PMCB's Oh Wise CEO, Kenneth Waggoner, who had previously worked as EVP for ChinaTel, now VelaTel, which is basically a pump & dump Chinese Reverse Merger stock now worth $.0001 cents. Here's a nice summary of some timely dumping:
"CHTL has certainly treated its stock like an endless money supply. For example, regulatory filings show, CHTL issued more than 30 million shares of stock to consultants and contractors – causing its overhead costs to skyrocket -- during the first nine months of 2009 alone. Since then, those filings show, the company has issued millions of additional shares for similar consulting services.
With the stock blowing past $1 near the end of last year, CHTL insiders began to cash in some of their chips. Isidoro Gutierrez, identified in regulatory filings as CHTL’s chief administrative officer and uncle to two of the company’s top executives, sold at the highest prices – fetching up to $1.55 a share – around the time the stock hit its peak.
In early February, however, a mysterious Mexican trust holding 4.8% of CHTL’s stock (just short of the 5% stake required for detailed disclosures) reported the most lucrative sales of all. Between Dec. 17 and Jan. 22, the trust sold more than 2 million shares of CHTL – at prices ranging up to $1.91 a share – and pocketed almost $3 million in proceeds in the process. Kenneth Waggoner, CHTL’s outside legal counsel, executed some well-timed sales as well. On the same day thatCHTL announced that Excel had reduced its original funding commitment, for example, Waggoner sold 15,000 shares of stock at just under $1 a share. Two days after CHTL learned that Excel would be unable to make its first big payment – and three days before the company actually disclosed that news – Waggoner followed up with an even bigger sale by cashing in 40,000 shares as the stock headed below 70 cents a share."
San Diego County Superior Court Lawsuit filed March 10, 2010-Case no. 37-2010-00087536-CU-EN-CTL VRT Square LP v. China Tel Group, Mario Alvarez, Kenneth Waggoner, Ken Hobbs, et. al. Complaint alleges causes of action for, among others, Fraudulent Conveyance, Fraud, Conspiracy Unjust Enrichment and Constructive Trust. Allegations state that a legitimate judgment was obtained by VRT Square against Mario Alvarez and his failed company, Greenleaf Home Loans. Complaint further alleges that after obtaining judgment, Mario Alvarez transferred essentially all his assets and all his stock in China Tel Group Inc. to various friends and family members. This case can be viewed at the San Diego Superior Court website
From Forbes article:
"The story line is that Gerova and dozens of satellite companies are secretly being manipulated as part of a bid to pump up share prices and dump them on unsuspecting investors—many of whom are effectively required to own Gerova because of its inclusion in the Russell 2000 and 3000 value indexes. Supposedly behind this complex fraud: graduates of Westmoore Capital. Westmoore is a $53 million Ponzi scheme that the SEC shut down in June."
Westmoore and Gerova have other connections. The now defunct Westmoore acquired a stake in China Tel Group Inc. (OTCBB: CHTL) on July 29, 2008. That same month Gerova entered into an agreement to acquire China Tel. The Gerova-China Tel deal was unwound three months later. China Tel’s chief executive, George Alvarez, served as a Director of Westmoore Holdings, Inc. until September 25, 2009."
Now Waggoner issuing shares to major China Tel Holder Westmoore Capital:
SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 0)*
China Tel Group, Inc. (Name of Issuer)
Series A and Series B Common Stock (Title of Class of Securities)
Kenneth L. Waggoner, 12526 High Bluff Drive, Suite 155, San Diego, California 92130, (760) 230-8986 (Name, Address and Telephone Number of Person‘s Authorized to Receive Notices and Communications)
Consists of (i) 6,750,000 Series B Shares held by Westmoore Investment L.P., of which Mr. Jennings is general partner; (ii) 2,250,000 Series B Shares held by Westmoore Capital Group Series A, LLC, of which Mr. Jennings is Manager; (iii) 2,036,363 Series B Shares held by Westmoore Management, LLC, of which Mr. Jennings is Chief Executive Officer; (iv) 1,900,000 Series B Shares held by Westmoore Capital Group Series B, LLC, of which Mr. Jennings is Manager; (v) 500,000 Series B Shares held by Westmoore Capital Group Series II, LLC, of which Mr. Jennings is Manager; and (vi) 250,000 Series B Shares held by YYZ Hol
Now Krusty Ken associated with another Ponzi player:
April 28, 2009|By Joseph Serna
Earlier this month, a Seattle-based firm, Freestone Capital Partners LP and its affiliates, won a judgment against MKA’s Chief Financial Officer Michael Abraham and fund manager Jason Sugarman.
