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Friday, August 17, 2018 11:43:49 PM
Steven Hart MedBox IR and involved in a stock manipulation scheme as seen on the SEC web site
SEC CHARGES NEW YORK-BASED FUND MANAGER WITH TWO WIDESPREAD FRAUDULENT TRADING SCHEMES SPANNING NEARLY FOUR YEARS
http://www.sec.gov/litigation/complaints/2012/comp-pr2012-261.pdf
Funny how Hayden IR now spells his name Stephen and took out the part of Octagon Capital Partners LP in his resume
But here it is because the wayback machine does not Lie
http://web.archive.org/web/20110603123239/http://www.haydenir.com/index.php?/static/hayden_ir_team
Steven Hart, Senior Advisor
Steven Hart is a Portfolio Manager at Forefront Group and the General Partner of its Octagon Capital Partners LP. Mr. Hart has over fifteen years of capital markets experience. Mr. Hart’s experience has centered upon small-cap technology and U.S. listed Chinese companies. Octagon Capital Partners focus is on companies with markets caps between $50mm - $1B. Mr. Hart previously led Heller Capital Partners investment strategies in direct placements (PIPEs, Registered Directs and Reverse Mergers) and U.S. listed Chinese companies from the beginning of 2006 thru April 2011. For all of 2003 – 2005, Mr. Hart was with Siar Capital, a small-cap opportunistic family fund that appreciated assets from $50mm to $200mm in three years through performance and no additional provided capital. Highlighted investments at Siar Capital included the sale of PracticeWorks (PRWK) to Eastman Kodak (EK) for $400mm in cash and the restructuring of TurboChef Technologies (OVEN) at a $25mm valuation. OVEN had been awarded a market cap of $500mm+ in the subsequent years and was eventually sold to Middleby (MIDD) for $100mm in 2008. Previously, Mr. Hart worked as an Analyst and Business Development at Cross Border Exchange, SG Cowen, Commonwealth Associates and Balestra Capital. Mr. Hart received his MBA from New York University’s Stern School of Business, concentrating on Finance. He holds a BA from University of Michigan.
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and what it looks like today
http://haydenir.com click on "TEAM"
Stephen Hart
Vice President of Capital Markets Advisory
Mr. Hart has over twenty years of financial markets experience, with specific focus on small-cap technology companies. Most recently, Mr. Hart ran corporate strategy & development and corporate communications for As Seen On TV. His responsibilities ranged from transformation of the public company, including being instrumental in over $22 million of capital raised, to lead role in two acquisitions and several strategic partnerships to communication with the investment community. Previously, Mr. Hart spent ten years on the investment side at family offices, with responsibilities for direct investment in public small-cap companies. Mr. Hart’s earlier career, was as an investment banker focused on emerging growth companies. In this role, he was responsible for originating client relationships, building relations with senior management and executives and assisting portfolio companies by leveraging strategic relationships and senior corporate contacts. Mr. Hart received his MBA from New York University’s Stern School of Business, concentrating on Finance. He holds a BA from University of Michigan.
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and his RAP sheet at SEC's web site:
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22567 / December 11, 2012
Securities and Exchange Commission v. Steven B. Hart, Civil Action No. 12-CV-8986 (S.D.N.Y.)
SEC CHARGES NEW YORK-BASED FUND MANAGER WITH TWO WIDESPREAD FRAUDULENT TRADING SCHEMES SPANNING NEARLY FOUR YEARS
The Securities and Exchange Commission today charged New York-based fund manager Steven B. Hart (Hart) with repeated violations of the federal securities laws related to two distinct multi-year trading schemes, involving illegal matched trading and insider trading. In addition, the Commission charged Hart with making fraudulent representations in two securities purchase agreements.
The SEC alleges that from January 17, 2008 through June 4, 2009, Hart used his control of Octagon Capital Partners, LP, a small investment fund he controls, and his position of authority at an investment fund for which he was employed as a portfolio manager to direct thirty-one matched trades between the two investment funds, benefitting Octagon at the expense his employer's fund. Generally, Hart caused Octagon to purchase stock in small, thinly traded issuers at the going market price and, on the following day, sold the same stock to his employer's fund at a price substantially above the prevailing market price. Each of the sales from Octagon to the employer's fund occurred in premarket trading; thus, Hart ensured that the trades matched. Later that same day or within a few days of the matched trades, the employer's fund, at Hart's direction, sold the recently-acquired stock on the open market at a loss. As a result of this scheme, Hart generated ill-gotten gains of $586,338 for Octagon.
According to the SEC's complaint, Hart, after being confidentially solicited to invest in numerous securities offerings - and despite expressly agreeing to keep the information he received confidential and to not trade on it by agreeing to go "over-the-wall" - nevertheless traded on behalf of Octagon while in possession of material nonpublic information concerning the offerings. From June 19, 2007 through March 15, 2011, in breach of a duty of trust or confidence, Hart directed trades in the securities of nineteen issuers conducting twenty separate offerings, including PIPEs, registered direct offerings, and confidentially marketed public offerings. As a result of Hart's conduct, Octagon derived ill-gotten gains of $244,733.
In addition, on two occasions, in order to induce issuers to sell securities to his fund, Hart signed securities purchase agreements falsely representing that, after he was solicited, Octagon had not traded the issuers' securities in the days leading up to the public announcement of the transactions. Despite going "over-the-wall" during the solicitation process for the offerings, Hart nevertheless directed short sales of the issuer's securities, realizing insider trading gains, and subsequently signed the securities purchase agreements.
The SEC filed action in the U.S. District Court for the Southern District of New York against Hart, alleging violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. Without admitting or denying the allegations of the complaint, Hart consented to the entry of a judgment enjoining him from future violations of the respective provisions of the Securities Act, Exchange Act, and Advisers Act. Hart also agreed to pay $831,071 in disgorgement and $103,424 in prejudgment interest, and a civil penalty of $394,733. The settlement is subject to court approval.
The SEC's investigation was conducted in the New York Regional Office by Celeste A. Chase, Eduardo A. Santiago-Acevedo, and Osman E. Nawaz, with assistance from Frank J. Milewski. The SEC acknowledges the assistance of the Financial Industry Regulatory Authority (FINRA) in this matter.
SEC Complaint
http://www.sec.gov/litigation/litreleases/2012/lr22567.htm
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