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March 2018
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WorldVentures Brings Training Event to Athens

Held at Athens Metropolitan Expo S.A.

PLANO, TX, March 24, 2018 /24-7PressRelease/ — WorldVentures™, the leading direct seller of global travel and leisure club memberships, drew exceptional attendance at Momentum, a major training event in Athens, Greece, from March 16 to 18, 2018, held at Athens Metropolitan Expo S.A. Momentum brings WorldVentures Independent Representatives together from all over Europe to build leadership skills and boost team collaboration while celebrating strength and diversity.

The event’s highlights include:
1. Chief Executive Officer Josh Paine delivered an inspirational keynote, sharing valuable business lessons he’s learned throughout his career. “Transformation can occur when awareness and courageous action meet,” Paine said. “There’s a reason why we’re here — we’re here to impact the world.”
2. Rovia™ President Jim Menge described how DreamTrips™ is offering more options on trips, more room choices, more excursions, and more pre- and post-night availability.
3. WorldVentures Foundation™ celebrated the community’s Heart to Serve, having served thousands of children worldwide in 2017.

In addition to providing incomparable training for Reps, WorldVentures events positively impact local economies through increased hotel, dining and activity spending. Momentum’s 3,400-plus attendees stayed an average of three nights for the event. According to Budget Your Trip, visitors to Athens spend an average of 73 euros per person, per day, making an overall financial contribution of around 248,200 euros to the local economy during the weekend of the event.

WorldVentures Foundation, the company’s charity of choice, helps local underserved children during major training events by hosting a Volunteer Day. During Momentum, the foundation’s group of 250 volunteers worked with seven nearby children’s charities, including Make-A-Wish® Greece, Standard National Nursery School Kallithea and “The Smile of the Child.” Volunteers participated in clean-up, painting and gardening at the site locations.

Rover Parking Inc. Gets Listed on THE OCMX™

The OCMX™ is pleased to announce the listing of Rover Parking Inc. to its online portal which offers Investors and Advisors the ability to participate in this opportunity.

TORONTO, ON, March 24, 2018 /24-7PressRelease/ — Rover is the marketplace for shared parking.

• We save our parkers time, money and stress of finding parking
• We make our owners money from space they otherwise would be unable to

Often referred to as the airBnB of parking, Rover is creating a brand-new supply of parking from space not traditionally allocated for public access, such as personal driveways, churches, schools businesses, apartment buildings and condos. Our new proprietary hardware for underground parking will give Rover users access to millions of new spots.

The OCMX™ is pleased to announce the listing of Rover Parking Inc. to its online portal which offers Investors and Advisors the ability to participate in this opportunity.

The OCMX™ has spent considerable time completing its due diligence on Rover Parking Inc. and concluded that there is indeed a tremendous opportunity for Investors and Advisors.

The OCMX™ noted that Rover Parking Inc. exhibits the main components of any solid investment opportunity, namely a solid management team, a great track record, and a number of key competitive advantages.

Tim Wootton, Founder & CEO | As a natural leader Tim has the proven ability to create teams built on trust, teamwork and a common goal. Tim joined the company Kingsmill Foods in 2009 working directly for the President. Over the course of 4 years Tim helped set the strategic direction of the company, saved over $2M in procurement costs & increased sales from $5M to $15M. This lead to the eventual acquisition of the company and the next opportunity, an MBA from Queen’s University. Queen’s lead Tim into technology start-up and at the end of him MBA was offered a position at a newly formed start-up called CanFocus which was started by the Entrepreneurship Professor at Queen’s. Over 8 months and after securing a sales agreement with 2 major furniture conglomerate (steelcase), 3 successful paid pilots & acceptance into Ryerson’s DMZ accelerator program the company folded due to disagreements at the founder level.

Grant Brigden, Founder & CMO | Before founding Rover, Grant held key lead marketing roles for several fortune 10 Technology companies. Grant also has a successful technology/start up focused past, having working in Silicon Valley for over 7 years where he helped to drive a newly formed companies revenue from 0 to over 100 million in 3 years. Grant and his marketing strategies/programs have also been recognized by several industry leading awards including the Globe and Mails’ Most Promising Start-up, Ernst &Young’s Entrepreneur of the Year Award and PWC’s Vision to Reality Award (Finalist). Grant has also served as a key advisor to a broad list of Fortune 100 clients, around the primary topic of using mobile technology and brand strategy to accelerate business growth.

