Fong's 1990 SEC Troubles and Miami Herald Exposure:
Equitex’s chairman and chief executive, Henry Fong, was investigated by the Securities and Exchange Commission in 1990. “Fong, a Jupiter [Florida] resident and philanthropist, knows his way around money. As people rushed in to buy Equitex shares, Fong cashed out selling more than a third of his 1.6 million shares as the stock peaked. Back to the philanthropist Fong – the one who sold one-third of his stock in Equitex to investors clamoring to get on the Internet bank band wagon. The Miami Herald wrote, “According to a 1990 complaint filed by the SEC, Fong took part in an $8 million stock manipulation scheme involving newly minted shares of Star Publications. The story made the rounds as business journals drove home the problem of penny stock fraud. But the SEC case against Fong went nowhere, and it was dropped when Fong agreed to return $73,775 in profits.
In 1999, Duffy wasn’t concerned about Fong’s past, telling the Miami Herald, “I’m the one who put the deal together and Henry Fong has been true to his word. I have no problem with the guy. I think he’s one of the most trustworthy guys in South Florida.” Duffy forgot all about that statement two years later when he was fired, locked out of his offices, and removed as chairman in November 2001. Outraged at his treatment, Duffy sued the bank and received a judicial order on February 8, 2002, putting him back in charge and barring the new board from running the bank.
Lets look at the companies Henry Fong has run and you will see a pattern. A pattern that SNVP will be repeating.! China Nuvo Solar Energy, the predecessor to Surgline: Had no sales for years, only expenses. Raised almost $2 million. But China Nuvo bought technology, none of which it ever was able to exploit. Acquiring technology makes for great press releases, which China Nuvo was able to exploit, trading as high as $.16 a share—100 times the current price. And back then, 2006 to 2011, solar energy was “hot.” Now there has been a shakeout in the industry, profits are falling, it was time to exit the solar energy field and enter what Fong thought was the new “hot” field. To whom did China Nuvo sell its securities? From the July 2010 10k: On September 24, 2009, the Company issued 16,666,667 shares of its common stock upon the conversion of $65,000 of convertible debentures to non affiliated third parties. The shares were converted at $.0039 per share. On February 9, 2010, the Company issued 18,000,000 shares of its common stock upon the conversion of $54,000 of convertible debentures to non affiliated third parties. The shares were converted at $.003 per share. On April 1, 2010 the Company issued 55,940,455 shares of its common stock upon the two year mandatory conversion of the Company’s preferred stock of $123,069 (the “Stated Value”). Per the terms of the Certificate of Designation, the preferred stock converted at the result of the Stated Value multiplied by 120%, divided by the average of the closing price for the twenty (20) days prior to the conversion multiplied by seventy five percent (75%). This conversion represents only a portion of the preferred stock outstanding. The remaining amount of preferred stock outstanding at July 31, 2010 is $314,172 and the holders of those shares and the Company have agreed to extend the mandatory conversion period for one additional year to July 27, 2011.
In the 2009 10-K: On May 4, 2009, the Company issued 6,357,666 shares of its common stock upon the conversion of $17,500 of convertible debentures and $1,573 of accrued interest to non-affiliated third parties. The shares were converted at $0.003 per share. On June 5, 2009 the Company issued 7,092,195 shares of its common stock upon the conversion of $25,000 of convertible debentures to non-affiliated third parties. The shares were converted at $0.003525 per share. On July 27, 2009 the Company issued 21,697,324 shares of its common stock upon the two year mandatory conversion of the Company’s preferred stock of $98,650 (the “Stated Value”). Per the terms of the Certificate of Designation, the preferred stock converted at the result of the Stated Value multiplied by 120%, divided by the average of the closing price for the twenty (20) days prior to the conversion multiplied by seventy five percent (75%). This conversion represents only a portion of the preferred stock outstanding. The remaining amount of preferred stock outstanding at July 31, 2009 is $437,241 and the holders of those shares and the Company have agreed to extend the mandatory conversion period for one additional year to July 27, 2010. On July 30 and 31, 2009, the Company issued in the aggregate 10,424,089 shares of its common stock upon the conversion of $42,500 of convertible debentures and $2,063 of accrued interest to non-affiliated third parties. The shares were converted at $0.004275 per share.
Henry Fong, the CEO, and Barry Hollander, the President, have been involved in several reverse merger transactions as officers and directors.
