Ilustrato Pictures International Inc (ILUS)

[creakyhottie]

Mark R. Basile, Esq.Mark R. Basile, Esq.
• Following• Following
Securities Litigation Attorney - Former Law ProfessorSecurities Litigation Attorney - Former Law Professor
1mo • 1mo •

A Magistrate Judge in New York District Court for the Eastern District of New York deals another blow to dilution funder - LG Capital Funding, LLC. Our client $VNUE #VNUE #VenueInc a small OTC Markets Group trading technology company filed a complaint against LG and its managers for damages for violations of the civil RICO statute through engaging in its dilution funding business. The Magistrate is recommending to the judge to deny the motion in full. This case again relies on our #ADARBAYS landmark decision in 2021 wherein the NY Court of Appeals held that a conversion discount in a convertible note is interest and must be included in an interest calculation in determining usury (or RICO). This is the second time a toxic dilution funder lost a motion to dismiss (also covered in the report and recommendation). Congrats to our partner Eric Benzenberg in another great job against toxic dilution funders that have crippled the public markets. #winning #dilutionfunding #toxicfunding #loansharking #securities #securitieslitigation #SEC #FINRA #NASDAQ #NYSE #publiccompany #EDGAR U.S. Securities and Exchange Commission FINRA Bloomberg Financial Times