How do like these apples gleaned from the recent SEC lawsuit complaint file. No wonder the SEC thought it was worth to finally take out the principals criminal enterprise.
13. River North and Liceaga ultimately paid approximately $12.5 million to David Foley, Lisa Foley, and their companies to acquire shares of NTEK and NTGL stock, and then sold these shares for more than $17 million, generating net profits of approximately $3.4 million.
David and Lisa Foley obtained personal profits of $4.9 million.
45. During the time River North did business with the Foleys, River North purchased and sold 60 other microcap securities quoted on OTC Link, in addition to NTEK and NTGL. River North acquired more than 9 billion shares from these other companies, and obtained more than $14 million from the sale of those securities. Liceaga has testified that he specialized in purchasing convertible debt and aged debt investments.
46. Between February 2014 and October 2016, River North directly and indirectly purchased a total of 1.1 billion shares of NTEK stock, and 19.1 million shares of NTGL stock, from David and Lisa Foley. River North then sold those shares for approximately $17.8 million. None of these transactions were registered with the SEC.
47. For the 610 trading days between February 28, 2014 and July 30, 2016, River North’s sales of NTEK stock constituted approximately 26% of the total market volume for NTEK. During this same period, on those days that River North sold any NTEK shares, River North’s sales comprised approximately 34% of the total market volume for NTEK.
