adijas
8年前
SEC Charges Nevada Microcap Issuer and Individuals with Unregistered, Fraudulent Offering
Litigation Release No. 24241 / August 21, 2018
Securities and Exchange Commission v. Intertech Solutions, Inc., William Scott Marshall, David Michael Naylor, and West Port Energy LLC, No. 2:18-cv-01566 (D. Nev. filed Aug. 20, 2018)
The Securities and Exchange Commission has charged a corporation and its principals with conducting a multi-million dollar offering fraud.
The SEC alleges that Nevada-based microcap issuer Intertech Solutions, Inc., which purports to be a project finance and management company for mining operations, William Scott Marshall, and David Naylor raised over $7 million from hundreds of investors throughout the United States and Canada. According to the SEC, Intertech, Marshall, and Naylor misled investors about the value of Intertech's gold mine interest, Intertech's timeframe for generating revenue, and commission payments Intertech made to securities solicitors. The complaint also alleges that, at Marshall's direction, Intertech hired numerous individuals to engage in cold-call solicitations of investors. Finally, Marshall and Naylor allegedly stole hundreds of thousands of dollars in investor funds, which they used to pay for personal expenses such as such as gym memberships, resort stays, personal medical expenses, and a car Marshall exclusively used.
The SEC's complaint, filed in federal court in Nevada, charges Intertech, Marshall, and Naylor with violations of the securities registration provisions of Sections 5(a) and (c) of the Securities Act of 1933 and the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The complaint also charges Intertech and Marshall with aiding and abetting violations of the broker registration provisions of Section 15(a)(1) of the Exchange Act. Without admitting or denying the SEC's allegations, Intertech, Marshall, Naylor, and relief defendant West Port Energy LLC, a company formed by Marshall and which allegedly received proceeds of the fraud, have agreed to disgorge nearly $7.4 million in proceeds from the alleged fraud, and Marshall and Naylor have agreed to pay civil penalties of $184,767 and $92,383, respectively. Intertech, Marshall, and Naylor have also agreed to permanent injunctions, and Marshall and Naylor have agreed to conduct-based injunctions and permanent officer-and-director and penny-stock bars. The settlement is subject to court approval.
The SEC's investigation was conducted by Laurie Abbott, James Thibodeau, and Kenji Kawa, was assisted by Trial Counsel Amy Oliver, and was supervised by Regional Director Daniel Wadley of the Salt Lake Regional Office.
The SEC's Office of Investor Education and Advocacy has issued an Investor Alert to encourage investors to check the background of anyone selling or offering them an investment using the free and simple search tool on Investor.gov.
guru2002
8年前
Catching up with Naylor, Mcintosh and Wiita
Like a phoenix rising from the ashes, they just keep coming back. And back... and back...
1. American First Resources:
Entity Number: E0140382017-6
Incorporated: 03/23/2017
Robert McIntosh: Secretary & Treasurer
http://nvsos.gov/SOSEntitySearch/CorpDetails.aspx?lx8nvq=QseFYxSlFg7bSqZ0g0cVZg%253d%253d
2. American Strategic Minerals
Entity Number: E0117512017-4
Reserved by: David Naylor
Date: 3/11/2017
http://nvsos.gov/SOSEntitySearch/CorpDetails.aspx?lx8nvq=1QCzZj92s9nHxe%252bFqg3EZw%253d%253d&nt7=0
3. American Strategic Minerals
Entity Number: E0323702017-7
Incorporated: 7/10/2017
President, Director, Treasurer, Secretary: Craig Wiita
http://nvsos.gov/SOSEntitySearch/CorpDetails.aspx?lx8nvq=nQV3SlIDZoGZzdBezlXNmg%253d%253d&nt7=0
Nice, fancy new website:
http://www.amstmiinc.com/investment-opportunities.html
Love what they want for $$$ minimum investments, haha
Oh, and the fancy website location (at the bottom):
1690 States St
Prescott, AZ
Google it and you'll see it's the dude's house! haha
Pathetic
guru2002
9年前
Seibert Trial Starts Today
16-count indictment, people starting to fight back! Excellent!
