don't they have the millions, they can't give him a good paycheck. He very inappropriately starts selling the remaining inventory he has on hand to raise money. The allegation is that he makes more inventory after the deal and he tries to conceal its true source by selling through a co-conspirator. 57 count indictment reduced to one conspiracy charge. Global VR goes bankrupt which they blame on Foley. Foley goes BK Chapter 11 which he blames on Global VR.

IMO Judge Davila only sentenced Foley to 2 years because Foley couldn't say he was sorry and he didn't answer the Judge why he wouldn't do anything like that again if he didn't sentence him to some jail time. He admonishes Foley, leaves the bench, gives him a second chance to answer the questions, Foley then blows that opportunity and just talks about how much money his new company is going to make. Great speech for s/h meeting not the right attitude at your sentencing hearing. Co-conspirator gets six months probation, no jail time. All public record, all federal hearings are tape recorded and available on CD for a fee.

So technically, you could commit a crime. Let's say you sell your car to your buddy and he takes the car. He never pays for the car. You go over in the middle of the night and get it back. Your buddy has breached the contract to purchase, you have committed Grand Theft Auto.