Micah tried his BS with Seafarer and Kyle refused
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Posted On: 08/04/2021 6:13:01 PM
Micah tried his BS with Seafarer and Kyle refused and the multi-year litigation between the two ensued. Kyle won via shares being returned to Seafarer.
https://www.sec.gov/litigation/litreleases/20...ovdelivery
Micah = Fraudster. So much for his actions just being part of doing business as some have claimed when defending him. Jury says differently.
Jury Finds Broker-Dealer, Transfer Agent and Two Key Principals Liable in Microcap Shell Factory Fraud
Litigation Release No. 25156 / August 4, 2021
Securities and Exchange Commission v. Spartan Securities Group, Ltd., et al., No. 19-civ-00448 (M.D. Fla. filed February 20, 2019)
On Friday, July 30th, after a three week trial in Federal Court in Tampa, Florida, a jury returned a unanimous verdict finding broker-dealer Spartan Securities Group, LTD., transfer agent, Island Capital Management LLC d/b/a Island Stock Transfer, and two of their principals, Carl E. Dilley and Micah J. Eldred, liable for fraud in connection with their roles in the creation of at least 19 purportedly legitimate public companies that were in fact shams.
Evidence at trial showed that Spartan Securities, Dilley, and Eldred made misrepresentations and omissions in the filing of 15c2-11 applications and submissions with Financial Industry Regulatory Authority (FINRA), which are required to publicly list the companies' common stock and ultimately enable the shares to become free-trading and available to public investors. The evidence also showed that Island Stock Transfer and Dilley, its President, made misrepresentations and omissions regarding the designation of the securities as free trading and when effectuating the bulk issuance and transfer of securities, including stock certificates without restrictive legends. Finally, the evidence revealed that Spartan Securities, Island Stock Transfer, and Dilley initiated and provided false information for applications filed with the Depository Trust Company (DTC), including misrepresenting the shell status of issuers.
https://www.sec.gov/litigation/litreleases/20...ovdelivery
Micah = Fraudster. So much for his actions just being part of doing business as some have claimed when defending him. Jury says differently.
Jury Finds Broker-Dealer, Transfer Agent and Two Key Principals Liable in Microcap Shell Factory Fraud
Litigation Release No. 25156 / August 4, 2021
Securities and Exchange Commission v. Spartan Securities Group, Ltd., et al., No. 19-civ-00448 (M.D. Fla. filed February 20, 2019)
On Friday, July 30th, after a three week trial in Federal Court in Tampa, Florida, a jury returned a unanimous verdict finding broker-dealer Spartan Securities Group, LTD., transfer agent, Island Capital Management LLC d/b/a Island Stock Transfer, and two of their principals, Carl E. Dilley and Micah J. Eldred, liable for fraud in connection with their roles in the creation of at least 19 purportedly legitimate public companies that were in fact shams.
Evidence at trial showed that Spartan Securities, Dilley, and Eldred made misrepresentations and omissions in the filing of 15c2-11 applications and submissions with Financial Industry Regulatory Authority (FINRA), which are required to publicly list the companies' common stock and ultimately enable the shares to become free-trading and available to public investors. The evidence also showed that Island Stock Transfer and Dilley, its President, made misrepresentations and omissions regarding the designation of the securities as free trading and when effectuating the bulk issuance and transfer of securities, including stock certificates without restrictive legends. Finally, the evidence revealed that Spartan Securities, Island Stock Transfer, and Dilley initiated and provided false information for applications filed with the Depository Trust Company (DTC), including misrepresenting the shell status of issuers.
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