Tom stole all of the money. LEFT US STOCK HOLDERS HIGH AND DRY.
I AM SURE MR. TOLEDO WOULD LIKE SOME OF THAT 8MILL YOU OWE HIM.
oledo and Searchguy.com, Inc. Obtain Default Judgment in the Aggregate Amount of in Excess of $12,000,000 in Lawsuit against Tom Bibiyan
Lucia Matthews - La Jolla (, United States of America)
SUBMITTED: Sunday, October 10, 2010
POSTED: Sunday, October 10, 2010
Ramon Toledo is pleased to
announce a successful default judgment in a lawsuit brought by him
against
Thomas Bibiyan. The judgment was handed down on August 8, 2010 in the
United
States District Court for the Southern District of California, Case No.
07cv0695
BEN (BLM). Toledo sued Bibiyan and his corporate alter egos
personally, and derivatively,
on behalf of Searchguy.com, Inc. (the "Company"), for violations of
federal and
California securities laws
, breach of fiduciary duties, fraud,
constructive
fraud, and breach of contract. The federal court found that the claims
arose out
of a fraudulent scheme under which Bibiyan and others issued numerous
false
press releases and other statements to induce investors, including
Toledo, to
purchase shares. The court determined that this fraudulent conduct
created an
artificially inflated stock price
, and determined that as part of the
scheme
Bibiyan would dump shares for which he had paid no adequate
consideration.
Furthermore, the court determined that Bibiyan
breached his fiduciary duties to
the Company through gross mismanagement, issuing millions of shares of
Company
stock without consideration, self-dealing, directing corporate assets to
himself, and trading on non-public information.
From May to July
2004, the court determined that the evidence showed that
Bibiyan caused the Company to issue 18,500,000 shares to a number of
entities
for no consideration, and then allowed such entities to sell those
shares in the
public market. In addition, in accordance with the unrefuted evidence
the court
determined that Bibiyan improperly controlled the Company and under
Bibiyan's
control, the Company never had a bank account, prepared financial
statements or
tax returns, or held any shareholders or board of directors meetings.
Toledo began purchasing Company stock in August 2004 and eventually
owned
2,336,862 shares. After Toledo became aware of Bibiyan's improprieties
he tried
to get Bibiyan to deliver all corporate documents of the Company and
return all
shares of the Company in order end Bibiyan's involvement with the
Company with
the hopes that the Company could be properly operated by a legitimately
elected
board of directors. Bibiyan did not turn over the corporate documents,
shareholder lists, or return his Company shares. Instead, Bibiyan
actually
issued himself an additional 1,800,000 shares of unrestricted Company
stock.
On August 8, 2010, the Court issued a judgment against Bibiyan
and his alter ego
companies. The court awarded the Company $11,892,000.00 in damages for
the
securities frauds, an additional $100,000.00 in breach of contract
damages, with
ten percent pre-judgment interest on the contract damages, and
$16,646.29 in
attorney fees solely for the contract damages claims. Furthermore, the
Court
awarded Toledo and his co-plaintiff damages in the amount of $219,578.00
for
their stock losses caused by Bibiyan's adjudged securities frauds.
Upon receiving news of the Court's judgment, Toledo issued the following
statement: "I am extremely pleased with this judgment. I feel
vindicated that a court has
entered judgment against Thomas Bibiyan for egregious breaches of his
fiduciary
responsibility to both Searchguy.com, Inc., and its shareholders. I
believe it
was necessary to bring this action against Thomas Bibiyan, so that he
would not
be in a position to defraud other investors in the future. I believe
that
Searchguy.com can still become a great company under the right
management, and
as a shareholder of the Company, I hope to see it succeed in the
future." About Ramon Toledo Ramon Toledo is the President and CEO of
Busca Corp., an entity unrelated to,
and unaffiliated with, Searchguy.com, Inc., and is also a co-owner of
INMUEBLES
Y DESARROLLOS ARNAIZ SA de CV, a real estate development company
established in
1970 (family owned). With 20 years of experience in international
management and
business development, Toledo has numerous recognitions as one of the
most
respectable businessman and entrepreneurs to bring business into Mexico.
In
October 2008, Levelup.com a branch of Busca Corp., was named Best Web
2.0 Site
in Mexico for 2008 AMIPCI (Mexican Internet Association).