Andrew Holbrook, Founder & CTO | Software Engineer for full systems design & implementation on both server and client. Oversees entire project and makes big picture decisions on technologies to utilize. Andrew has built the infrastructure for 2 other start-ups before helping to found Rover Parking. His decisive and articulate manner help ensure we find the root of problems and build smart solutions for them. His pro-active mindset helps us ensure we build for the future. Software is his passion, it’s both a career and hobby.

Nick Enchev, Founder & Director Technology | A software technology expert with 15+ years of experience as a Senior Developer/ Architect for well-established firms such as Scotiabank, Loyalty One, Digital Cement and OLSON amongst many others. Nick left the agency world and started his own development firm in which he helped clients with both apps and infrastructure projects. With a passion for gaming Nick has also built several interactive mobile apps currently available on the App Store (Triptych, Krono). Nick joined Rover in early 2015 to help ensure our users on both iOS and Android had a great front-end experience.


The OCMX™ is literally changing how companies and investment funds generate exposure in the marketplace and raise funds as we know it. The OCMX™ serves both public and private companies along with investment and mutual funds which need to raise additional funds or gain significant market exposure. It does this by way of connecting the relevant companies, funds, investors, and advisors all in one online transparent portal. The OCMX™ (P2P Financial Inc.) launched in September of 2009 out of Toronto but has since expanded its operations to include Quebec, Alberta, Manitoba, and British Columbia.

The OCMX™ connects investors and advisors directly with companies and investment funds seeking to raise funds or gain broad market exposure. The OCMX™ provides an open venue for innovative growth companies and leading investment funds to generate market awareness, raise funds, or connect with investors and advisors. The OCMX™ provides companies, funds, investors, and advisors instant access to its Online Portal so that they can actively source and connect with their next opportunity, advisor, investor, client, or financing partner.

Contact Us
TD Canada Trust Tower
161 Bay Street, 45th Floor
Toronto, Ontario, M5J 2S1
Tel: 1-866-209-6862

Lectrifi Says WPT Fortunes Inextricably Linked With EVs

Lectrifi says that, despite progress made in wireless charging of electronic devices, much of its industry’s future depends on EV penetration.

HONG KONG, March 24, 2018 /24-7PressRelease/ — Hong Kong-based wireless power transfer (WPT) technology company, Lectrifi Limited has reportedly told its investors that irrespective of the interest in wireless charging as it relates to devices like smartphones and tablets, the fortunes of the industry in which it operates are “inextricably linked” to the extent to which electric vehicles can penetrate a market still overwhelmingly dominated by traditional internal combustion-engined cars.

The stark remarks were made during a closed-session meeting of the company’s investors at its Hong Kong Headquarters last week. In recent months, Lectrifi has moved decisively to occupy a position at the vanguard of wireless charging technology with the announcement of several meaningful technological breakthroughs as well as exciting news of partnerships with major technology companies including smartphone manufacturers but, according to its Chief Technology Officer, the long term future of the industry “sinks or swims” with the market for cars which have begun to capture the imagination of the next generation of drivers.

“It’s very exciting,” said the Lectrifi CTO. “The sheer scale of the infrastructure necessary to provide charging for these cars is astonishing and, as an industry, we must rise to meet this challenge or run the risk of regressing back towards reliance on the burning of fossil fuels to power transportation for another 50 years.”

Although no official announcement has been made, Lectrifi may be considering tapping investors for an infusion of cash to fund several new projects as its profile continues to rise within the broader industry space.

“We are particularly optimistic about the work we’re doing with the wireless charging of electric vehicles and, despite our relatively small size, we very much punch above our weight and this is borne out in the number of collaborative research arrangements we have with some of the world’s leading technology companies,” explained Lectrifi’s Chief Technology Officer.

Church’s Chicken® Announces Promotion of Felicia White to Senior Director of Training & Development

Restaurant Brand Progresses on its Strategic Goal of Developing Winning Teams

ATLANTA, GA, March 24, 2018 /24-7PressRelease/ — In keeping up with its strategic goals of developing winning teams and becoming the global franchisor of choice, Church’s Chicken® recently announced the promotion of Felicia White to Senior Director of Training & Development. White will now oversee and manage all training for Church’s domestic operations.

