samsamsamiam
2 years ago
SEC Charges Canadian Public Company and Its CEO in Fraudulent Microcap Scheme
Litigation Release No. 25430 / June 27, 2022
Securities and Exchange Commission v. Moynes, et al.; Civil Action No. 1:22-cv-11006 (D. Mass. filed June 27, 2022)
The Securities and Exchange Commission charged Canadian citizen Bradley Moynes and Canadian corporation Digatrade Financial Corp. for engaging in a deceptive scheme involving microcap companies that generated more than $1.5 million in unlawful stock sale proceeds at the expense of unsuspecting retail investors.
The SEC's complaint alleges that Moynes was the President, CEO and Director of two small and thinly traded companies, Formcap Corporation and Digatrade, whose stock was publicly traded in the U.S. securities markets. According to the complaint, Moynes used foreign nominee companies to hold stock in these microcap companies, thus concealing his ownership. The complaint alleges that he and his associates generated demand for his stock by paying promoters to tout the stock and then secretly sold his stock into that demand, generating substantial illicit profits from unsuspecting investors.
Moynes allegedly violated the U.S. securities laws because he defrauded investors by concealing information about his ownership and control over the stock he was selling. Moynes allegedly signed numerous filings with the SEC that contained misstatements about his ownership of Digatrade shares. Moynes allegedly misled investors, brokers, and transfer agents (companies that maintain records of stock ownership) in order to convince these parties that his stock shares were eligible for trading in the public markets. The complaint alleges that, as a result of Moynes' deceptive conduct, investors buying the stock he sold were deprived of important information-that the stock they purchased was being dumped by the President and majority shareholder of the company.
The SEC's complaint, filed in the United States District Court for District of Massachusetts, charges Moynes and Digatrade with violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks permanent injunctions, disgorgement jointly and severally of allegedly ill-gotten gains plus prejudgment interest, civil penalties and a penny stock bar against the Defendants. The complaint also seeks an officer-and-director bar against Moynes. The complaint additionally charges Vancap Ventures, Inc., a Canadian company that Moynes owned, as a relief defendant because it allegedly received illicit proceeds from Moynes' fraudulent scheme, and the SEC seeks disgorgement of those proceeds.
The SEC's case was investigated by Trevor T. Donelan, Jennifer Cardello, Robert Baker, and Kathleen Shields in the Boston Regional Office, with the assistance of Marlee Miller and Owen Granke of the SEC's Office of International Affairs. The SEC appreciates the assistance of the Financial Industry Regulatory Authority, the British Columbia Securities Commission, the Panama Superintendencia del Mercado de Valores, the Curaçao Korps Landelijke Politiediensten, the Cayman Islands Monetary Authority, the Cyprus Securities and Exchange Commission, the Latvia Financial and Capital Market Commission, the Liechtenstein Financial Market Authority, the Malta Financial Services Authority, the Mauritius Financial Services Commission, the Monetary Authority of Singapore, the Swiss Financial Market Supervisory Authority, the United Arab Emirates Securities and Commodities Authority, the Dubai Financial Services Authority, and the United Kingdom Financial Conduct Authority.
https://www.sec.gov/litigation/litreleases/2022/lr25430.htm
https://www.sec.gov/litigation/complaints/2022/comp25430.pdf
GRegoty
4 years ago
Sorry to hear that. Not sure there is much you can do. If I were you, I would do two things; never under any circumstances place a market order, and find another broker. Don't take this the wrong way but although it's your fault, that trade seems very shady. This is a stock most brokers will not trade and will probably be delisted very soon, so no legitimate broker would allow a trade to go through @ 500000 percent of current price. Having said that, a broker is not responsible for bad trading decisions. I can't see level 2 on this stock, could you? Or could you at least see an ask price?
Jniv3388
4 years ago
I made the purchase and was royally screwed over. I don't have a margin account with Schwab, I did a market order for 1000 shares when it was .0002¢ and it was authorized at $1.99/share.
What should have cost me .20¢ ended up costing $1,989, I only had .25¢ cash in my account and $140 in assets.
My account is now -$1,989 and Schwab customer service said there was nothing they could do because sometimes sales go through even without a margin account, there's a fine print warning about it.
Any advice would be appreciated and possibly compensated.
Phatlander
5 years ago
Possibly what may be in play here is a Custodianship play? From nosing around a little bit, apparently Richard Tang acquires a shell in this manner, cleans them up, and sells them for a reverse merger.
FYI-What is a Custodianship?
There are literally thousands of penny stocks that are publicly traded. It isn’t uncommon for some of those stocks to get abandoned by their control people for a variety of different reasons. When a publicly traded company gets abandoned it doesn’t just stop publicly trading. The abandoned shell will continue to trade until the day that the SEC files an administrative order to revoke the Issuers registration (for SEC filers) or until FINRA deletes the symbol (for non-SEC filers). That can often mean years of trading as nothing but a zombie ticker.