Busca Corp.
is a leading Mexican company in technology innovation and videogame
content. It has signed deals with top online companies: MSN, Yahoo,
Terra
Networks, Playboy Mexico and Televisa.
SOURCE Ramon Toledo
www.prnewswireToledo and Searchguy.com, Inc. Obtain Default Judgment in the Aggregate Amount of in Excess of $12,000,000 in Lawsuit against Tom Bibiyan
Lucia Matthews - La Jolla (, United States of America)
SUBMITTED: Sunday, October 10, 2010
POSTED: Sunday, October 10, 2010
Ramon Toledo is pleased to
announce a successful default judgment in a lawsuit brought by him
against
Thomas Bibiyan. The judgment was handed down on August 8, 2010 in the
United
States District Court for the Southern District of California, Case No.
07cv0695
BEN (BLM). Toledo sued Bibiyan and his corporate alter egos
personally, and derivatively,
on behalf of Searchguy.com, Inc. (the "Company"), for violations of
federal and
California securities laws
, breach of fiduciary duties, fraud,
constructive
fraud, and breach of contract. The federal court found that the claims
arose out
of a fraudulent scheme under which Bibiyan and others issued numerous
false
press releases and other statements to induce investors, including
Toledo, to
purchase shares. The court determined that this fraudulent conduct
created an
artificially inflated stock price
, and determined that as part of the
scheme
Bibiyan would dump shares for which he had paid no adequate
consideration.
Furthermore, the court determined that Bibiyan
breached his fiduciary duties to
the Company through gross mismanagement, issuing millions of shares of
Company
stock without consideration, self-dealing, directing corporate assets to
himself, and trading on non-public information.
From May to July
2004, the court determined that the evidence showed that
Bibiyan caused the Company to issue 18,500,000 shares to a number of
entities
for no consideration, and then allowed such entities to sell those
shares in the
public market. In addition, in accordance with the unrefuted evidence
the court
determined that Bibiyan improperly controlled the Company and under
Bibiyan's
control, the Company never had a bank account, prepared financial
statements or
tax returns, or held any shareholders or board of directors meetings.
Toledo began purchasing Company stock in August 2004 and eventually
owned
2,336,862 shares. After Toledo became aware of Bibiyan's improprieties
he tried
to get Bibiyan to deliver all corporate documents of the Company and
return all
shares of the Company in order end Bibiyan's involvement with the
Company with
the hopes that the Company could be properly operated by a legitimately
elected
board of directors. Bibiyan did not turn over the corporate documents,
shareholder lists, or return his Company shares. Instead, Bibiyan
actually
issued himself an additional 1,800,000 shares of unrestricted Company
stock.
On August 8, 2010, the Court issued a judgment against Bibiyan
and his alter ego
companies. The court awarded the Company $11,892,000.00 in damages for
the
securities frauds, an additional $100,000.00 in breach of contract
damages, with
ten percent pre-judgment interest on the contract damages, and
$16,646.29 in
attorney fees solely for the contract damages claims. Furthermore, the
Court
awarded Toledo and his co-plaintiff damages in the amount of $219,578.00
for
their stock losses caused by Bibiyan's adjudged securities frauds.
Upon receiving news of the Court's judgment, Toledo issued the following
statement: "I am extremely pleased with this judgment. I feel
vindicated that a court has
entered judgment against Thomas Bibiyan for egregious breaches of his
fiduciary
responsibility to both Searchguy.com, Inc., and its shareholders. I
believe it
was necessary to bring this action against Thomas Bibiyan, so that he
would not
be in a position to defraud other investors in the future. I believe
that
Searchguy.com can still become a great company under the right
management, and
as a shareholder of the Company, I hope to see it succeed in the
future." About Ramon Toledo Ramon Toledo is the President and CEO of
Busca Corp., an entity unrelated to,
and unaffiliated with, Searchguy.com, Inc., and is also a co-owner of
INMUEBLES
Y DESARROLLOS ARNAIZ SA de CV, a real estate development company
established in
1970 (family owned). With 20 years of experience in international
management and
business development, Toledo has numerous recognitions as one of the
most
respectable businessman and entrepreneurs to bring business into Mexico.
In
October 2008, Levelup.com a branch of Busca Corp., was named Best Web
2.0 Site
in Mexico for 2008 AMIPCI (Mexican Internet Association).
