billy28227047
2 years ago
No additional facts/news on the matter.
At this time, there has been motion submitted to unseal the case back on 9/23 that are finally in the case log. But I am unable to see the details. Anyone else able to?
5 MOTION to Unseal Case by USA as to Jeffrey Bearden. (kmts, Deputy Clerk)
6 ORDER granting5 Motion to Unseal Case as to Jeffrey Bearden (1). Signed by Magistrate Judge Thomas M. DiGirolamo on 9/23/2021. (kmts, Deputy Clerk)
https://www.pacermonitor.com/public/case/41978686/USA_v_JEFFREY_BEARDEN
Also, there is no new case logs on Jeff's other case with former Acembly owners.
https://www.docketbird.com/court-cases/Kennedy-et-al-v-Bearden-et-al/cacd-2:2020-cv-11483
So, there will probably be a long wait till we hear the outcome of this story.
billy28227047
3 years ago
powerbattles -> It would be great if that was the case here. But considering Jeff's currently legal issues and the current state of ACCA, I do not think there is any hope here at all. If you have anything that points to other outcomes, I am all ears.
Jeff has at minimum of 4 different counts of false PPP loan submissions against him/his companies. Each carrying a "30 years behind bars" sentence, it is safe to say that this will just fade away into the fail bin of history.
Considering the number of employees called out in the PPP loans, for which we never found one single person actually working under B&D or SYNRGY (except for Jeff himself), this looks to be a slam dunk case for the government.
Also, we have not found any other partner(s) for ACCA or any of the other companies. Not sure ACCA or any of the other companies are able to do anything if no one around to run them.
With SEC taking ACCA into the "expert" market, I believe Jeff lost his final chance to sell the ACCA shell. But then again, with the government in the picture now, they may have taken control of all of Jeff's assets and he cant touch them.
https://www.justice.gov/usao-md/pr/hagerstown-man-facing-federal-charges-allegedly-falsifying-documents-order-obtain-covid
billy28227047
3 years ago
buccaneer1961 -> So it looks like a big issue has/is happening with Jeff's lawyer. "Attorney Michael B Wilson terminated". Wonder if it has to do with health issues or the federal case against Jeff. Whatever it is, seems pretty serious if plaintiffs are willing to pump the breaks and put the case on hold. But definitely not good for Jeff/B&D/Synrgy/Acembly.
"MINUTES OF HEARING re ALTER EGO held before Judge Stephen V. Wilson re: [75] EX PARTE APPLICATION to Stay Case. Attorneys state their appearances. The Court stays the case, and moves it to the inactive calendar. Plaintiff's counsel shall notify the Court, in writing, when the matter should be restored to the active calendar. Attorney Michael B. Wilson is relieved as counsel of record. He is ordered to advise his former clients separately that when the matter is restored to the Court's active calendar, they will need to retain new counsel. Case stayed. Attorney Michael B Wilson terminated. (Made JS-6. Case Terminated.) Court Reporter: Katie Thibodeaux. (mrgo)"
billy28227047
3 years ago
Yankee2 -> While it is a surprise to see the SNGY movement, I do believe there is alternative motive as to why that is happening. Either because Jeff is trying to save the money he lent to SNGY, because of the court case, and/or someone else involved in SNGY background.
https://www.otcmarkets.com/stock/ACCA/overview
Looking at the link above, you can clearly see how ACCA stands and will likely stand until the end of time. Very sad. Would have been best for everyone to have sold the shell off.
I do not understand the options of coming back from an "expert" market status. maybe someone more knowledgeable like PhenixBleu could give an answer. But considering the federal case against Jeff, lack of working capital, and lack of companies producing anything, I am really against the idea of ACCA doing anything.
billy28227047
3 years ago
That it is PhenixBleu.
Additional news today, Jeff actually filed his "Alter Ego" document for the court yesterday. I will give a bit of perspective below with some quotes just to give a insight to Jeff and how he handles things legally as it may impact or give insight to ACCA.
Some interesting aspects is Jeff still has money to pay for legal counsel. Michael B. Wilson of CURAT/LEX, INC. I wonder if he knows of Jeff's other troubles yet?
But here are some highlights for those interested.
1) "plaintiff’s claim against the alter ego defendant is
identical with that claimed by plaintiff against the already-named defendant."
2) So the plaintiffs are looking for a quick verdict by the judge, but Jeff is adamant about due process and forcing a trial with jury.
