Modern Times: Trust Issues with Our Best and Brightest
I seem to remember Philip M. Verges being a part of this operation.
How many privileged individuals took advantage (and continue unabated) of taxpayers' money getting lucrative positions, benefits, extraordinary salaries, and are protected by the power elites because of their connections? Their demise is ONLY due to their excessive greed.
Philip M. Verges is a graduate of the U.S. Military Academy at West Point
Aliases: Verges used the aliases Tom Faye and Mike Murphy during his scheme.
Here are the key details:
1. Scheme Overview:
Verges led a scheme to artificially inflate the stock prices of certain penny stock companies and then sell those stocks at inflated prices.
The PSCs involved were: Alternet Systems, Inc. (“ALYI”), Priority Aviation, Inc. (“PJET”), Puration, Inc. (“PURA”), Vaycaychella, Inc. (“VAYK”), and WaterPure International, Inc. (“WPUR”).
The scheme aimed to benefit Verges and accomplices by providing them heavily discounted shares in these companies, which they later dumped into the market.
2. Execution Phases:
Verges gained de facto control over the PSCs by installing figurehead CEOs. The PSCs issued convertible promissory notes and debt settlements in exchange for payments on sham consulting service contracts.
Debt instruments were sold to accomplices (including Blue Citi, JDT Trading LLC, and others).
Illicitly obtained and significantly discounted unrestricted shares of PSC stock were issued to satisfy debt conversions.
The accomplices offloaded the discounted shares, generating substantial trading proceeds.
A portion of these proceeds was kicked back to Verges-controlled companies.
