ProTek Capital Inc (PRPM)

[Kool Aid Man]

Michael R. Whipple aka Sky Jones July 10, 2001

Oklahoma,City, Oklahoma
UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLUMBIA
SECURITIES AND EXCHANGE COMMISSION
Plaintiff, CASE NO. 1:99CV02568(HHK)(D.D.C.)

V.

C.E.C. INDUSTRIES CORPORATION,
GERALD H. LEVINE, and MARIE A.
LEVINE,
Defendants.

CLICK to view the 180 page deposition
https://www.bankers.art/about/newsandpress/news/sec/secdeposition2001.pdf

Again, Ronald/ Ron "Welborn" (one "L" this time) --apparent provider of Michelangelo bronzes-- is cited 22x. Tal "Milan" (of Milan Galleries) is named 14x. The "National Institute of Appraisers" is named 7 times and as "NIA" 2x. Hit CTRL-F to search this official deposition by SKY JONES from 2001 regarding the use of his artwork in a massive, multi-million dollar barter fraud by ITEX Corp (a public company) . (NOTE: None of the above named in blue have been charged or convicted of crimes involving this deposition)

Related, in 2000 the Wall Street Journal reported this--

In a civil complaint filed in U.S. District Court in Portland, Ore., the SEC said Terry L. Neal, former president and chairman of Itex Corp., which is involved in the barter business, and four other senior managers made false disclosures about the business. Barter transactions can be used to post bogus revenue by swapping non cash assets for other non-cash assets.

For instance, the SEC said, Itex bartered artwork, which it valued on its books at as high as $2.6 million in 1996. The artist, Sky Jones, who lives in a trailer outside Fort Worth, Texas, wasn't named as a defendant.

Sham barter transactions represented 43% to 60% of Itex's reported revenue in fiscal 1994 to 1997, the SEC alleged. During that period, Itex's stock rose from $2.25 to $12.50. Mr. Neal allegedly reaped $6.3 million in illegal insider-trading profits.
https://www.wsj.com/articles/SB938538636417645822