Busca Corp.
is a leading Mexican company in technology innovation and videogame
content. It has signed deals with top online companies: MSN, Yahoo,
Terra
Networks, Playboy Mexico and Televisa.
SOURCE Ramon Toledo
www.prnewswireToledo and Searchguy.com, Inc. Obtain Default Judgment in the Aggregate Amount of in Excess of $12,000,000 in Lawsuit against Tom Bibiyan
Lucia Matthews - La Jolla (, United States of America)
SUBMITTED: Sunday, October 10, 2010
POSTED: Sunday, October 10, 2010
Ramon Toledo is pleased to
announce a successful default judgment in a lawsuit brought by him
against
Thomas Bibiyan. The judgment was handed down on August 8, 2010 in the
United
States District Court for the Southern District of California, Case No.
07cv0695
BEN (BLM). Toledo sued Bibiyan and his corporate alter egos
personally, and derivatively,
on behalf of Searchguy.com, Inc. (the "Company"), for violations of
federal and
California securities laws
, breach of fiduciary duties, fraud,
constructive
fraud, and breach of contract. The federal court found that the claims
arose out
of a fraudulent scheme under which Bibiyan and others issued numerous
false
press releases and other statements to induce investors, including
Toledo, to
purchase shares. The court determined that this fraudulent conduct
created an
artificially inflated stock price
, and determined that as part of the
scheme
Bibiyan would dump shares for which he had paid no adequate
consideration.
Furthermore, the court determined that Bibiyan
breached his fiduciary duties to
the Company through gross mismanagement, issuing millions of shares of
Company
stock without consideration, self-dealing, directing corporate assets to
himself, and trading on non-public information.
From May to July
2004, the court determined that the evidence showed that
Bibiyan caused the Company to issue 18,500,000 shares to a number of
entities
for no consideration, and then allowed such entities to sell those
shares in the
public market. In addition, in accordance with the unrefuted evidence
the court
determined that Bibiyan improperly controlled the Company and under
Bibiyan's
control, the Company never had a bank account, prepared financial
statements or
tax returns, or held any shareholders or board of directors meetings.
Toledo began purchasing Company stock in August 2004 and eventually
owned
2,336,862 shares. After Toledo became aware of Bibiyan's improprieties
he tried
to get Bibiyan to deliver all corporate documents of the Company and
return all
shares of the Company in order end Bibiyan's involvement with the
Company with
the hopes that the Company could be properly operated by a legitimately
elected
board of directors. Bibiyan did not turn over the corporate documents,
shareholder lists, or return his Company shares. Instead, Bibiyan
actually
issued himself an additional 1,800,000 shares of unrestricted Company
stock.
On August 8, 2010, the Court issued a judgment against Bibiyan
and his alter ego
companies. The court awarded the Company $11,892,000.00 in damages for
the
securities frauds, an additional $100,000.00 in breach of contract
damages, with
ten percent pre-judgment interest on the contract damages, and
$16,646.29 in
attorney fees solely for the contract damages claims. Furthermore, the
Court
awarded Toledo and his co-plaintiff damages in the amount of $219,578.00
for
their stock losses caused by Bibiyan's adjudged securities frauds.
Upon receiving news of the Court's judgment, Toledo issued the following
statement: "I am extremely pleased with this judgment. I feel
vindicated that a court has
entered judgment against Thomas Bibiyan for egregious breaches of his
fiduciary
responsibility to both Searchguy.com, Inc., and its shareholders. I
believe it
was necessary to bring this action against Thomas Bibiyan, so that he
would not
be in a position to defraud other investors in the future. I believe
that
Searchguy.com can still become a great company under the right
management, and
as a shareholder of the Company, I hope to see it succeed in the
future." About Ramon Toledo Ramon Toledo is the President and CEO of
Busca Corp., an entity unrelated to,
and unaffiliated with, Searchguy.com, Inc., and is also a co-owner of
INMUEBLES
Y DESARROLLOS ARNAIZ SA de CV, a real estate development company
established in
1970 (family owned). With 20 years of experience in international
management and
business development, Toledo has numerous recognitions as one of the
most
respectable businessman and entrepreneurs to bring business into Mexico.
In
October 2008, Levelup.com a branch of Busca Corp., was named Best Web
2.0 Site
in Mexico for 2008 AMIPCI (Mexican Internet Association).
Busca Corp.
is a leading Mexican company in technology innovation and videogame
content. It has signed deals with top online companies: MSN, Yahoo,
Terra
Networks, Playboy Mexico and Televisa.
