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Maine Office of Securities Issue Cease & Desist vs. IntelliCloud Holdings and Promoters

Maine Office of Securities Issue Cease & Desist vs. IntelliCloud Holdings and Promoters

Maine Office of Securities Issue Cease & Desist vs. IntelliCloud Holdings and Promoters 150 150 Rex Securities Law

In September 2014, the State of Maine, Office of Securities, issued a cease and desist order against IntelliCloud Holdings (IHI) a Newport Beach, California company, Tech Financial Group (TFG) of Lake Forest, CA, and individuals Jeffrey W. Friederichs, Justin E. Ackerman, Chris Johnson and Jason Fox.

The order relates to the “cold call” solicitation of a resident of Winthrop, Maine, who was called by Fox trying to find people interested in making $50,000 investments in IHI, a company he said would be going public in 90 to 120 days.  Fox also told the Maine resident that in 2011 he had called her regarding an investment in National Semiconductor that had increased in value 177%.

In fact the Winthrop resident had never been contacted in 2011 about such an investment. This is a commonly used technique to try to gain the attention of unsuspecting fraud victims.  The promoters sent the Maine resident an offering memorandum and when she said she did not want to invest,  another one of the promoters called and tried to pressure her into investing, saying he had connections with Apple.

The Maine securities regulators found that this group had engaged in the offer and sale of unregistered securities, were not licensed in Maine and had committed securities fraud. Here is a link to the order. 

Civil fines were assessed as follows:

  • IHI                         $5,000
  • TGF                      $5,000
  • Friedrichs         $65,000
  • Fox                       $20,000
  • Ackerman         $15,000
  • Johnson            $20,000

IHI and Friederichs were ordered to pay restitution to a York, Maine resident who had invested $20,000 in IHI.

 

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

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