Category Archives: Financial Fraud, SEC, NIR Group

Cautionary Stories About Noveshen Date Back to 2008 (at Least).

Post was described as a time capsule – even back in 2009 PD knew the deal. Pretty Damn Good investigative skills.

This Investorhub board is great if you want to learn how to track key players in scams and even the good guys.

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Noveshen still didn’t like the truth so Mr. SunFun took some jabs at people for rehashing past dirt on InvestorsHub

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Even JJ, another seasoned poster on Ihub eventually agreed with Pd’s description of what went down with the Noveshen P&D circus.

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Noveshen & NIR /AJW Partners

New, old, documents being sent in everyday. This one putting Eric Noveshen right in the mix with the grand ole NIR Group / AJW Partners lawsuits, dealings in securities.

**We have been sent a few leads to the offshore dealings, currently investigating the validity before presenting that information.

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For more information on the damage done to investors by the NIR Group click the photo below to link to Teri Buhl’s must read financial investigative journalism site.

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More information about NIR…

DNRG Investorshub.com

Noveshen Still Insists he Had No Ties to NIR Fund

Why does Eric Noveshen keep insisting he had no ties to the now defunct NIR fund when there is so much evidence to the contrary?

Maybe something to do with the massive SEC investigation and all the lawsuits that shut the New York based NIR Group down.

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Is Noveshen Still Denying Involvement with Pump & Dump Stock Scams?

Is Eric Noveshen still denying that he has ever been involved with microcap stock fraud? -Noveshen keeps insisting he was never involved in a pump-and-dump stock scam. Did he forget about Itronics? It was a long time ago but he can’t even remember that he’s involved with Pure Hospitality Solutions, as of, when was the last deposit he got from selling shares of PNOW? Likely within the last couple months. Investors pay consultants of penny stocks, get no return and are forgotten – quickly. Don’t be a victim.

Microcap Stock Fraud Noveshen

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Eric Noveshen’s Biggest Financial Scam – Money Laundering Through Consulting Fees

Eric Noveshen Securities Fraud, Chapter One:  Medgen

Look at the Medgen connection. Funds were laundered through Medgen via consulting fees..Drill inta those underlyin docs that support the 800k…at least a small portion.” 

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Source – http://www.investorshub.com 

If you want to understand a story you have to start at the beginning. Why was Eric Noveshen issued a federal indictment in 2010? How did Eric Noveshen get in a position to loan Automatic Slims over $1-million dollars in 2006? How did Noveshen get so tight with Arthur Robbins? How did Noveshen get in a position to pay Cosi $400,000 for the franchise rights to open shops in South Florida? – Medgen.

We love Investorshub.com – its essential if you want to learn about penny land. In particular these screen names share a wealth of knowledge -Janice Shell, cyberbullymouse, nodummy and renee are just some who post essential information.

We can’t forget pdgood, who once said his info might be early, but it’s never off topic. We should have looked into his advice regarding the Eric Noveshen scam story long ago.

Here’s how Noveshen ended up with all that money. Noveshen was a PIPE deal finder for a New York hedge fund called NIR – that was sued and shut down by the SEC for many securities violations in 2011. Noveshen found small or struggling companies that needed funding. The white knight would offer funding from NIR, with a catch. The company had to pay large fees for PR, to a PR company chosen by NIR.

Here’s where it gets twisted. Boca Raton based company Medgen supposedly was “establised to manufacture, sell and license healthcare products” according to a company report below. But they didn’t make money doing that so “management started a Financial Consulting service.” – The PR service NIR required companies they funded to use. 

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The consulting fees show up in the financial reports that PD said to drill into. He was point on, 100% correct.

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Source – http://www.investorshub.com

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In the end of 2007, Medgen reported a 191% increase in YTD revenue. What? Sounds like those impossible Madoff numbers. But it wasn’t from their BS snoring solution it was from consulting fees laundered through an alternative health product company.

In one quarter there were near $800,000 in consulting fees buried in the report. Noveshen had to kicks some of that back to Daryl Dworkin who was Noveshen’s insider at NIR. In 2010 Dworkin pleaded guilty to taking kickback money from two PIPE deal finders, Eric Noveshen was one of them.

http://www.forbes.com/sites/streettalk/2010/07/08/former-nir-group-analyst-pleads-guilty-to-securities-fraud/#27be74c47074

Corrupt Pipe Deal Finder 5

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What a scam huh? We told you Noveshen was a great financial scam artist. Read em for yourselves here:

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Medgen report 2008

2nd quarter ended 3/31/08, Product sales: $72,937    Fees Consulting Services: $419,411  ??

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Did no one think it odd that a company that produced natural health care products suddenly added “consulting” and “PR services” and revenues suddenly shot up 191%?

Our information might be early, it might be late, but it is never off topic. When Noveshen tells you this site is full of hogwash “drill” into the documents for yourselves folks. Wish we had long ago. If we can save one person from being defrauded by Eric Noveshen then we can sleep at night without Snorez!

We wonder, the federal indictment that Noveshen got sealed by rolling on NIR’s Daryl Dworkin in 2010, was Noveshen exonerated of all the money laundering through Medgen too or was he just let off the hook for paying kickbacks to Dworkin? Pocketing a nice cut of $800,000 a quarter for a year isn’t chump change.