As abandoned shells, the public Issuers will fall behind with their business license at the state level (since nobody is around to pay the annual fees due to the Secretary of State). When two years pass without an entity paying its business taxes at the state level, the entity becomes revoked. This opens the door for control of the public Issuer to be taken over by an interested party (a shareholder or debt holder for example) through a custodianship petition.
https://otcmarketresearch.com/understanding-custodianship-plays/
Cwinland78
5 years ago
Byadmin
Product Orders
Wholesale – 1-604-771-7098
Reseller Partners: 1-604-771-7098
Rhode Island (East Coast: Erwin Vahlsing 1-401-258-8278
Purchasing and status updates:
Avatelegroup@gmail.com
Product specifications and bulk sales:
richard@tangotechnical.com
Samples and application for commodities: richard@tangotechnical.com
23
Feb,2019
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Byadmin
Product Catalogue
This is our 2019 Product catalog
http://tangotechnical.com/wp-content/uploads/2019/02/Tango-Software-Tungsten-and-MolyDenum-Rods-temperature-catalog.pdf
http://tangotechnical.com/wp-content/uploads/2019/02/Tango-Software-Corp-product-catalog.pdf
22
Feb,2019
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Byadmin
Corporate Disclosure
Here is our information of our corporate structure. The purpose of this disclosure is for RFP and submitting to Tenders
22
Feb,2019
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Byadmin
Partners and Resellers
Strategic Partners
Sygnit Corp. – Incorporated and Headquartered in Indiana, USA. Solutions Providers for Electronic Medical Records management software
GFSI ( Global Filipino Solutions Inc.) – Incorporated and Headquartered in the Phillipines. Strategic partners to connect with Asian commerce communities and associations.
ICOA Corp. – Incorporated and Headquartered in Rhode Island, USA. Strategic and financial partners of our company. ICOA helps provision some of our solutions to our clients.
Resellers and Gold Level Alliances
Spectrum Electric – Marine and Industrial – Incorporated and Headquartered in Vancouver, British Columbia, Canada. Parts and distributors of electronics for our Company.
V&V Refrigeration – Incorporated and Headquartered in Richmond, British Columbia, Canada. Designers and technical specifications for our Industrial and Marine projects.
22
Feb,2019
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Byadmin
Careers
Welcome to Tango Software Corp.’s Career center.
As of January 2019:
We are actively looking for talented individuals with programming experience in the following sectors:
•Digital Payment Processing in Asian markets
The Company is also actively looking for partnerships, and strategic alliances for:
•Asian Banking systems
The company is actively seeking vendor relationships for:
•Network hardware
•Virtualization platforms
22
Feb,2019
?0
Byadmin
About Us
Tango Software Corp. is a company that provides software solutions and consulting services. We specialize in critical uptime server applications (High Availability), and high redundancy and scalable platforms.
Tango Software Corp. (TSC), incorporated in British Columbia, Canada has been in operation since 2005, founded by Richard Tang. Since inception, TSC has been part of many interesting projects, and have established deep relationships with its clients and vendors. TSC has expanded into various hi-tech realms.
•Automated HVAC Control
•Digital Identity, PKI (private key infrastructure), SSL
•Physical Security Systems for warehouses
•Virtualization and cloud computing
•Online digital payment processing
•Medical Software – Electronic Health Records and Electronic Medical Billing
•Online (Internet) web applications
•Building physical network infrastructure for clients
Tango Software Corp is actively pursuing partners and alliances with other technology companies dealing with critical uptime services.
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22
Feb,2019
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Byadmin
Marine Automation
We are experienced in marine mechanical automation and implementing control logic for marine usage. Marine applications are different than most as one needs to take into account amperage and voltage regulation issues and ground/groundless contacts, which need to be addressed in the control logic.
We have performed work as subcontractors for the BC Ferries on vessels that need to be recommissioned after retrofits. We have been subcontracting for BC Ferries since 2006.
We have designed, programmed, installed, and did final testing and commissioning of our proprietary control systems which monitor and manage their HVAC systems on their large C-Class passenger vessels.
On such large ships our systems read environment fluctuations thousands of times per second and our logic controllers actuate fire dampers, air dampers, valves, and compressors all real time. It optimizes the usage of compressor output and to use as much “green” cooling from fresh air cooling.
22
Feb,2019
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Byadmin
Industrial Automation
Tango Software Corp. is specialized in providing Industrial mechanical automation for a variety of industries. We are seasoned veterns in the PLC programming (programmable logic controllers) and programming mechanical controls for:
•Meat processing and meat separation
•Fish processing
•Refrigeration
•Heating and Ventilation systems
•Compressor tuning and control
•And tuning transducers, actuators, and fire damper systems
•HVAC Efficiency
•Security and Self-storage lockers
We have worked with Johnson Controls Metasys systems, and Honeywell HVAC controllers. We understand low-level programming and understand and program fault tolerant procedures in our systems. Our systems are customized to each of our customers’ needs and run 24 X 7 for many years without needing computer maintenance.
We have programmed into EEPROM and in real-time state machines such as DX9100 DDC units.
Some of our existing and past clients include:
•Hallmark Poultry
•Colonial Farms
•Langley Farms
•Freybe Meats
•Norden Foods Inc.
•Aero Trading Co.
•U-Lok Self Storage
•GM Place (Sports arena)
•Langley Arena
We helped designed and commission the HVAC control systems for the BC Ferries during their retrofits and re-conditioned large C-class vessels and also small vessels.
We are available as primary and subcontrators for large scale PLC programming projects. Some of our existing and past clients include:
•V&V Refrigeration
•Black & MacDonald
•Spectrum Electric – Industrial and Marine divisions
Cwinland78
5 years ago
Richard Tang
President, Tango Software (Valley Press Books)
5467 5B Avenue, Delta, BC, V4M1K6, Canada
+1-604-771-7098 (cell and whatsapp)
info@valleypressbooks.com
Merchant descriptor on credit card: TANGO SOFTWARE 604-771-7098
OR ONLINE BOOKSTORE 604-771-7098[color=red]
Same phone number that is listed in FORM 15
Level up your trading with our powerful tools and real-time insights all in one place.
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