Frueh states that board member and chief creative architect, Carmichael, summoned him "as a majority shareholder" to Ubiquity's offices on June 21, 2017 for an urgent matter. At the meeting. Frueh explains, "I was told that without my signature on a document regarding the appointment of Carmichael as interim CEO, Ubiquity would be unable to file its missing financial statements which were on the verge of completion. In other words, that without my required signature, the overdue financials filings couldn't be filed and it would be my fault if Ubiquity was delisted."

On June 22, Ubiquity issued a press release entitled, "Ubiquity's Largest Shareholders Ask Chris Carmichael to Step Back in as Interim CEO," and later filed the release with the SEC. The release quoted Frueh as stating, "I am confident with Chris Carmichael back in as interim CEO he will be able to deliver. He knows the company and its products better than anyone. I believe since he is the inventor of Ubiquity's parents and products, and as an investor in the company there is not anyone more suitable than him."

Frueh explains, "Carmichael and his team misrepresented the need for my signature. I was shocked to learn of the publication of the press release, and the use of the document supposedly necessary only to enable Ubiquity to comply with the law. Carmichael has been Ubiquity's CEO for virtually all of Ubiquity's existence, which includes the many years of its delinquent filings. This release and misrepresentation to investors was done without my consent or knowledge and I am pursuing legal action."

In May 2017, former Ubiquity CEO, Nick Mitsakos, pleaded guilty to conspiring to defraud investors by fabricating an impressive investing track record, New York federal prosecutors announced. Mitsakos, who ran a fund called Matrix Capital Markets, pleaded guilty to one count of conspiracy to commit securities fraud and wire fraud in Manhattan federal court, prosecutors said.

The charge carries a maximum sentence of five years, though prosecutors expect to seek a lesser sentence of 30 to 37 months, according to a written plea agreement. As part of the agreement, Mitsakos agreed not to appeal a sentence of 37 months or shorter, and to forfeit about $861,000.

Gregg Jaclin, former Ubiquity Inc. chief attorney and resident of New Jersey, was indicted in May for his role in an alleged securities fraud scheme, announced United States Attorney Brian J. Stretch and Federal Bureau of Investigation Special Agent in Charge John F. Bennett. According to the indictment, Jaclin, through the law firms at which he worked, conspired with another individual in a scheme to create and sell public shell companies with no ongoing business but which, in their Securities and Exchange Commission (SEC) filings, were represented to be owned and controlled by various individuals and were legitimate businesses. In reality, they were shell companies created by one individual and meant for one purpose - selling them to others, who in some cases used them as vehicles for securities market manipulation schemes. Jaclin and the other individual also allegedly obstructed multiple SEC investigations into their conduct.

Contact:

Rory Frueh
949-751-9532
Roryfrueh1@gmail.com

SOURCE: American Diversity

ReleaseID: 468154

"/> Besieged Technology Company, Ubiquity, Inc. and CEO, Chris Carmichael, Under Fire as Majority Shareholder Announces Coercion and Fraud « MarketersMedia – Press Release Distribution Services – News Release Distribution Services

Besieged Technology Company, Ubiquity, Inc. and CEO, Chris Carmichael, Under Fire as Majority Shareholder Announces Coercion and Fraud

IRVINE, CA / ACCESSWIRE / July 17, 2017 / Rorick Frueh, a majority shareholder in Ubiquity, Inc. (UBIQ), announced today that he was coerced by Chris Carmichael, Ubiquity's founder, former CEO, and current interim CEO, into signing a statement of support, which Ubiquity then publicly disseminated to investors and filed with the SEC. Frueh is pursuing legal action.

As a result of Ubiquity's delinquent financial reporting, the SEC, "for the protection of investors," seeks the revocation of the registration of Ubiquity's stock for public trading in a federal action. Final briefs in the action are due July 17, with the administrative law judge's decision shortly following. The long-time chair of Ubiquity's board, Nicholas Mitsakos, resigned after only three months as CEO, when, in August 2016, the FBI arrested him for securities fraud in connection with his non-Ubiquity, hedge fund, Matrix Capital. On May 25, 2017, Mitsakos pled guilty in federal court to conspiring to commit securities and wire fraud.

Frueh states that board member and chief creative architect, Carmichael, summoned him "as a majority shareholder" to Ubiquity's offices on June 21, 2017 for an urgent matter. At the meeting. Frueh explains, "I was told that without my signature on a document regarding the appointment of Carmichael as interim CEO, Ubiquity would be unable to file its missing financial statements which were on the verge of completion. In other words, that without my required signature, the overdue financials filings couldn't be filed and it would be my fault if Ubiquity was delisted."

On June 22, Ubiquity issued a press release entitled, "Ubiquity's Largest Shareholders Ask Chris Carmichael to Step Back in as Interim CEO," and later filed the release with the SEC. The release quoted Frueh as stating, "I am confident with Chris Carmichael back in as interim CEO he will be able to deliver. He knows the company and its products better than anyone. I believe since he is the inventor of Ubiquity's parents and products, and as an investor in the company there is not anyone more suitable than him."

Frueh explains, "Carmichael and his team misrepresented the need for my signature. I was shocked to learn of the publication of the press release, and the use of the document supposedly necessary only to enable Ubiquity to comply with the law. Carmichael has been Ubiquity's CEO for virtually all of Ubiquity's existence, which includes the many years of its delinquent filings. This release and misrepresentation to investors was done without my consent or knowledge and I am pursuing legal action."

