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The Securities & Exchange Commission Announces Several Judgments And Injunctions Entered Against Defendants In The SEC v. Benger, et al. Litigation

Business Wire 18 gennaio 201819:21

The following statement is being issued by the Securities & Exchange Commission regarding Benger Fair Fund Class Action:

Legal Notice
BENGER FAIR FUND NOTICE
The United States Securities and Exchange Commission authorized this Notice.
This is not a solicitation from a lawyer.

If you purchased or otherwise acquired China Voice Holding Corp., Biomoda, Inc., Pharma Holdings Inc., World Energy Solutions, Inc., Revolutions Medical Corp., Earthsearch Communications, Inc., and Essential Innovations Technology Corp. common shares from Defendants outside of the United States between March 1, 2007 and February 28, 2009, inclusive (the “Relevant Period”), you may be entitled to receive a monetary payment from the Benger Fair Fund (“Fair Fund”).

Background

In the action titled Securities and Exchange Commission v. Benger, et al. pending in the United States District Court for the Northern District of Illinois, Case No. 09-CV-676, several judgments and injunctions were entered against defendants Handler, Thayer & Duggan, LLC, Stefan H. Benger, SHB Capital, Inc., Philip T. Powers, Frank I. Reinschreiber, Global Financial Management, LLC, Stephan von Hase, and CTA Worldwide Services, SA pursuant to sections 20(d) of the Securities Act¹ and section 21(d)(3) of the Exchange Act. As a result of these judgments, the interest thereon, and related civil penalties, a total of $9,231,228.16 in judgments were awarded and $1,149,463.17 has been collected.

What’s This About?

On February 3, 2009, the U.S. Securities and Exchange Commission (“SEC”) filed an emergency law enforcement action in federal court against Stefan H. Benger, Jason B. Meyers, SHB Capital, Inc., International Capital Financial Resources, LLC, CTA Worldwide Services, SA and Stephan Von Hase, Philip T. Powers, Handler, Thayer & Duggan, LLC, Frank I. Reinschreiber and Global Financial Management, LLC (the “Defendants”). The action alleged that the Defendants engaged in an ongoing boiler room scheme. From at least March 2007 through February 2009, that scheme raised approximately $44.2 million from more than 1,400 foreign investors, primarily through the sale of U.S. penny stocks.

Who’s Included?

You are a Potential Claimant and could get benefits if you bought shares of China Voice Holding Corp., Biomoda, Inc., Pharma Holdings Inc., World Energy Solutions, Inc., Revolutions Medical Corp., Earthsearch Communications, Inc., and Essential Innovations Technology Corp. common shares from Defendants outside the United States during the Relevant Period.

If you are not sure if you are included, you can get more information, including a detailed notice, at www.BengerFairFund.com or by calling toll free 1-866-763-9931.

What Does the Judgment Provide?

The final judgments and injunctions provide for disgorgement in the amount of $3,806,824.13, representing profits gained as a result of the conduct; prejudgment interest thereon in the amount of $759,151.46; and civil penalties in the amount of $4,615,614.08. Eligible Securities purchased during the Relevant Period are eligible for damages.

How Do You Ask For Payment?

If you believe you are a Potential Claimant and did not receive a claim form packet in the mail, but would like to participate, you must complete the Proof of Claim Form. The Proof of Claim Form can be obtained at the Benger Fair Fund website, www.BengerFairFund.com or by calling toll-free 1-866-763-9931. Fill out the Proof of Claim Form completely, sign it, include copies of all required supporting documentation, and return it in the enclosed envelope to the Distribution Agent’s address at Benger Fair Fund, Distribution Agent, c/o KCC, P.O. Box 404041, Louisville, KY 40233-4041. The Proof of Claim Form must be postmarked no later than April 13, 2018.

The submission of the Proof of Claim Form and the receipt and acceptance of a distribution by an Eligible Claimant is not intended to be a release of an Eligible Claimant’s rights and claims against any party.

Additional Information

If you need assistance completing the Proof of Claim Form or if you have any questions about this Fair Fund, you may obtain more information by visiting the Fair Fund website at www.BengerFairFund.com, by calling the dedicated toll-free number at 1-866-763-9931 or by sending an email inquiry to info@BengerFairFund.com.

¹ Capitalized terms not otherwise defined herein will have the meaning ascribed in the Distribution Plan.