A recent blog sited a 2011 SEC complaint against the NIR Group and Corey Ribotsky. Part of the complaint stated Ribotsky “entered into a multi-million dollar transaction with the Purchaser and his entities that was clearly not in the best interest of the AJW Funds.” The complaint further states, “Prior to entering into the debenture transactions in November and December 2008, Ribotsky knew and in fact told others the Purchaser’s character and reputation for honesty were suspect.”
There was much speculation on several investment boards that “the Purchaser” was Eric Noveshen. Ribotsky commissioned an investigation into the Purchaser’s financial condition, part of the report summary:
From Investors Hub, investorshub.com
Description of the “Purchaser” in the 2011 SEC Complaint:
We wondered why would Ribotsky enter into a multi-million-dollar transaction for AJW Funds with a “Purchaser” he clearly knew was not financially sound enough to pay his own credit cards?
The SEC summed it up simply, the transaction, that was sure to fail, allowed Ribotsky to report “a “realized” gain at a critical time without his funds actually receiving any money.” In other words it allowed him to defraud AJW investors longer. We don’t know if “the Purchaser” was compensated for assisting in this act of fraud.
Speculation that the “Purchaser” was Eric Noveshen was not limited to the timing of his Edooorways deal with NIR. The SEC complaint says the Purchaser had many debts. Court records show many lawsuits were filed against Novehsen, his companies and straw buyers, for failure to pay credit cards and other obligations in 2008 and 2009, below are just a few.
American Express vs. Cheryl Wilson and Eric Noveshen filed June 2008.
KRGCrec vs. Eric Noveshen filed May 2009, Cypress Creek vs. Envision Cypress (Eric Noveshen’s company) filed November 2008, Citibank vs. Estelle Hartman, “interested party” and card holder Eric Noveshen filed Sept. 2009
Wakefield Quinn Barristers & Attorneys vs. Envision Capital, Bridgewater Capital LTD (Eric Noveshen’s companies) filed in 2008
The home he resided in went into foreclosure in 2008 as well. And his Former Wife found document’s apparently showing “clear wrong doing in the nature of mortgage fraud” likely occurred in Noveshen’s obtaining the use of that property.
Jpmorgan Chase Bank vs. Estelle Hartman (straw buyer for resident Eric Noveshen) Real Property Foreclosure filed July 2008
Aurora Loan Services vs. Cheryl Wilson (straw buyer for resident Eric Noveshen). Real Property Foreclosure filed April 2008