As pd said, “THE OCTOPUS HAS MANY TENTICLES” – Noveshen’s financial scams are still going on, this very day in June 2016. Don’t get played by this financial playa! 

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http://investorshub.advfn.com/boards/read_msg.aspx?message_id=81487405

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https://ericnoveshen.wordpress.com/2015/12/09/why-did-the-us-attorney-general-sec-doj-let-eric-noveshen-walk-after-having-him-on-paying-illegal-kickbacks-to-nir-hedge-fund/

Eric Noveshen anti freedom of speech

How Ribotsky and “The Purchaser”Kept NIR’s AJW Fund Fraud Alive

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.”

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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:

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From Investors Hub,  investorshub.com 

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Description of the “Purchaser” in the 2011 SEC Complaint: 

NIR Purchaser

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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.

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SEC release 2

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. 

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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

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Wakefield Quinn Barristers & Attorneys vs. Envision Capital, Bridgewater Capital LTD (Eric Noveshen’s companies) filed in 2008

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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 

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Aurora Loan Services vs. Cheryl Wilson (straw buyer for resident Eric Noveshen). Real Property Foreclosure filed April 2008 

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The “Purchaser” in SEC v. NIR Group

Speculation has stirred for years on stock boards on who the “Purchaser” mentioned in the 2011 SEC complaint against The NIR Group is. Not so far fetched that many pointed the finger at Noveshen who in 2008 was living in a home in foreclosure and was under a mountain of debt in the hundreds of thousands, had several phone lines shut off (Envision Capital was unreachable for at least two weeks), credit cards cut off and lawsuits filed against him in 2008 for unpaid debts. Eric Noveshen was one of the two PIPE deal finders mentioned in the 2010 SEC complaint against NIR’s Daryl Dworkin for paying bribes to him. There’s also those comment’s Ribotsky made about Noveshen in a deposition in Sept. 2009.

NIR Purchaser

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Off the wall too

Envision Capital / Med Gen Relationship

The special relationship between Eric Noveshen / Envision Capital and Boca Raton based Medgen run by Paul Kravitz. The kickbacks paid to Dworkin were by far no secret. Not only did those affiliated with Noveshen joke about it, the story played out in stock chat rooms like Investors Hub.

“was able to confirm that Noveshen and Kravitz did deal findin and kickback scams…”

Interested in Eric Noveshen Part

Source: Investorshub.com

Medgen was a company producing natural health care remedies. The one it became infamous for was called SNORenz. The FTC thought Medgen made bogus claims about the potential of the product (see FTC complaint below) eventually Kravitz settled. Noveshen worked with Medgen until around 2008-09.

UNITED STATES OF AMERICA
BEFORE FEDERAL TRADE COMMISSION

In the Matter of

MED GEN, INC., a corporation, and
PAUL B. KRAVITZ, individually and as an officer of the corporation.

DOCKET NO.

COMPLAINT

The Federal Trade Commission, having reason to believe that Med Gen, Inc., a corporation, and Paul B. Kravitz, individually and as an officer of the corporation (“respondents”), have violated the provisions of the Federal Trade Commission Act, and it appearing to the Commission that this proceeding is in the public interest, alleges:

1. Respondent Med Gen, Inc. is a Nevada corporation with its principal office or place of business at 7284 West Palmetto Road, Suite 106, Boca Raton, Florida 33433.

2. Respondent Paul B. Kravitz is an officer of the corporate respondent. Individually or in concert with others, he formulates, directs, controls or participates in the policies, acts, or practices of the corporation, including the acts or practices alleged in this complaint. His principal office or place of business is the same as that of Med Gen, Inc.

3. Respondents have manufactured, advertised, labeled, offered for sale, sold, and distributed products to the public, including SNORenz. SNORenz is a topical spray that purports to reduce or eliminate snoring or the sounds associated with snoring by lubricating the vibrating tissues in the throat with a combination of oils, vitamins, and trace ingredients. SNORenz is a “food,” and/or “drug” within the meaning of Sections 12 and 15 of the Federal Trade Commission Act.

 

 

Connecting the dots Encompass Holdings, Daryl Dworkin, Eric Noveshen & NIR

Connect the dots….   Daryl Dworkin (then employee of NIR see email address ddworkin@nirgroup.com) + Encompass Holdings + Murry Goldenberg and Arthur Robbins (then CFO and Director of Encompass) + Eric Noveshen (PIPE deal finder for NIR) said to have paid kickbacks to Daryl Dworkin.

Encompass D dworkin letter

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**Must be approved by NIR

must be approved by NIR

A description of Eric Noveshen/Envision Capital’s involvement with Encompass Holdings and NIR from Investors Hub, the site is a wealth of knowledge.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=38904809

After being booted out, Envision Capital went after Encompass Holdings in court and had harsh words for Webber, “Scott Webber is a crook who killed his shareholders.” No wonder he holds a grudge, the courts rejected Noveshen / Envision’s attempt to collect for unpaid consulting fees.

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More mentions of the “Mob on Wall Street” on in June 2015 on Investors Hub.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=114951921

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As for the “Mob on Wall Street” guess ya had to be there….

http://www.businessweek.com/1996/51/b35061.htm