Home > Boards > US OTC > Food - Beverages > Curative Biosciences, Inc. (CBDX)

SEC Charges Microcap Issuer and Individuals with Unregistered

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
scion Member Profile
Member Level 
Followed By 223
Posts 55,324
Boards Moderated 12
Alias Born 04/12/01
160x600 placeholder
scion Member Level  Friday, 06/29/18 04:23:13 PM
Re: None
Post # of 287 
SEC Charges Microcap Issuer and Individuals with Unregistered Offers and Sales and Disclosure Fraud

SEC Complaint
https://www.sec.gov/litigation/complaints/2018/comp24180.pdf

Litigation Release No. 24180 / June 29, 2018
Securities and Exchange Commission v. Curative Biosciences, Inc. f/k/a Healthient, Inc., William M. Alverson, Katherine West Alverson, and Steven G. Patton, Civil Action No. 8:18-cv-00925-SVW-E (C.D. Cal.)

On June 8, 2018, the Securities and Exchange Commission filed an amended complaint charging Curative Biosciences, Inc. f/k/a Healthient, Inc. and corporate insiders with fraudulently misrepresenting that the company had issued company shares to third parties in purported compensation for services and in discharge of company debt when, in fact, the company issued the shares for capital raising purposes in violation of the offering registration requirements.

The SEC's complaint, filed in the U.S. District Court for the Central District of California, charges the company, the then Chairman of the board of directors, William M. Alverson, his wife, Katherine West Alverson, who was then a director and the company CEO and President, and business associate, Steven G. Patton, with violating Sections 5(a) and 5(c) of the Securities Act of 1933 and the company, Alverson, and West with violating Section 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rule 10b-5(b) thereunder. The complaint further alleges that Alverson and West are liable for the company's violations in their capacity as control persons and as aiders and abettors, and that Patton is liable as an aider and abettor of the company's, Alverson's, and West's violations of Section 5(a) and 5(c). West is named as a defendant and, in the alternative, relief defendant. Two private entities controlled by Alverson and/or West, Northeast Capital Group, LLC and Panacea Holdings Inc., are named as relief defendants. The complaint seeks permanent injunctions against the defendants; disgorgement plus prejudgment interest from the defendants and relief defendants; civil money penalties against the company, Alverson, and West; penny stock bars against the individual defendants; and officer-and-director bars against Alverson and West.

Without admitting or denying the SEC's allegations, Patton consented to the entry of a final judgment, entered by the court on June 19, 2018, that permanently enjoins him from future violations of Securities Act Section 5, bars him from participating in any future penny stock offerings, and orders him to pay disgorgement of $32,203.95 with prejudgment interest of $5,407.95.

https://www.sec.gov/litigation/litreleases/2018/lr24180.htm

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences