Global Gateway Media & Comm. (fka GGMC)

[liketotravel]

"Doubt P/R would have been put out or progress on JALB deal if he was tied with legal fees."

Parsinia is still in charge as far as I know. At this point he's only been charged, no plea agreement or sentencing yet. I'm sure that will come soon enough though since he was caught redhanded in the sting operation. I'm sure he won't be with GGMC or any other public company (See number 9 below) for much longer.

Here is the SEC complaint;
http://www.sec.gov/litigation/complaints/2010/comp-pr2010-187-wilcox.pdf

Note these sections pertaining to Parsinia;

4. With Mellone acting as the middleman, Parsinia paid an illegal kickback to the trustee so he would purchase approximately 1.65 million restricted shares of Zcom stock. Days later, Parsinia paid another kickback for an additional purchase of 1.67 million shares of restricted stock. Mellone received a $1,000 kickback for each of the transactions.

6. In each instance, the Defendants attempted to conceal the kickback by entering into a consulting agreement with a phony company the trustee purportedly created to receive the kickback. Unbeknownst to the Defendants, the company was a fiction the FBI created for this sting.
7. Mellone, Parsinia, and Wilcox created these schemes in an effort to generate the appearance of market interest in their respective companies, induce public purchases of their stock, and rapidly increase the stock’s trading price.

8. As a result of the conduct described in this Complaint, the Defendants violated Section 17(a) of the Securities Act of 1933 (“Securities Act”), 15 U.S.C. § 77q(a); and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. § 78j(b) and 17 C.F.R. §240.10b-5. Unless restrained and enjoined, they are reasonably likely to continue to violate the securities laws.
9. The Commission respectfully requests that the Court enter: (1) a permanent injunction restraining and enjoining the Defendants from violating the federal securities laws; (2) an order directing the Defendants to disgorge all profits or proceeds they received as a result of the acts and/or courses of conduct complained of, with prejudgment interest; (3) an order directing the Defendants to pay civil money penalties; (4) an order barring Mellone and Wilcox from acting as an officer or director of a public company; and (5) an order barring Mellone, Parsinia, and Wilcox from participating in any offering of penny stock.