Robert Seibert, John Grey, Ron Woods, Sebastian Wilson, Universal Stock Transfer. If those names mean anything to you, or sold stock of this turd to you, or tried to sell this crap to you, this bears watching. ~ $1M bucks worth.
Assistant United States Attorney Gregory W. Staples of the Santa Ana Branch Office is prosecuting attorney.
Contact:
Thom Mrozek
Spokesperson/Public Affairs Officer
United States Attorney’s Office
Central District of California (Los Angeles)
213-894-6947
PennyStockTrader2
9年前
Very interesting. I dont think its necessarily bad. If they can get a nice chunk of money for not doing any work (and I know they want to mine the property pretty badly) and at least pay back investors then that may be something they would consider. In the meantime they move forward. I am not giving up on this, yet. If they are really strapped for cash then they may not be paying bills like phones, reception, website, filings, and the like, unless absolutely critical. I want to give this some more time to see what happens, but I agree that things are not looking good. My general feeling from past interaction is that they are committed to investors. The complete silence is a bit unexplained though and patience is wearing thin. The stock does continue to trade around a penny which give a valuation of 6 million give or take.
I have asked a number of times, has anyone gone onsite on their own to take a look. I remember when I went, there would be nothing stopping anyone from looking around. I know they finished the cable crossing and that they had obligations to the BLM per the report that was filed that need taking care of. As well the permits from the Army core of engineers was something they had to get done, not sure how to check on that.
BeenHad
9年前
Good Day,
Is ITEC viable?
No Website anymore, phones are disconnected In AZ and TX.
If anyone knows how to get in touch with any one there, please advise.
I found Craig Wiita (President) address in CA, send him a snail mail. Doubt he will reply, but I took the chance.
Please advise,
PennyStockTrader2
9年前
I respect what you say, and you may be completely right, I just can't say for sure. What I do really believe is that there is gold in the ground, a ton of effort has gone in to getting this far, and I truly hope this comes to fruition otherwise we will all be very discouraged. I just cant stand the waiting, but what else to do.
Thats why I'd like to see someone get out on site and report back.
PennyStockTrader2
9年前
While I agree on a number of points with regards to history, at the same time I do believe they are trying to move ahead and a huge effort spread out over a few years was not just for burning our investment dollars. I know as a fact especially the period after last August was very painful (I won't give specifics here), and I don't like the web site down so long, and I don't like no recent filing, but I also believe they have been on a shoe string budget as has been implied. I've gotten sporadic response from them, even very recently, and sometimes I have gotten some specifics and other times not, and I have tried updating this board periodically. Could I be wrong, absolutely I could be, but I don't think I am, and I certainly hope I am not, that would be very very discouraging to say the least.
You should try calling and emailing yourself, I'd be interested if you get a response, I would think you would if you tried hard enough.
Also I have asked a few times, if anyone is within 6 hours drive of the site, can they try visiting. I know, I know, why in the world should we have to do such a thing, why can't they just communicate, I don't know, but as I mentioned also, they don't want to make forward looking statements any more. As per my last update, I believe they are done with the process with the BLM, in fact the BLM has even confirmed that with me, and they are working on getting state/local permits, but I just don't have any details on how that is going, just that it will be soon. That would include drilling wells - that's why I'd like to see someone visit, I did so in Dec '15 but only b/c I was out that way.
Please don't shoot the messenger. I am a very frustrated investor just like everyone else and I do believe there is gold in the ground, we just gotta get it out. If there is anything I have learned about the mining process is that it's 10x longer and more involved than one might be led to believe, combined with the fact that they have just done a poor job of communicating along with some bad luck (and maybe bad planning) along the way.
Added: if anyone wants to private message me to discuss further, I am open to that as well, but like many I am worn out and don't enjoy posting here anymore, it's just too discouraging.
PennyStockTrader2
9年前
I dont think you can trade this. The volume is anemic and for the most part always has been. Losing patience, well yeah, who hasn't except maybe the most experienced gold investors who know how long these things can really take, and that ain't me, not until now. I think we just have to wait, there is nothing else we can do. I wish I lived out that way and could visit easily to see any progress.
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