What can the Failure say in hearing with the AR SEcurities Commission?
The Commission found the gang violated 2 regulations:
1. Did not register the converts:
HHSE stance is they did not know they had to. They had outside counsel review the docs and none of them told them.
Commission doesn’t care, ignorance is not a defense.
Fact is, the converts were issued and not registered. A violation of securities law.
2. Not disclosing material information and issuing false and misleading statements:
Fact, HHSE, in its financial statements does not disclose all the past outstanding judgements nor pending litigation.
Fact, the blog contained a post about a “to be filed” response in the JSJ matter, suggesting the matter would be dismissed.
No filing was made and a review of this board, clearly shows many thought the JSJ matter would be dismissed with that filing.
Lastly, getting in front of the Commission after Friday’s blog is just asking for stricter sanctions then the “stop issuing illegal securities, issuing false statements and start disclosing all material info”, the Commission hit them with.
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