"Because Defendants are entitled to a trial by jury on certain of the substantive legal claims underlying Plaintiffs’ alter ego theory, a jury is required."
3)Jeff is looking to throw a wrench in how the plantiffs are trying to handle this case.Really trying to push how he is involved.
"Here, Plaintiffs entered into various agreements with the Debtor Defendants Acembly and Synrgy. Acembly and Synrgy do have common shareholder – Defendant Jeff Bearden. Defendant B&D Consulting, however, is not alleged to – nor does it – have any interest in either Acembly or Synrgy. B&D Consulting’s sole involvement in the transactions at issue here was that it forwarded the funds required by the Stock Purchase Agreement. Put simply, Plaintiffs cannot prove B&D Consulting to be the alter ego of either Acembly or Synrgy because B&D Consulting is not a shareholder of either. Plaintiffs therefore attempts to link B&D Consulting to the transaction through Jeff Bearden – which is to say Plaintiffs allege that Synrgy and Acembly are the alter egos of Jeff Bearden and, since B&D Consulting is also helmed by Mr. Bearden, B&D Consulting is linked as well. That is not the proper application of the alter ego doctrine; it is reverse-veil piercing, something which is disallowed in California."
4) Does synrgy even exist?
"effort to claim that the allegations in the Complaint are made directly against Bearden, they state the Defendant Synrgy does not exist and therefore Bearden, as agent, failed to disclose his principal. However, in an effort to pursue their alter ego theory of liability Plaintiffs state that Synrgy does indeed exist and is the alter ego of Bearden."
5)One thing that has bothered me is the spelling for "synrgy" company has been incorrect (as synergy) at multiple points of this case. How would that play into the case? And it is finally coming up.
"the name of Synrgy was misspelled as “Synergy” in the contracts (something, incidentally, which is done in Plaintiffs’ Complaint where “Synrgy” is the named Defendant but “Synergy” is used throughout)."
6) The funds are brought back into question.
"Plaintiffs allege that Bearden contributing funds for Synrgy’s operation constituted commingling. That is not the case. An owner’s contribution of funds to assist his or her company in meeting its financial obligations does not support the application of the alter ego doctrine. "
7) Jeff using Acembly as personal bank? looks like he did same thing with B&D PPP loans (buying stocks)
"Plaintiffs Have No Evidence That Bearden Diverted Funds or
Assets, Treated Corporate Assets His Own or That Either
Acembly or Synrgy Failed to Issue Stock"
billy28227047
3 years ago
Getting back to the Paycheck Protection Program violations.
Using the basic info from https://projects.propublica.org/coronavirus/bailouts/
I have found the following loans taken out in Jeff's control.
PPP loan taken under B&D Consulting:
May 1, 2020 (First Round)
https://projects.propublica.org/coronavirus/bailouts/loans/b-d-consulting-inc-8560957307
PPP loans taken under Synrgy:
July 30, 2020 (First Round)
https://projects.propublica.org/coronavirus/bailouts/loans/synrgy-corporation-1369028208
AND
March 5, 2021 (Second Round)
https://projects.propublica.org/coronavirus/bailouts/loans/synrgy-corporation-7000158503
PPP loan taken under Acembly (While under Jeff's control):
March 23, 2021 (First Round)
https://projects.propublica.org/coronavirus/bailouts/loans/acembly-inc-6298738606
I did not find any PPP loans under ORCIM Financial Holdings or Acacia Diversified Holdings. May have overlooked though.
While I was only able to find 1 PPP loan for B&D Consulting, the government article below states Jeff/B&D tried to get a second one. Which is part of what triggered their investigation.
https://www.justice.gov/usao-md/pr/hagerstown-man-facing-federal-charges-allegedly-falsifying-documents-order-obtain-covid
The PPP money that was collected by Jeff's companies seem to be blatantly non-logical even with the little info we had. Some of the info we have does point to Jeff misusing the PPP money for things it was not meant for, potentials including the following: used to repay what was owed to employees at B&D and Synrgy after he let them go prior to the PPP program, continued collection of PPP loans using fake employees (except for Acembly?), use of PPP funds in buying/starting up ACCA, and personal items like stocks and maybe a house in silver springs, MD.
While I cannot verify everything talked about above, I can verify that Jeff's companies have gained PPP loans, number of employees Jeff is claiming under each company, and the timing against facts is very questionable.
