NanoTech Entertainment Inc (NTEK)

[nuubie]

How can you be sure NTEK is completely honest?:

David Foley, 46, of Los Gatos, Calif., admitted that, as charged in the first indictment, he manufactured thumb drives, known as “game packs,” containing video gaming software that could be loaded onto arcade video game machines made for the home market. Foley illegally produced the products from his home while working as the chief technology officer of Global VR, which had previously acquired all rights to produce and sell games under the UltraCade name. After producing the game packs, Foley sold the products to a co-defendant located in Milford, Conn., and agreed to sell the game packs to the public using packaging and advertisements that falsely represented the goods to have been genuinely manufactured by UltraCade. Foley thereafter received payment for the illegally manufactured game packs by mail and wire.

Foley further admitted that, as charged in the second indictment, he defrauded Countrywide Home Loans (now owned and operated by Bank of America) of mortgage and home equity line of credit loans in the amounts of $2,624,475 and $374,925. He did this by falsely claiming that he was still employed at Global VR. Foley had been fired from his job by the time the loan applications were submitted. Foley admitted that he instructed a co-defendant to contact Countrywide Home Loans to falsely confirm his continued employment, after his employment had been terminated and prior to receiving the funds.

http://www.fbi.gov/sanfrancisco/press-releases/2012/former-chief-technology-officer-of-san-jose-video-arcade-gaming-software-company-pleads-guilty-to-conspiracy-to-commit-mail-and-wire-fraud-conspiracy-to-commit-bank-fraud