Thanks for the accurate info hotelier51
"Nuvilex's (PharmaCyte's) Oh Wise CEO who had previously worked as EVP for ChinaTel, now VelaTel, which is basically a pump & dump Chinese Reverse Merger stock now worth $.0003 cents. Here's a nice summary of some timely dumping:
Quote:"CHTL has certainly treated its stock like an endless money supply. For example, regulatory filings show, CHTL issued more than 30 million shares of stock to consultants and contractors – causing its overhead costs to skyrocket -- during the first nine months of 2009 alone. Since then, those filings show, the company has issued millions of additional shares for similar consulting services.
With the stock blowing past $1 near the end of last year, CHTL insiders began to cash in some of their chips. Isidoro Gutierrez, identified in regulatory filings as CHTL’s chief administrative officer and uncle to two of the company’s top executives, sold at the highest prices – fetching up to $1.55 a share – around the time the stock hit its peak.
In early February, however, a mysterious Mexican trust holding 4.8% of CHTL’s stock (just short of the 5% stake required for detailed disclosures) reported the most lucrative sales of all. Between Dec. 17 and Jan. 22, the trust sold more than 2 million shares of CHTL – at prices ranging up to $1.91 a share – and pocketed almost $3 million in proceeds in the process.
Kenneth Waggoner, CHTL’s outside legal counsel, executed some well-timed sales as well. On the same day thatCHTL announced that Excel had reduced its original funding commitment, for example, Waggoner sold 15,000 shares of stock at just under $1 a share. Two days after CHTL learned that Excel would be unable to make its first big payment – and three days before the company actually disclosed that news – Waggoner followed up with an even bigger sale by cashing in 40,000 shares as the stock headed below 70 cents a share."
Quote:San Diego County Superior Court
Lawsuit filed March 10, 2010-Case no. 37-2010-00087536-CU-EN-CTL
VRT Square LP v. China Tel Group, Mario Alvarez, Kenneth Waggoner, Ken Hobbs, et. al.
Complaint alleges causes of action for, among others, Fraudulent Conveyance, Fraud, Conspiracy Unjust Enrichment and Constructive Trust. Allegations state that a legitimate judgment was obtained by VRT Square against Mario Alvarez and his failed company, Greenleaf Home Loans. Complaint further alleges that after obtaining judgment, Mario Alvarez transferred essentially all his assets and all his stock in China Tel Group Inc. to various friends and family members.
This case can be viewed at the San Diego Superior Court website"
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