Federal Jury Finds Michael Pietrzak and Maurice Furlong Liable for Securities Fraud and Other Charges FOR IMMEDIATE RELEASE 2007-158 Washington, D.C., Aug. 3, 2007 - The Securities and Exchange Commission announced today that a federal jury found Michael J. Pietrzak and Maurice W. Furlong liable for securities fraud and other charges in their operation of Hexagon Consolidated Companies of America, Inc. (HCCA), a development stage mining company headquartered in Reno, Nev. Pietrzak was HCCA's general counsel, CFO, and executive secretary, as well as a director. Furlong was HCCA's chairman, president and CEO.
Katherine Addleman, Regional Director of the SEC's Atlanta Regional Office, said, "We are very pleased with the jury's verdict."
The complaint alleged that Pietrzak and Furlong engaged in protracted efforts to fraudulently increase the stock price and value of the company by, among other means, filing false and misleading registration statements and periodic and current reports, and by issuing false press releases and a letter to shareholders. During the same time, Pietrzak and Furlong sold a total of more than 197 million shares of HCCA stock and fraudulently received proceeds of $1.3 million and $3.4 million, respectively. The complaint also alleged that from 1996 through 2001 HCCA, through the efforts of Pietrzak and Furlong, reported to the public that is was an entity with substantial assets when, in fact, it was virtually worthless.
A hearing has been scheduled for Sept. 24, 2007, to determine the appropriate relief against Pietrzak and Furlong, which, as requested by the SEC, may include permanent injunctions, disgorgement of the stock proceeds with interest, civil penalties, officer and director bars and penny stock bars.
Defendant Jordan engaged in fraud when he issued false and misleading reports that valued HCCA's mining assets at more than $2 billion.[color=red][/color]
Pietrzak and Furlong are charged with violations of the antifraud provisions of Section 17(a) of the Securities Act of 1933 ("Securities Act") and Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder. They are charged with misstatements in filings with the Commission that aided and abetted violations of Section 13(a) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, 13a-13 thereunder. Pietrzak and Furlong are also charged with aiding and abetting violations involving internal accounting controls and books and records violations of Sections 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act. Pietrzak and Furlong are both charged with books and records violations of Section 13(b)(5) of the Exchange Act and Rules 13b2-1 thereunder. As a final count against him, Furlong is charged with violations of stock ownership reporting provisions of Sections 16(a) of the Exchange Act and Rules 16a-2 and 16a-3 thereunder.
As to the remaining defendant, Jordan is charged with violations of the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. He is also charged with aiding and abetting violations of Section 13(a) of the Exchange Act and Rule 13a-1 thereunder.
Donald Jordan was the incompetent assayer whose fraudulent assays claimed values of 2-6 ounces per ton of gold and several PGE (platinum group elements), all from a pile of mined over tailings that only produced a few ounces of gold when first mined, well before the HCCA fraudsters got involved.
After doing so, like so many early Internet traders, I did my DD post purchase. I found (public record) that furlong, peterzac, jordan, heter, and some accountants where at least culpable for some SEC/Civil litigation. The SEC complaint, which was litigated this year in the Northern District of Illinois. The sentencing of the accused is slated for late this September. There’s NO Gold, or Platinum PERIOD.
The question you fail to ask me.. "why am I here?"
I’m not here to protect any ill informed bozo "investor" but to impede any further ill gotten monetary gain from any of the current BOD or purveyors of this "proven" scam.
Am I now CLEAR?
From HCCA to NMCX.... (and now, RITE--still a scam)
Pretty much the entire early history of the scam is laid out here
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