SOURCE Ramon Toledo
www.prnewswireToledo and Searchguy.com, Inc. Obtain Default Judgment in the Aggregate Amount of in Excess of $12,000,000 in Lawsuit against Tom Bibiyan
Lucia Matthews - La Jolla (, United States of America)
SUBMITTED: Sunday, October 10, 2010
POSTED: Sunday, October 10, 2010
Ramon Toledo is pleased to
announce a successful default judgment in a lawsuit brought by him
against
Thomas Bibiyan. The judgment was handed down on August 8, 2010 in the
United
States District Court for the Southern District of California, Case No.
07cv0695
BEN (BLM). Toledo sued Bibiyan and his corporate alter egos
personally, and derivatively,
on behalf of Searchguy.com, Inc. (the "Company"), for violations of
federal and
California securities laws
, breach of fiduciary duties, fraud,
constructive
fraud, and breach of contract. The federal court found that the claims
arose out
of a fraudulent scheme under which Bibiyan and others issued numerous
false
press releases and other statements to induce investors, including
Toledo, to
purchase shares. The court determined that this fraudulent conduct
created an
artificially inflated stock price
, and determined that as part of the
scheme
Bibiyan would dump shares for which he had paid no adequate
consideration.
Furthermore, the court determined that Bibiyan
breached his fiduciary duties to
the Company through gross mismanagement, issuing millions of shares of
Company
stock without consideration, self-dealing, directing corporate assets to
himself, and trading on non-public information.
From May to July
2004, the court determined that the evidence showed that
Bibiyan caused the Company to issue 18,500,000 shares to a number of
entities
for no consideration, and then allowed such entities to sell those
shares in the
public market. In addition, in accordance with the unrefuted evidence
the court
determined that Bibiyan improperly controlled the Company and under
Bibiyan's
control, the Company never had a bank account, prepared financial
statements or
tax returns, or held any shareholders or board of directors meetings.
Toledo began purchasing Company stock in August 2004 and eventually
owned
2,336,862 shares. After Toledo became aware of Bibiyan's improprieties
he tried
to get Bibiyan to deliver all corporate documents of the Company and
return all
shares of the Company in order end Bibiyan's involvement with the
Company with
the hopes that the Company could be properly operated by a legitimately
elected
board of directors. Bibiyan did not turn over the corporate documents,
shareholder lists, or return his Company shares. Instead, Bibiyan
actually
issued himself an additional 1,800,000 shares of unrestricted Company
stock.
On August 8, 2010, the Court issued a judgment against Bibiyan
and his alter ego
companies. The court awarded the Company $11,892,000.00 in damages for
the
securities frauds, an additional $100,000.00 in breach of contract
damages, with
ten percent pre-judgment interest on the contract damages, and
$16,646.29 in
attorney fees solely for the contract damages claims. Furthermore, the
Court
awarded Toledo and his co-plaintiff damages in the amount of $219,578.00
for
their stock losses caused by Bibiyan's adjudged securities frauds.
Upon receiving news of the Court's judgment, Toledo issued the following
statement: "I am extremely pleased with this judgment. I feel
vindicated that a court has
entered judgment against Thomas Bibiyan for egregious breaches of his
fiduciary
responsibility to both Searchguy.com, Inc., and its shareholders. I
believe it
was necessary to bring this action against Thomas Bibiyan, so that he
would not
be in a position to defraud other investors in the future. I believe
that
Searchguy.com can still become a great company under the right
management, and
as a shareholder of the Company, I hope to see it succeed in the
future." About Ramon Toledo Ramon Toledo is the President and CEO of
Busca Corp., an entity unrelated to,
and unaffiliated with, Searchguy.com, Inc., and is also a co-owner of
INMUEBLES
Y DESARROLLOS ARNAIZ SA de CV, a real estate development company
established in
1970 (family owned). With 20 years of experience in international
management and
business development, Toledo has numerous recognitions as one of the
most
respectable businessman and entrepreneurs to bring business into Mexico.
In
October 2008, Levelup.com a branch of Busca Corp., was named Best Web
2.0 Site
in Mexico for 2008 AMIPCI (Mexican Internet Association).
Busca Corp.
is a leading Mexican company in technology innovation and videogame
content. It has signed deals with top online companies: MSN, Yahoo,
Terra
Networks, Playboy Mexico and Televisa.
