NIR Group

[QaB2i]

> Federal Prosecutors Confirm former NIR Group Managers Under
> Criminal Investigation and Charges Likely
> --------------------------
>
>
> Former Senior analyst Daryl Dworkin and Former Vice President of
> the NIR Group team Kenneth D. Yellin are the subject of an ongoing
> criminal probe sources close to the matter say.
>
> Federal Prosecutors have uncovered what is believed to be a
> kickback scheme that Dworkin and Yellin had going for several years.
> The sources say that the Wall Street Journal has incorrectly
> reported the potential charges and scope of the investigation.
>
> Dworkin and Yellin both highly paid executives while at NIR have
> reportedly pocketed an indeterminate amount of cash and lavish gifts.
>
> According to several key witnesses in the investigation, former
> employees and others who have been spoken to by prosecutors and the
> FBI say founder Corey Ribotsky was not aware of the kickback scheme
> and did not take part in it.
>
> While NIR has been the subject of an ongoing probe into numerous
> accusations, no wrongdoing has been found and no charges have been
> filed.
>
> Sources close to the investigation say Mr Ribotsky himself
> voluntarily went in to speak to regulators and prosecutors in an
> effort to show there was no wrong doing on his part or his firm.
>
> The Wall Street Journal incorrectly states as well that
> independent valuations for the firm's PIPE investment funds have not
> been completed. We have learned that valuations for these
> investments have been completed and received.
>