Biomagnetics Diagnostics Corp. (BMGP)

[rokkdatstock]

SEC Obtains Final Judgment Against CEO in San Francisco-Based Penny Stock Company Pump and Dump Scheme

The Securities and Exchange Commission today announced that on February 25, 2015, the Honorable Vincent G. Chhabria, United States District Court Judge for the Northern District of California, entered a Final Judgment as to Defendant Joseph A. Noel, of Martinez, California.

The Commission's complaint, filed on November 17, 2014, alleged that Noel defrauded investors by issuing false and misleading press releases portraying his purported marketing and infomercial company YesDTC Holdings, Inc. as a successful venture in order to drive the stock price up. Noel then covertly sold millions of shares into the public market at the inflated price and reaped more than $300,000 in illicit profits. To conceal his sales, Noel sold the shares through a company he created in his teenage daughter's name without disclosing as required that he was actually selling the shares.

The final judgment against Noel, entered by consent, permanently enjoins him from committing future violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Sections 10(b) and 16(a) of the Securities Exchange Act of 1934 and Rules 10b-5 and 16a-3 thereunder. In addition, the final judgment orders Noel to pay disgorgement of $315,000, with prejudgment interest of $45,000, and bars Noel from serving as an officer or director of a public company and from participating in any penny stock offerings.

Noel also pled guilty to criminal charges related to the same conduct alleged in the Commission's complaint. See USA v. Joseph Noel, Criminal Action No. 14-00264 VC (N.D. California).