Modern Energy Corp (fka MDRG)

[Southern Gal]

No news on this turkey.

http://www.cheatingfrenzy.com/ioane1.pdf

http://ca.findacase.com/research/wfrmDocViewer.aspx/xq/fac.20101207_0061696.ECA.htm/qx

Last I heard was that the crooks who perpetuated the fraud against Scott Trade didnt bother to show up at the hearing.

IV. Persons Acting In Concert With Modern Energy and First Public
11. Sandy Winick, as indicated above, is an individual whom the SEC has concluded organized and spun off a series of corporate shells having no legitimate business purpose with the intention of utilizing such corporate shells to perpetrate securities frauds. Modern Energy’s predecessor, Riverbank is apparently one such company, and Modern Energy’s transfer agent, First Public, is such a company. Sandy Winick has been named by the SEC as a defendant in a civil action filed in the U.S. District Court for the Southern District of New York and accused of perpetrating securities frauds through such spun off entities.
12. David Korman (“Korman”), also known as: Mark Pedley, Branch Vinedresser, Dr. David Korem, and perhaps other aliases, is an individual who has claimed at times to reside in Los Altos, California and purported to hold proxies making him effectively the controlling shareholder of Riverbank and Modern Energy. Korman was convicted of mail fraud in 1983 and served three years in a federal penitentiary for such offense; subsequently, in 1986, he was convicted of racketeering and sentenced to an eight year prison term. Korman was released from parole in 1994, shortly before Riverbank was formed. In addition to claiming to hold proxies for a controlling position in Modern Energy common shares, Korman has regularly and routinely purported to act for, and direct the affairs of, First Public.
13. Michael S. Ioane (“Ioane”) is an individual residing in California. Ioane is associated with a business operating under the name of Acacia Business Solutions (“Acacia”), which
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describes Ioane as its “Legal Tutor”. Ioane’s has frequently filed unfounded pleadings and lawsuits, prompting at least one U.S. District Court to enter an order prohibiting Ioane from filing any additional papers in that Court without prior permission of the Court. Presently, Ioane is under indictment in the U.S. District Court for the Central District of California for tax fraud. Ioane purports to own 5 million Modern Energy shares, either personally or through an Oregon corporation he purports to control called Western Investment Properties, Inc. (“Western”). These shares are traceable to 500,000 shares of Riverbank stock Ioane purportedly received from Korman for rendering business consulting services of an undisclosed nature to Riverbank and Korman. Beginning not later than December 21, 2007, Ioane began directing the actions purportedly taken by Modern Energy.
14. Teri Norgrove is an individual residing in Nevada. She is an employee of Acacia, and one of Ioane’s subordinates at Acacia. In or after December, 2007, Norgrove, at Ioane’s instance, publicly portrayed herself as Modern Energy’s president.
15. John Winnick, also known as John Frederick Winnick, Jack Chao, Chao Winnick and Jack Winnick, and perhaps other aliases, is an individual formerly residing in California and doing business there as a stock broker. John Winnick’s registration as an associated person of any FINRA member firm has been indefinitely suspended as of June 29, 2009. Commencing in or about 2009, and continuing until approximately December 21, 2009, John Winnick was publicly identified as Modern Energy’s president and director.
16. Sultan M.U. Saud (“Saud”) is purportedly an individual residing on the island of Mindanao in the Philippine Islands. Since December 21, 2009, Saud has been identified as the President and Director of Modern Energy.