MKA did not pay back the money it owed to Freestone, a judge ruled, and Abraham was ordered to pay back $26.3 million plus interest and Sugarman was ordered to pay back $5.97 million plus interest.
Several people contacted who said they were clients of MKA have reported investing money, and when they failed to see satisfactory, or any return, on their investments, failed to get their money back when they requested it.
The Gateses’ lawsuit alleged the company was operating a make-shift Ponzi scheme to stay afloat, taking on new investors to pay out returns for older ones.
Federal authorities declined to comment on any possible investigation into the company.
Now Waggoner issuing shares to the very same Jason Sugarman:
Quote:SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 0)*
China Tel Group, Inc. (Name of Issuer)
Series A and Series B Common Stock (Title of Class of Securities)
Kenneth L. Waggoner, 12526 High Bluff Drive, Suite 155, San Diego, California 92130, (760) 230-8986 (Name, Address and Telephone Number of Person‘s Authorized to Receive Notices and Communications)
I, Jason Sugarman , a shareholder of China Tel Group, Inc., a Nevada corporation (“Corporation”), do hereby irrevocably appoint George Alvarez, to be my proxy agent, with full power of substitution, and to vote all of my shares of Series B common stock in the Corporation with respect to all matters submitted to the shareholders at all meetings of the shareholders, or any adjournments thereof, and in all consents to any actions taken without a meeting.
False funding commitment during the height of Nuvilex's major stock pump bringing the stock to .62cent high. A 'commitment' which was later conveniently canceled.:
Nuvilex Announces $27 Million Funding Commitment With Institutional Investor to Advance Late Phase Clinical Trials
SILVER SPRING, Md., Feb. 20, 2014 (GLOBE NEWSWIRE) -- Nuvilex, Inc. (NVLX), an international biotechnology company providing cell and gene therapy solutions for the treatment of deadly diseases, announced today that it has entered into a stock purchase agreement with Lincoln Park Capital Fund, LLC (Lincoln Park), a Chicago-based institutional investor. Lincoln Park initially purchased 8 million shares of Nuvilex's common stock at $0.25 per share for $2 million and has committed to invest, at the sole option of Nuvilex, up to an additional $25 million of equity capital over the term of the purchase agreement. The proceeds from this investment will be used for Nuvilex's late-stage clinical trials in advanced inoperable pancreatic cancer, for research into the use of constituents of marijuana in the emerging medical marijuana arena and for general operating purposes.
Kenneth L. Waggoner, the CEO and President of Nuvilex, commented, "Our stock purchase agreement with Lincoln Park gives Nuvilex the flexibility to access capital over time at prevailing market prices and as our needs arise. The initial funding helps us to proceed with our planned late-stage pancreatic cancer clinical trials. The $2 million initial investment also reflects the commitment to Nuvilex and our live-cell encapsulation platform for developing treatments for cancer and diabetes."
On February 14, 2014, the Company entered into a stock purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”). Lincoln Park initially purchased 8 million shares of common stock at $0.25 per share for $2 million and had committed to invest up to an additional $25 million of equity capital over the term of the stock purchase agreement. As consideration for its commitment to purchase shares of common stock pursuant to the stock purchase agreement, the Company issued to Lincoln Park 5,062,500 shares of common stock upon execution of the stock purchase agreement. These shares were valued at $0.169, the closing price of the stock on February 14, 2014, for non-cash expense of $855,653. On May 28, 2014 the Company and Lincoln Park executed a Mutual Termination and Release Agreement releasing all parties from certain obligation under the stock purchase agreement. As consideration for terminating the stock purchase agreement, the Company issued Lincoln Park an additional 1,062,500 shares of common stock. These shares were valued at $0.28 for total non-cash expense of $297,500.
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