In May 2017, former Ubiquity CEO, Nick Mitsakos, pleaded guilty to conspiring to defraud investors by fabricating an impressive investing track record, New York federal prosecutors announced. Mitsakos, who ran a fund called Matrix Capital Markets, pleaded guilty to one count of conspiracy to commit securities fraud and wire fraud in Manhattan federal court, prosecutors said.

The charge carries a maximum sentence of five years, though prosecutors expect to seek a lesser sentence of 30 to 37 months, according to a written plea agreement. As part of the agreement, Mitsakos agreed not to appeal a sentence of 37 months or shorter, and to forfeit about $861,000.

Gregg Jaclin, former Ubiquity Inc. chief attorney and resident of New Jersey, was indicted in May for his role in an alleged securities fraud scheme, announced United States Attorney Brian J. Stretch and Federal Bureau of Investigation Special Agent in Charge John F. Bennett. According to the indictment, Jaclin, through the law firms at which he worked, conspired with another individual in a scheme to create and sell public shell companies with no ongoing business but which, in their Securities and Exchange Commission (SEC) filings, were represented to be owned and controlled by various individuals and were legitimate businesses. In reality, they were shell companies created by one individual and meant for one purpose - selling them to others, who in some cases used them as vehicles for securities market manipulation schemes. Jaclin and the other individual also allegedly obstructed multiple SEC investigations into their conduct.

Contact:

Rory Frueh
949-751-9532
Roryfrueh1@gmail.com

SOURCE: American Diversity

ReleaseID: 468154

IRVINE, CA / ACCESSWIRE / July 17, 2017 / Rorick Frueh, a majority shareholder in Ubiquity, Inc. (UBIQ), announced today that he was coerced by Chris Carmichael, Ubiquity's founder, former CEO, and current interim CEO, into signing a statement of support, which Ubiquity then publicly disseminated to investors and filed with the SEC. Frueh is pursuing legal action.

As a result of Ubiquity's delinquent financial reporting, the SEC, "for the protection of investors," seeks the revocation of the registration of Ubiquity's stock for public trading in a federal action. Final briefs in the action are due July 17, with the administrative law judge's decision shortly following. The long-time chair of Ubiquity's board, Nicholas Mitsakos, resigned after only three months as CEO, when, in August 2016, the FBI arrested him for securities fraud in connection with his non-Ubiquity, hedge fund, Matrix Capital. On May 25, 2017, Mitsakos pled guilty in federal court to conspiring to commit securities and wire fraud.

Frueh states that board member and chief creative architect, Carmichael, summoned him "as a majority shareholder" to Ubiquity's offices on June 21, 2017 for an urgent matter. At the meeting. Frueh explains, "I was told that without my signature on a document regarding the appointment of Carmichael as interim CEO, Ubiquity would be unable to file its missing financial statements which were on the verge of completion. In other words, that without my required signature, the overdue financials filings couldn't be filed and it would be my fault if Ubiquity was delisted."

On June 22, Ubiquity issued a press release entitled, "Ubiquity's Largest Shareholders Ask Chris Carmichael to Step Back in as Interim CEO," and later filed the release with the SEC. The release quoted Frueh as stating, "I am confident with Chris Carmichael back in as interim CEO he will be able to deliver. He knows the company and its products better than anyone. I believe since he is the inventor of Ubiquity's parents and products, and as an investor in the company there is not anyone more suitable than him."

Frueh explains, "Carmichael and his team misrepresented the need for my signature. I was shocked to learn of the publication of the press release, and the use of the document supposedly necessary only to enable Ubiquity to comply with the law. Carmichael has been Ubiquity's CEO for virtually all of Ubiquity's existence, which includes the many years of its delinquent filings. This release and misrepresentation to investors was done without my consent or knowledge and I am pursuing legal action."

In May 2017, former Ubiquity CEO, Nick Mitsakos, pleaded guilty to conspiring to defraud investors by fabricating an impressive investing track record, New York federal prosecutors announced. Mitsakos, who ran a fund called Matrix Capital Markets, pleaded guilty to one count of conspiracy to commit securities fraud and wire fraud in Manhattan federal court, prosecutors said.

The charge carries a maximum sentence of five years, though prosecutors expect to seek a lesser sentence of 30 to 37 months, according to a written plea agreement. As part of the agreement, Mitsakos agreed not to appeal a sentence of 37 months or shorter, and to forfeit about $861,000.

Gregg Jaclin, former Ubiquity Inc. chief attorney and resident of New Jersey, was indicted in May for his role in an alleged securities fraud scheme, announced United States Attorney Brian J. Stretch and Federal Bureau of Investigation Special Agent in Charge John F. Bennett. According to the indictment, Jaclin, through the law firms at which he worked, conspired with another individual in a scheme to create and sell public shell companies with no ongoing business but which, in their Securities and Exchange Commission (SEC) filings, were represented to be owned and controlled by various individuals and were legitimate businesses. In reality, they were shell companies created by one individual and meant for one purpose - selling them to others, who in some cases used them as vehicles for securities market manipulation schemes. Jaclin and the other individual also allegedly obstructed multiple SEC investigations into their conduct.

Contact:

Rory Frueh
949-751-9532
Roryfrueh1@gmail.com

SOURCE: American Diversity

ReleaseID: 468154

Source URL: http://marketersmedia.com/besieged-technology-company-ubiquity-inc-and-ceo-chris-carmichael-under-fire-as-majority-shareholder-announces-coercion-and-fraud/218103

Source: AccessWire

Release ID: 218103


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