Replies to post #22575 on Resonate Blends Inc (KOAN)

[mdimport]

$TXHD and Wais have a confirmed first degree association with a felony fraud conviction.

"...Furthermore, defendant Singhal failed to disclose that he had close connections with many companies accused of stock fraud, market manipulation, securities related abuses and subject to regulatory actions. The omission of material facts from the Prospectus take on additional significance because the Company has engaged in several related-party transactions with defendant Singhal and his related entities.

Investors' shock concerning defendant Singhal was compounded by Barron's report that the head of research at the Company's wholly-owned subsidiary Glass Lewis & Co. ("Glass Lewis"), Lynn E. Turner, and its managing director and research editor, Jonathan Weil, had both resigned from the subsidiary in protest over Defendants' material omissions from the Prospectus.

Defendant SHELLY SINGHAL ("Singhal") was, at the effective time of the IPO, Chief Financial Officer and a member of the Board of Directors of the Company. Defendant Singhal signed the materially untrue and misleading Prospectus filed with the SEC. On May 15, 2007, defendant Singhal resigned as CFO and became the director of corporate development. On May 18, 2007, after the close of trading and the day before an expose on Singhal's troubling background, history, and affiliations was printed in Barron's, the Company announced that Singhal "resigned from the Boards of both companies, as well as from all executive and managerial positions. His departure is immediate." ..."

http://securities.stanford.edu/filings-documents/1037/XFML_01/20071022_r01c_07CV03994.pdf

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Shelly S. Singhal, Newport Beach Broker, Faces Second Fraud and Conspiracy Indictment in 2 Years

WEDNESDAY, MAY 18, 2011

"...A background check of Singhal would have also borne tainted fruit. He was indicted in 2010 on three counts of securities and mail fraud and conspiracy in connection with what the feds said was a plot to "scalp" shares, or trade with advance knowledge that favorable promotional materials were to be disseminated. Singhal pleaded not guilty, and the case has yet to go to trial. ..."

http://www.ocweekly.com/news/shelly-s-singhal-newport-beach-broker-faces-second-fraud-and-conspiracy-indictment-in-2-years-6444439

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The clip below is Shelly Singhal's bio on Bloomberg. See the Chapter 11 speciality.



http://www.bloomberg.com/research/stocks/private/person.asp?personId=979556&privcapId=2400071&previousCapId=704644&previousTitle=Iliad%20Partners