California Pro Sports, reverse merger with Imaginon
Equitex, Inc. , a shell company, bought Chex Systems, which spun off and became FastFunds Financial Corporation. Equitex then closed a reverse merger with Hydrogen Power, Inc. and is now known under that name. HPI intended to exploit patents related to hydrogen power but went into receivership in 2008.
Fastfunds sold all substantially all its assets in 2006 and is now a shell company. Messrs. Fong and Hollander continue to be the CEO and CFO, respectively.
Brought out to be the latest FRAUD and share selling scam.
Alumnifuel Power Corporation appears to be the successor to HPI, through a reverse merger which occured in 2009. Mr. Hollander has no affiliation with this company.
All of these transactions and the history of China Nuvo indicate that the issuer was in fact a shell company as of September 1, 2011 and that the shares being issued as "free trading" by the issuer are not entitled to the Rule 144 safe harbor.
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Scammer CEO Fong gets $308,000 in FFFC Stock. LOLzzzzzzzzz
During the year ended December 31, 2012, the Company entered into various agreements with certain of its non-affiliated creditors to convert various outstanding loans into restricted shares of the Company. The total amount converted was $235,725 and the Company issued 35,465,946 shares of common stock, at an average price of approximately $0.0066 per share.
On May 25, 2012 the Company issued 15,000,000 shares of restricted common stock in satisfaction of $367,500 of accrued and unpaid fees to Barry Hollander, the Company’s Acting President. The shares were issued at $0.02 per share. Mr. Hollander agreed to forgive the remaining $67,500.
On May 25, 2012, the Company issued 15,000,000 shares of restricted common stock in satisfaction of $308,549, comprised of accrued and unpaid fees owed to Mr. Henry Fong, a Director of the Company, legal fee reimbursement and accrued and unpaid interest on loans from Mr. Fong. The shares were issued at $0.02 per share. Mr. Fong agreed to forgive the remaining $8,549.
On May 25, 2012, pursuant to the Agreement in Note 1 above, the Company issued 90,000,000 shares of restricted common stock to Carbon Capture Corporation (“CCC”) in exchange for 100% of the common stock of their wholly owned subsidiary, Advanced Technology Development, Inc.
On May 25, 2012 the Company issued 1,410,255 shares of common stock to Asher upon the conversion of $5,500 of the 2011 Note. The shares were issued at an average price of approximately $0.0039 per share.
On June 14, 2012 the Company issued 1,434,264 shares of common to stock to Asher upon the conversion of $12,000 of the 2011 Note. The shares were issued at an average price of approximately $0.0084 per share.
On June 27, 2012 the Company issued 507,246 shares of common stock to Asher upon the conversion of $7,000 of the 2011 Note. The shares were issued at an average price of approximately $0.0138 per share.
In June 2012, the Company issued 3,200,000 shares of common stock pursuant to the exercise of warrants to purchase 3,200,000 shares of common stock. The exercise price of the warrants was $0.01 and the Company received $32,000.
On July 9, 2012 the Company issued 142,857 shares of common stock to Asher upon the conversion of the remaining balance of $500 of the 2011 Note and accrued and unpaid interest of $1,000. The shares were issued at an average price of approximately $0.0105 per share.
On October 9, 2012 the Company issued 35,714 shares of restricted common stock to Carebourn in consideration of fees related to the issuance of the Company’s $5,000 convertible note to Carebourn. The shares were valued at $0.014 per share and the Company recorded interest expense of $500 for the year ended December 31, 2012.
In October and December 2012, the Company issued 819,000 shares of Series A Preferred stock and 297,667 shares of Series B Preferred stock to CCC in exchange for their cancellation of 67,000,000 shares of common stock.
On December 10, 2012 the Company issued 6,111,111 shares of common to stock to Asher upon the conversion of $11,000 of the June 2012 Note. The shares were issued at an average price of approximately $0.0018 per share.
We offered and sold the securities in reliance on an exemption from federal registration under Section 4(2) of the Securities Act of 1933 and Rule 506 promulgated thereunder. We relied on this exemption and rule based on the fact that there were a limited number of investors, all of whom were accredited investors and (i) either alone or through a purchaser representative, had knowledge and experience in financial and business matters such that each was capable of evaluating the risks of the investment, and (ii) we had obtained subscription agreements from such investors indicating that they were purchasing for investment purposes only. The securities were not registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The disclosure contained herein does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company, and is made only as permitted by Rule 135c under the Securities Act.
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