JP313
3 weeks ago
Looks like the SEC has finally caught up with pinky dirtbag>>>>>
Frank Igwealor et al.
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26171 / November 19, 2024
Securities and Exchange Commission v. Frank Igwealor, Patience Ogbozor, Alpharidge Capital LLC, American Community Capital LP, GiveMePower, Inc., Kid Castle Educational Corporation, Los Angeles Community Capital, and Video River Networks, Inc., No. 2:24-cv-09941 (C.D Cal. filed Nov. 18, 2024)
SEC Charges CEO with Misappropriation of $2.2 Million and $6 Million of Illegal Stock Sales
The Securities and Exchange Commission announced today it filed charges against Frank Igwealor of Playa del Rey, California, the CEO of several microcap issuers, for engaging in a scheme to misappropriate $2.2 million from a microcap company he controlled to purchase a home, and illegally selling millions of shares of three other microcap issuers he controlled for a profit of approximately $6 million.
The SECโs complaint, filed in the U.S. District Court for the Central District of California, alleges in November 2021, Igwealor and his spouse, Patience Ogbozor, illegally extended themselves a personal multi-million dollar mortgage from a subsidiary of GiveMePower, Inc. while Igwealor was the CEO of the company and Ogbozor was a director. According to the Complaint, Igwealor subsequently orchestrated sham transactions involving GiveMePower, two additional microcap issuers and a private entity that he controlled in order to obfuscate the original misappropriation, transfer the mortgage and ultimately avoid repayment. In addition, from July 2021 to February 2022, Igwealor allegedly sold approximately 663 million shares of three different microcap issuers he controlled, in excess of limitations under the securities law, applicable to him as a control person of these companies.
The SECโs complaint charges Igwealor with violating Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 (โSecurities Actโ) and Section 10(b) of the Securities Exchange Act of 1934 (โExchange Actโ) and Rule 10b-5 thereunder, and aiding and abetting violations of Sections 13(a) and 13(k) of the Exchange Act and Rules 12b-20 and 13a-1 thereunder, and charges Ogbozor with violating Section 17(a)(3) of the Securities Act and aiding and abetting violations of Section 13(k) of the Exchange Act. In its case against Igwealor and Ogbozor, the SEC seeks permanent injunctions, officer and director bars, civil penalties, disgorgement, and prejudgment interest as to both defendants, as well as a penny stock bar against Igwealor. The SECโs Complaint also charges GiveMePower, Inc, Kid Castle Educational Corporation, Video River Networks, Inc., Alpharidge Capital LLC and Los Angeles Community Capital with securities law violations in connection with the mortgage-related fraud; and charges Alpharidge Capital LLC and American Community Capital, LP in connection with Igwealorโs illegal sales of securities.
The SECโs investigation was supervised by Tejal Shah and Michael Paley and conducted by Abigail Rosen, Thomas Peirce, Ricky Tong, Leslie Kazon and Alex Lefferts of the New York Regional Office. The litigation will be led by Ms. Rosen.
mick
3 months ago
On March 4, 2022, the Company elected Ambrose Egbuonu as the President and CEO of the Company with a mandate to build and operationalize certain business plans.
On November 25, 2022, the Company completed preparation of its business plan of action and started implementation. On November 25, 2022, the Company changed its business purpose from gold-mining and prospecting to become a holding company for identified hospital operations.
We believe the Company is a quasi development stage company pursuing an actual business as set forth in the Companyโs Business Plan. The Company is pursuing contracts and possible acquisition or joint-venture with UMMC Corp
OTC Markets Group Inc.
OTC Pink Basic Disclosure Guidelines (v5 December 18, 2023) Page18of 24
(http://www.ummc.care), a Texas based operator of several hospitals and medical facilities. The Company is close to hiring Kuldip Singh, the CEO of UMMC Corp to become the new President of the Company and lead the Company into this sub-sector of the healthcare industry. Once the acquisition is finalized, UMMC Corp would become a wholly owned subsidiary of the Company. UMMC Corp currently operates from the corporate office located at 510 W Tidwell Rd. Houston, TX 77091.
Pursuant to the companyโs move to acquire UMMC, on March 1, 2023, Alpha ridge Capital entered into a Securities Purchase Agreement (SPA) with Kuldip Singh, the control person for UMMC to sell to him 500shares of the companyโs special 2021 series A preferred shares, which controls 60% of the total voting powers of the company. Subsequent to the SPA, the company also entered into an acquisition agreement with UMMC.
Once buyers and sellers have completed their due diligence, the deal will close and both companyโs financial statements shall be consolidated. After closing the UMMC acquisition, the company plans on making other acquisitions of medical facilities Real Properties and other hospital and doctorsโ offices operations as time and resources permits. Subsequent to the execution of the SPA, Mr. Kuldip Singh was appointed as President of the company.
https://www.otcmarkets.com/otcapi/company/financial-report/406589/content
Golfnut3
3 months ago
I mean, I can see it happening...I guess they must have reached the two year mark..
FCGD Security Details
Share Structure
Market Cap Market Cap
978,133
08/30/2024
Authorized Shares
10,000,000,000
08/29/2024
Outstanding Shares
9,781,332,120
08/29/2024
Restricted
598,573,182
08/29/2024
Unrestricted
9,182,758,938
08/29/2024
Held at DTC
7,990,188,460
08/29/2024
Float
9,182,758,938
03/05/2024
Golfnut3
3 months ago
So, they removed this from the, Pin, maybe a Reverse Share is in the making...
..Acquis Replying to @opportunityzon Sticking point: @Alpharidge_Cap wants to ensure that EXISTING SHAREHOLDERS ARE PROTECTED in all merger transactions. Thus, it intends to include a Restrictive Clause, forbidding Reverse-Splits for two years minimum after closing the deal, in all of its merger agreements.