The Tirex Corporation (TXMC)

[shajandr]

A Wilton man who raised more than $580,000 by selling penny stocks over 10 years in a company that never sold a product has agreed to pay more than $770,000 in reparations and fines for selling unregistered securities, the Securities and Exchange Commission announced Thursday.

The SEC filed charges against John L. Threshie, Jr. on Wednesday in federal court because he spent years selling stocks without the oversight of SEC regulators.

While private companies are allowed to sell stocks to "sophisticated" investors, who have a net worth of at least $2.5 million or earn more than $125,000, the SEC said Threshie did not inquire about his approximately 100 investors' financial status.

Threshie is CEO of Tirex, which developed a tire recycling technology that freezes scrap tires and breaks them apart into rubber crumb, steel wire and fiber.
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The complaint said that Threshie is the only full-time employee of Tirex, and has been the president and CEO since 1999.

"Despite having attempted to sell or license the TCS system since at least 1993, Tirex has never built or operated a commercial TCS system and has never successfully monetized its technology. It no longer has any functioning equipment or other tangible assets and is in extremely poor financial condition," the SEC said.

But the regulators said Threshie regularly emailed investors with progress reports, saying that Brazil was close to signing a contract, for instance.

The SEC suspended trading in Tirex securities on November 12, 2015.

Threshie also agreed he'd never sell penny stocks again, and that he would not solicit investments in Tirex without providing a copy of the complaint the SEC filed and the judgment against him.

Threshie's fine is the amount he collected from investors, interest, and a civil penalty of $50,000.

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