SOURCE Ramon Toledo
www.prnewswireToledo and Searchguy.com, Inc. Obtain Default Judgment in the Aggregate Amount of in Excess of $12,000,000 in Lawsuit against Tom Bibiyan
Lucia Matthews - La Jolla (, United States of America)
SUBMITTED: Sunday, October 10, 2010
POSTED: Sunday, October 10, 2010
Ramon Toledo is pleased to
announce a successful default judgment in a lawsuit brought by him
against
Thomas Bibiyan. The judgment was handed down on August 8, 2010 in the
United
States District Court for the Southern District of California, Case No.
07cv0695
BEN (BLM). Toledo sued Bibiyan and his corporate alter egos
personally, and derivatively,
on behalf of Searchguy.com, Inc. (the "Company"), for violations of
federal and
California securities laws
, breach of fiduciary duties, fraud,
constructive
fraud, and breach of contract. The federal court found that the claims
arose out
of a fraudulent scheme under which Bibiyan and others issued numerous
false
press releases and other statements to induce investors, including
Toledo, to
purchase shares. The court determined that this fraudulent conduct
created an
artificially inflated stock price
, and determined that as part of the
scheme
Bibiyan would dump shares for which he had paid no adequate
consideration.
Furthermore, the court determined that Bibiyan
breached his fiduciary duties to
the Company through gross mismanagement, issuing millions of shares of
Company
stock without consideration, self-dealing, directing corporate assets to
himself, and trading on non-public information.
From May to July
2004, the court determined that the evidence showed that
Bibiyan caused the Company to issue 18,500,000 shares to a number of
entities
for no consideration, and then allowed such entities to sell those
shares in the
public market. In addition, in accordance with the unrefuted evidence
the court
determined that Bibiyan improperly controlled the Company and under
Bibiyan's
control, the Company never had a bank account, prepared financial
statements or
tax returns, or held any shareholders or board of directors meetings.
Toledo began purchasing Company stock in August 2004 and eventually
owned
2,336,862 shares. After Toledo became aware of Bibiyan's improprieties
he tried
to get Bibiyan to deliver all corporate documents of the Company and
return all
shares of the Company in order end Bibiyan's involvement with the
Company with
the hopes that the Company could be properly operated by a legitimately
elected
board of directors. Bibiyan did not turn over the corporate documents,
shareholder lists, or return his Company shares. Instead, Bibiyan
actually
issued himself an additional 1,800,000 shares of unrestricted Company
stock.
On August 8, 2010, the Court issued a judgment against Bibiyan
and his alter ego
companies. The court awarded the Company $11,892,000.00 in damages for
the
securities frauds, an additional $100,000.00 in breach of contract
damages, with
ten percent pre-judgment interest on the contract damages, and
$16,646.29 in
attorney fees solely for the contract damages claims. Furthermore, the
Court
awarded Toledo and his co-plaintiff damages in the amount of $219,578.00
for
their stock losses caused by Bibiyan's adjudged securities frauds.
Upon receiving news of the Court's judgment, Toledo issued the following
statement: "I am extremely pleased with this judgment. I feel
vindicated that a court has
entered judgment against Thomas Bibiyan for egregious breaches of his
fiduciary
responsibility to both Searchguy.com, Inc., and its shareholders. I
believe it
was necessary to bring this action against Thomas Bibiyan, so that he
would not
be in a position to defraud other investors in the future. I believe
that
Searchguy.com can still become a great company under the right
management, and
as a shareholder of the Company, I hope to see it succeed in the
future." About Ramon Toledo Ramon Toledo is the President and CEO of
Busca Corp., an entity unrelated to,
and unaffiliated with, Searchguy.com, Inc., and is also a co-owner of
INMUEBLES
Y DESARROLLOS ARNAIZ SA de CV, a real estate development company
established in
1970 (family owned). With 20 years of experience in international
management and
business development, Toledo has numerous recognitions as one of the
most
respectable businessman and entrepreneurs to bring business into Mexico.
In
October 2008, Levelup.com a branch of Busca Corp., was named Best Web
2.0 Site
in Mexico for 2008 AMIPCI (Mexican Internet Association).
Busca Corp.
is a leading Mexican company in technology innovation and videogame
content. It has signed deals with top online companies: MSN, Yahoo,
Terra
Networks, Playboy Mexico and Televisa.
