Turbine Aviation Inc (TURA)

[IntegrityAnalysis]

Victor Farias Restraining Order

As a followup to my June 2019 post "Integrity Aviation Fraud Lawsuit":

In November 2018, the Court issued a restraining order against Victor Farias to prohibit him from unauthorized funds withdraws from Integrity Aviation Financing. "On November 20, 2018, Lease and Victor Farias violated the Temporary Restraining Order by transferring approximately $33,000 from IA&L Aviation without the written consent of Rob Holder." "This case involves theft and conversion of funds.". Please see case D-1-GN-18-006827 in the District Court of Travis County, TX.

Regarding the aforementioned $10,840,000 bond issuance for 74444LAA0: The banker on this deal from National Alliance Securities was Patrick Dertien. According to Corporation Wiki, Patrick Dertien and Victor Farias owned common interest in Victory 13, LLC. Patrick Dertien has since been "discharged" from the underwriter, National Alliance Securities, for alleged "Unauthorized and undisclosed outside business activities. Failure to adequately, timely and completely respond to inquiries from internal Compliance and regulators."

In November 2019, the bond trustee for 74444LAA0 listed that "Bondholders are hereby notified that Trustee has withdrawn the amount of $258,352.08 from the Reserve Fund this date in order to pay Debt Service on the Bonds due on November 1, 2019. The withdrawal is necessary to address the default resulting from the deficient Debt Service Fund..."

Linkedin profiles reveal a number of Integrity Aviation employees have left the firm including Jason V. (Jason Vera). Chip Tencza has updated his profile to show that he left Integrity Aviation in February 2019 to become a Vice President at Odyseey Engines, LLC. This is the same Odyssey Engines that Integrity is suing for fraud. Odyssey Engines is reported to have raised $113.9 million in debt financing.