News 
Market Data 
Discover
Replies to post #9110 on Pazoo Inc. (PZOO)
06/08/15 4:44 PM
SoftNet Technology Corp. Closes the Acquisition of Inspara Networking Technologies
January 18, 2006 06:15 PM Eastern Standard Time
BERNARDSVILLE, N.J.--(BUSINESS WIRE)--Jan. 18, 2006--SoftNet Technology Corp. (OTCBB Symbol: STTC) (German WKN#: A0B7RZ) is pleased to announce that, on Wednesday, January 18th, the acquisition of Inspara Networking Technologies, Inc. closed at 4:23 PM Eastern Standard Time. SoftNet will issue to Inspara stockholders 49,890,424 shares of unregistered restricted stock. Inspara will conduct all future business under the name of SoftNet Technology.
"We are thrilled that this acquisition has finalized. Inspara's top notch personnel, superior services and globally known clientele will have a tremendous impact on the worth and continued success of SoftNet. We can now present to our target market of small businesses an upgraded menu of product and service offerings and enhanced support capabilities," commented James Farinella, CEO of Softnet Technology Corp.
"We couldn't be happier with the current direction of Inspara, now known as SoftNet Technology. The integration of these two enterprises provides a mutually beneficial relationship, offers a platform for accelerated growth and establishes a new organization poised for greatness," says Kevin Holt, CEO and Chairman of Inspara Networking Technologies, Inc.
Two Private Company Executives Sentenced
to Prison for $5 Million Investor Fraud
NEWARK – The former CEO and the former president of a private New Jersey company
were each sentenced to federal prison today for their roles in a conspiracy to defraud
dozens of investors of more than $5 million, U.S. Attorney Christopher J. Christie
announced.
Russell Kevin Holt, 54, of Cranford, who served as the CEO and Chairman of the Board
of Directors at InsPara Network Technologies, Inc., was sentenced to 35 months in
prison; Robert Henches, 63, of Montville, who served as InsPara’s president, Chief
Operating Officer, and board member, was sentenced to 43 months in prison.
In addition to the terms of imprisonment, U.S. District Judge Peter G. Sheridan also
ordered Holt and Henches to pay $4.16 million in restitution to the victims. Judge
Sheridan ordered both men to surrender to the federal Bureau of Prisons by Sept. 2 to
begin serving their prison terms.
InsPara was a private information technologies consulting firm based in Cranford, with
seven affiliated offices throughout the United States, as well as a location in London.
Holt and Henches, who co-founded InsPara in 2002, were sentenced for their role in a
conspiracy with the company’s former Vice President of Finance, Guy E. Urciuoli, for
defrauding more than 40 investors, who each invested between $25,000 and $1 million,
totaling approximately $5.3 million, according to Robert Kirsch, the Assistant U.S.
Attorney who prosecuted the cases.
From mid-2003 through March 2005, Urciuoli, of Wilton Manors, Fla., recruited the pool
of investors through telephone and written solicitations. The investors were located
across the country, including New Jersey, New York, Florida, Colorado, Tennessee,
Illinois, California and Nevada. Holt, Henches and Urciuoli periodically provided the
investors with the company’s financial data, which Holt and Henches admitted were
grossly inflated. For example, Holt, Henches and Urciuoli provided investors with
financial data indicating that InsPara, in 2004, generated approximately $24 million in
revenue, with net profits of approximately $3.7 million. Henches admitted, however, that
an accountant determined that InsPara’s true revenue for 2004 appeared to be $1.2
million, and that the Company operated at a net loss of approximately $2.1 million.
In November 2006, Holt and Henches pleaded guilty to one-count Informations charging
them with conspiracy to commit mail and wire fraud.
In January 2008, after a two-week trial, Urciuoli was convicted on all counts of an
Indictment which charged him with six counts of wire fraud and one count of obstruction
of justice. In May, Judge Sheridan sentenced Urciuoli to nine years in federal prison for his role in the scheme, and ordered him to also pay $4.16 million in restitution.
