I came across this SEC case. David Sims, the owne
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Posted On: 01/04/2020 9:02:00 AM
I came across this SEC case. David Sims, the owner of Discovery Growth Fund, the $5 Mil OWC investor has to be as unsavoury a character as you might ever come across. He has a long-standing history of butting heads with the SEC.
In May of 2019, a complaint was filed against David Sims, his partner Mario Precopio, and their lawyer Ralph C. Greaves, all based in California, along with a bunch of other entities they control. They are alleged to have scammed 13 investors out of $1.41 Mil by way of what is typically called a “prime bank” scheme.
What is puzzling is that for these guys the amount of money involved is nothing more than pocket change. They do it because they are born SOBs and are addicted to free money, and quite obviously they have no conscience and feel no remorse for the pain they cause.
The good news with all of this is that it has nothing directly to do with OWC, and the alleged fraudulent activities all occurred prior to the loan agreement with OWC. The other good news is that because of the investigation it’s quite possible that David Sims got side-tracked and not giving as much attention to the OWC investment. Having so much on his plate might very well explain why DGF stopped converting its preferred Series A shares during the second half of 2019. As they say, you snooze you lose!
https://www.sec.gov/litigation/complaints/2019/comp24480.pdf
In May of 2019, a complaint was filed against David Sims, his partner Mario Precopio, and their lawyer Ralph C. Greaves, all based in California, along with a bunch of other entities they control. They are alleged to have scammed 13 investors out of $1.41 Mil by way of what is typically called a “prime bank” scheme.
What is puzzling is that for these guys the amount of money involved is nothing more than pocket change. They do it because they are born SOBs and are addicted to free money, and quite obviously they have no conscience and feel no remorse for the pain they cause.
The good news with all of this is that it has nothing directly to do with OWC, and the alleged fraudulent activities all occurred prior to the loan agreement with OWC. The other good news is that because of the investigation it’s quite possible that David Sims got side-tracked and not giving as much attention to the OWC investment. Having so much on his plate might very well explain why DGF stopped converting its preferred Series A shares during the second half of 2019. As they say, you snooze you lose!
https://www.sec.gov/litigation/complaints/2019/comp24480.pdf
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