SOURCE Ramon Toledo
www.prnewswireToledo and Searchguy.com, Inc. Obtain Default Judgment in the Aggregate Amount of in Excess of $12,000,000 in Lawsuit against Tom Bibiyan
Lucia Matthews - La Jolla (, United States of America)
SUBMITTED: Sunday, October 10, 2010
POSTED: Sunday, October 10, 2010
Ramon Toledo is pleased to
announce a successful default judgment in a lawsuit brought by him
against
Thomas Bibiyan. The judgment was handed down on August 8, 2010 in the
United
States District Court for the Southern District of California, Case No.
07cv0695
BEN (BLM). Toledo sued Bibiyan and his corporate alter egos
personally, and derivatively,
on behalf of Searchguy.com, Inc. (the "Company"), for violations of
federal and
California securities laws
, breach of fiduciary duties, fraud,
constructive
fraud, and breach of contract. The federal court found that the claims
arose out
of a fraudulent scheme under which Bibiyan and others issued numerous
false
press releases and other statements to induce investors, including
Toledo, to
purchase shares. The court determined that this fraudulent conduct
created an
artificially inflated stock price
, and determined that as part of the
scheme
Bibiyan would dump shares for which he had paid no adequate
consideration.
Furthermore, the court determined that Bibiyan
breached his fiduciary duties to
the Company through gross mismanagement, issuing millions of shares of
Company
stock without consideration, self-dealing, directing corporate assets to
himself, and trading on non-public information.
From May to July
2004, the court determined that the evidence showed that
Bibiyan caused the Company to issue 18,500,000 shares to a number of
entities
for no consideration, and then allowed such entities to sell those
shares in the
public market. In addition, in accordance with the unrefuted evidence
the court
determined that Bibiyan improperly controlled the Company and under
Bibiyan's
control, the Company never had a bank account, prepared financial
statements or
tax returns, or held any shareholders or board of directors meetings.
Toledo began purchasing Company stock in August 2004 and eventually
owned
2,336,862 shares. After Toledo became aware of Bibiyan's improprieties
he tried
to get Bibiyan to deliver all corporate documents of the Company and
return all
shares of the Company in order end Bibiyan's involvement with the
Company with
the hopes that the Company could be properly operated by a legitimately
elected
board of directors. Bibiyan did not turn over the corporate documents,
shareholder lists, or return his Company shares. Instead, Bibiyan
actually
issued himself an additional 1,800,000 shares of unrestricted Company
stock.
On August 8, 2010, the Court issued a judgment against Bibiyan
and his alter ego
companies. The court awarded the Company $11,892,000.00 in damages for
the
securities frauds, an additional $100,000.00 in breach of contract
damages, with
ten percent pre-judgment interest on the contract damages, and
$16,646.29 in
attorney fees solely for the contract damages claims. Furthermore, the
Court
awarded Toledo and his co-plaintiff damages in the amount of $219,578.00
for
their stock losses caused by Bibiyan's adjudged securities frauds.
Upon receiving news of the Court's judgment, Toledo issued the following
statement: "I am extremely pleased with this judgment. I feel
vindicated that a court has
entered judgment against Thomas Bibiyan for egregious breaches of his
fiduciary
responsibility to both Searchguy.com, Inc., and its shareholders. I
believe it
was necessary to bring this action against Thomas Bibiyan, so that he
would not
be in a position to defraud other investors in the future. I believe
that
Searchguy.com can still become a great company under the right
management, and
as a shareholder of the Company, I hope to see it succeed in the
future." About Ramon Toledo Ramon Toledo is the President and CEO of
Busca Corp., an entity unrelated to,
and unaffiliated with, Searchguy.com, Inc., and is also a co-owner of
INMUEBLES
Y DESARROLLOS ARNAIZ SA de CV, a real estate development company
established in
1970 (family owned). With 20 years of experience in international
management and
business development, Toledo has numerous recognitions as one of the
most
respectable businessman and entrepreneurs to bring business into Mexico.
In
October 2008, Levelup.com a branch of Busca Corp., was named Best Web
2.0 Site
in Mexico for 2008 AMIPCI (Mexican Internet Association).
Busca Corp.
is a leading Mexican company in technology innovation and videogame
content. It has signed deals with top online companies: MSN, Yahoo,
Terra
Networks, Playboy Mexico and Televisa.
