deerose210
9 months ago
Public companies - the CEO is not liable for paying back shareholders of any public company. My family was an investor in Tier and we also did not receive any $, but this is the risk one takes when they invest in a penny stock, which is what you will all find happened with all investments. The CEO was called in to testify with he securities fraud info that was set up by a discgruntled investor that also rented a room to board in the CEO's mother in laws home.....he contacted the CEO on his own to invest and must not have understood penny stock investments, but the CEO gave him all the paper work and asked him to do his due diligence before investing, which he did and still chose to invest. The CEO had all the paperwork from all investors and all the information the SEC needed to look at the disgruntled persons info....The CEO was NOT charged with any fraud or any wrong doing as everything he did was completely legal and by the book. There are naysayers for every company, stock and information, but before you just talk trash, you should have and know ALL the details. The young man that lived in the CEO's mothers home was pissed he did to get his security deposit back because on his signed rental contract is clearly stated that he must submit in writing 30 days prior to moving out that that is what he is planning - he did not and left the 84 yr women high and dry with out a room rented for a few months without knowing he was moving out. This was her source of income to live on and he took advantage of her and the family hospitality while his own mother was stealing from him and he took her to court as well. The statements from this man especially relating to The Tires Corp have absolutely NO merit as the CEO went to the SEC with all paperwork proving his honest business practices with everything having to do with the business and himself personally.
shajandr
5 years ago
A Wilton man who raised more than $580,000 by selling penny stocks over 10 years in a company that never sold a product has agreed to pay more than $770,000 in reparations and fines for selling unregistered securities, the Securities and Exchange Commission announced Thursday.
The SEC filed charges against John L. Threshie, Jr. on Wednesday in federal court because he spent years selling stocks without the oversight of SEC regulators.
While private companies are allowed to sell stocks to "sophisticated" investors, who have a net worth of at least $2.5 million or earn more than $125,000, the SEC said Threshie did not inquire about his approximately 100 investors' financial status.
Threshie is CEO of Tirex, which developed a tire recycling technology that freezes scrap tires and breaks them apart into rubber crumb, steel wire and fiber.
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The complaint said that Threshie is the only full-time employee of Tirex, and has been the president and CEO since 1999.
"Despite having attempted to sell or license the TCS system since at least 1993, Tirex has never built or operated a commercial TCS system and has never successfully monetized its technology. It no longer has any functioning equipment or other tangible assets and is in extremely poor financial condition," the SEC said.
But the regulators said Threshie regularly emailed investors with progress reports, saying that Brazil was close to signing a contract, for instance.
The SEC suspended trading in Tirex securities on November 12, 2015.
Threshie also agreed he'd never sell penny stocks again, and that he would not solicit investments in Tirex without providing a copy of the complaint the SEC filed and the judgment against him.
Threshie's fine is the amount he collected from investors, interest, and a civil penalty of $50,000.
https://webcache.googleusercontent.com/search?q=cache:nD_UjBye2GAJ:https://www.courant.com/business/hc-sec-fine-tirex-20161222-story.html+&cd=1&hl=en&ct=clnk&gl=us&client=safari