Revolutions Medical Corp. (fka RMCP)

[Renee]

Courtesy SCION: Former CEO of medical firm charged with securities fraud, conspiracy

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By Ashley Heffernan
[e-mail]
Published Feb. 11, 2016
http://www.charlestonbusiness.com/news/56914-former-ceo-of-medical-firm-charged-with-securities-fraud-conspiracy

The former CEO of a Lowcountry medical business is facing securities fraud charges.

Rondald L. Wheet, 51, was chairman and CEO of Revolutions Medical Corp., a Nevada corporation with its principal office in Charleston. The company develops safety medical devices such as the RevVac auto-retraction vacuum safety syringe.

Wheet and Bryon Scott Key, 45, who was the corporation’s investor relations representative and assistant sales manager, were both charged in an indictment with conspiracy to commit securities fraud, securities fraud, conspiracy to defraud the United States and making a false statement. Key additionally was charged with two counts of money laundering, according to a news release from U.S. Attorney Bill Nettles.

Revolutions Medical Corp.’s common stock is publicly traded and registered with the Securities and Exchange Commission. The indictment accuses Wheet and Key of engaging in a scheme to fraudulently issue shares of Revolutions Medical stock.

“This district is applying significant resources to Securities and Exchange Commission cases,” Nettles said in the release. “This mission of enforcing SEC cases is essential to a stable economy.”

Assistant U.S. Attorney Dean H. Secor of the Charleston office will prosecute the case, which was investigated by the FBI.

The maximum penalty for both conspiracy to commit securities fraud and for securities fraud is 25 years’ imprisonment. The maximum penalty for conspiracy to defraud the United States and for making a false statement is five years’ imprisonment. Each count of money laundering carries a maximum penalty of 20 years in prison, the release said.

Reach staff writer Ashley Heffernan at 843-849-3144 or @AshleyBHeff on Twitter.

http://www.charlestonbusiness.com/news/56914-former-ceo-of-medical-firm-charged-with-securities-fraud-conspiracy