For anyone who is not aware. B&D Consulting and Synrgy closed all locations and dropped every employee back in December of 2019. There has been no sign of rehire of employees, restart of technology that was being developed, or any positive expansion of any company (new work, new contracts, new employees) since. So, while looking at those PPP loan details in the links above, take a serious look at the "dates" and employees stated. Things just did not add up here.
I just find it a bit mind boggling that Jeff is claiming that many employees under his companies (35 as of March 5, 2021 for Synrgy alone), but there is no sign of actual employees in over 2 years. No LinkedIn or other social media profiles anywhere.
With all this said, it is probably best to say even if Jeff gets out from the federal bars, he will not be able to work with government contracts ever again because of this federal case on his record. So he lost that for his future.
I wonder what this federal case will dig up and allow us to learn with Jeff and his companies. But now I really wonder about the possibility of other people involved around Jeff and his companies (ACCA, B&D, Synrgy, Acembly). Will we see them pop up in the federal case? Or was it something truly only on Jeff? Was he that bad off financially that made him risk everything?
I would not be surprised if the following people pop up in the case to at least be witnesses by the federal prosecuting team.
The accountant for B&D Consulting and Synrgy? Can confirm Terri Dotson was the accountant for B&D through her LinkedIn account and following government document.
https://www.gsa.gov/cdnstatic/S2_Industry_Partners_8-23-21__%282%29.xlsx
Was Terri Lynn Dotson in on the PPP fraud? As found out and posted before, she already has a record of fraud with business.
https://www.fredericknewspost.com/archive/ex-bookkeeper-sentenced-to-18-months-in-theft-case/article_330b7e8e-0f23-593a-9ab5-a576dc4cf28d.html
Or what about the "professional" help that Jeff had in the background, Joseph Meuse? Court records with the Acembly cased proved he was working with Jeff on that deal. We are assuming it was in connection with ACCA ultimately. He did look like fairy-tail help for Jeff and be able to help Jeff with any financial issues and business connections.
https://jancavelle.co.uk/turnaround-expert-joe-meuse-helps-businesses-live/
But we did also find Joe has a history with fraud with shell companies in the stock market with his previous owned company "Belmont Partners, LLC".
https://www.sec.gov/litigation/admin/2015/34-74602.pdf
Honestly though, I do not know what to think here. It did seem like everything was going perfectly, then things went off the rails and silent. No further SEC filings. No further word from ACCA. It was such a wild ride of ups and downs. But it really has gone through some weird twist over the past year. While we did find clues along the way, the picture did not come together until too late. If you are able to use this as a learning lesson, it should help with future investments and knowing what warning signs to look out for. Hopefully the new SEC rules going into play will help remove this kind of risk from the market. But only time will tell.
billy28227047
3 years ago
Both parties are ordered to file simultaneous briefs regarding alter ego by September 15, 2021.
Simultaneous oppositions are due no later than September 27, 2021.
A hearing on the matter is set for October 4, 2021 at 1:30 p.m.
A further pretrial conference on October 25, 2021 at 3:00 p.m.
The jury trial is continued to November 9, 2021 at 9:00 a.m., with The
Hopefully, the briefs by both sides and their rebuttals will be the long awaited inside info we have been looking for. Should be very enlightening and show how bad the situation is around Jeff.
Some other key dates.
June 30, 2021 – Deadline for issuers to provide required disclosures.
September 28, 2021 – Rules compliance date. Disclosure failure will result in removal from Pink Market.
https://ibkr.info/article/3956
billy28227047
3 years ago
OilRush -> I was thinking of that as a potential far far possibility. But between the SEC actions coming up and the true lack of funding shown in the court case, I really cannot see it. But cannot say it for sure as we have not seen behind the curtain of ACCA, only Acembly, Synrgy on paper and SNGY shell.
At this point, I believe we are only going to see Jeff throw away anything left in Acembly/Synrgy/SNGY or it would be awarded back to the original owners (since Jeff does not have anything of worth anymore from the court records).
So, where does that leave ACCA? I think Jeff is putting all of his efforts into the Acembly court case and will not be able to fix ACCA shell status before SEC deletes it from the market. Maybe in a couple years he might try to restart his effort with ACCA with a new shell. Or on the flip side, he will call it quits and walk away from the tech industry. Only time will tell.
Register to chat with like-minded investors on our interactive forums.
Renee
7 months ago
buccaneer1961
2 years ago
powerbattles
3 years ago
mark5050
3 years ago
PhenixBleu
3 years ago
WallStreetMyWay
3 years ago
Hot Features
Premium