SOURCE Ramon Toledo
www.prnewswireToledo and Searchguy.com, Inc. Obtain Default Judgment in the Aggregate Amount of in Excess of $12,000,000 in Lawsuit against Tom Bibiyan
Lucia Matthews - La Jolla (, United States of America)
SUBMITTED: Sunday, October 10, 2010
POSTED: Sunday, October 10, 2010
Ramon Toledo is pleased to
announce a successful default judgment in a lawsuit brought by him
against
Thomas Bibiyan. The judgment was handed down on August 8, 2010 in the
United
States District Court for the Southern District of California, Case No.
07cv0695
BEN (BLM). Toledo sued Bibiyan and his corporate alter egos
personally, and derivatively,
on behalf of Searchguy.com, Inc. (the "Company"), for violations of
federal and
California securities laws
, breach of fiduciary duties, fraud,
constructive
fraud, and breach of contract. The federal court found that the claims
arose out
of a fraudulent scheme under which Bibiyan and others issued numerous
false
press releases and other statements to induce investors, including
Toledo, to
purchase shares. The court determined that this fraudulent conduct
created an
artificially inflated stock price
, and determined that as part of the
scheme
Bibiyan would dump shares for which he had paid no adequate
consideration.
Furthermore, the court determined that Bibiyan
breached his fiduciary duties to
the Company through gross mismanagement, issuing millions of shares of
Company
stock without consideration, self-dealing, directing corporate assets to
himself, and trading on non-public information.
From May to July
2004, the court determined that the evidence showed that
Bibiyan caused the Company to issue 18,500,000 shares to a number of
entities
for no consideration, and then allowed such entities to sell those
shares in the
public market. In addition, in accordance with the unrefuted evidence
the court
determined that Bibiyan improperly controlled the Company and under
Bibiyan's
control, the Company never had a bank account, prepared financial
statements or
tax returns, or held any shareholders or board of directors meetings.
Toledo began purchasing Company stock in August 2004 and eventually
owned
2,336,862 shares. After Toledo became aware of Bibiyan's improprieties
he tried
to get Bibiyan to deliver all corporate documents of the Company and
return all
shares of the Company in order end Bibiyan's involvement with the
Company with
the hopes that the Company could be properly operated by a legitimately
elected
board of directors. Bibiyan did not turn over the corporate documents,
shareholder lists, or return his Company shares. Instead, Bibiyan
actually
issued himself an additional 1,800,000 shares of unrestricted Company
stock.
On August 8, 2010, the Court issued a judgment against Bibiyan
and his alter ego
companies. The court awarded the Company $11,892,000.00 in damages for
the
securities frauds, an additional $100,000.00 in breach of contract
damages, with
ten percent pre-judgment interest on the contract damages, and
$16,646.29 in
attorney fees solely for the contract damages claims. Furthermore, the
Court
awarded Toledo and his co-plaintiff damages in the amount of $219,578.00
for
their stock losses caused by Bibiyan's adjudged securities frauds.
Upon receiving news of the Court's judgment, Toledo issued the following
statement: "I am extremely pleased with this judgment. I feel
vindicated that a court has
entered judgment against Thomas Bibiyan for egregious breaches of his
fiduciary
responsibility to both Searchguy.com, Inc., and its shareholders. I
believe it
was necessary to bring this action against Thomas Bibiyan, so that he
would not
be in a position to defraud other investors in the future. I believe
that
Searchguy.com can still become a great company under the right
management, and
as a shareholder of the Company, I hope to see it succeed in the
future." About Ramon Toledo Ramon Toledo is the President and CEO of
Busca Corp., an entity unrelated to,
and unaffiliated with, Searchguy.com, Inc., and is also a co-owner of
INMUEBLES
Y DESARROLLOS ARNAIZ SA de CV, a real estate development company
established in
1970 (family owned). With 20 years of experience in international
management and
business development, Toledo has numerous recognitions as one of the
most
respectable businessman and entrepreneurs to bring business into Mexico.
In
October 2008, Levelup.com a branch of Busca Corp., was named Best Web
2.0 Site
in Mexico for 2008 AMIPCI (Mexican Internet Association).
Busca Corp.
is a leading Mexican company in technology innovation and videogame
content. It has signed deals with top online companies: MSN, Yahoo,
Terra
Networks, Playboy Mexico and Televisa.
SOURCE Ramon Toledo
www.prnewswire