White’s career with Church’s began in 2007 as a National Field Trainer. In her most recent role as Director of Training & Development, White has managed all program updates, developed a dynamic team of national field trainers and has been instrumental in upgrading Church’s training materials, allowing Church’s restaurant team to utilize content and materials that help drive restaurant performance and improve guest experience. White has also made large improvements in the execution of Church’s Certified Restaurant Training Program, the Pathways to Excellence training systems, the development and delivery of all training content and the training support for the brand’s annual Excellence in Leadership Conference.

As the Co-Founder and Chairperson for the Church’s Women’s Forum—an internal organization focused on ways to create opportunities to motivate, retain and develop exempt employees within Church’s while fostering an inclusive work environment—White has played a tremendous role in elevating workplace performance and morale throughout the Church’s and Texas Chicken® brands.

In her new role, Felicia will co-lead a cross-functional project team to deliver the annual Executive Leadership Conference. She reports to Church’s Senior Vice President of Operations, Brendan Berg.

“Felicia truly is one of our best examples of a leader who Steps Up and Shows She Cares both within and outside the company,” said Berg. “Through her work with the Church’s Women’s Forum and Mentoring Circles Program and her community involvement outside the company, participating in events such as the Women’s Foodservice Forum and speaking at the CLO Exchange, Felicia has helped foster an environment that pushes all employees to strive for more.”

About Church’s Chicken®
Founded in San Antonio, TX in 1952 by George W. Church, Church’s Chicken® is one of the largest quick service restaurant chicken chains in the world. Church’s® specializes in Original and Spicy Chicken freshly prepared throughout the day in small batches that are hand-battered and double-breaded, Tender Strips®, honey-butter biscuits made from scratch and freshly baked, and classic, home-style sides all for a great value. Church’s® (along with its sister brand Texas Chicken® outside the Americas) has more than 1,600 locations in 27 countries and international territories and system-wide sales of more than $1 billion. For more information about Church’s Chicken® or Texas Chicken® franchising opportunities, visit For more information about Church’s Chicken visit Follow Church’s® on Facebook at and Twitter at

Arctic Star Announces Financing

Vancouver, British Columbia–(Newsfile Corp. – March 23, 2018) – Arctic Star Exploration Corp (TSXV: ADD) (OTCQB: ASDZF) (FSE: 82A1) (“Arctic” or the “Company”) is pleased to announce it has arranged a non-brokered private placement (the “Private Placement”) of up to 5,000,000 units (the “Units”), for gross proceeds of up to $850,000. Each Unit will be comprised of one common share in the capital of the Company (each, a “Share”) and one non-transferable share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share in the capital of the Company (each, a “Warrant Share”) for a period of 24 months from the closing date at an exercise price of $0.25.

All securities will be subject to a four-month hold period from the closing date. The Private Placement is subject to TSX Venture Exchange (“TSXV”) approval.

Finder’s fees may be paid in accordance with TSXV policies.

The Company intends to use the proceeds from the Private Placement for exploration on the Timantti and Diagras Diamond Projects, and for general working capital.

About Arctic Star

The Company owns 100% of the recently acquired Timantti Diamond Project including a 243 Ha Exploration Permit and a 95,700 Ha Exploration Reservation near the town of Kuusamo, in Finland. The project is located approximately 550km SW of the operating Grib Diamond Mine in Russia. Arctic has commenced its exploration in Finland on the Timantti Project, where four diamondiferous kimberlite bodies may represent the first finds in a large kimberlite field. The Company also controls diamond exploration properties in Nunavut (Stein), the NWT (Diagras and Redemption) and a rare metals project in BC (Cap).

Arctic Star has a highly experienced diamond exploration team previously responsible for several world class diamond discoveries.


Scott Eldridge, President & CEO
+1 (604) 722-5381

Patrick Power, Executive Chairman
+1 (604) 218-8772

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: Certain statements in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include that the Timantti Project transaction is a pre-eminent opportunity.

B2Gold has filed its Form 40-F

Vancouver, British Columbia–(Newsfile Corp. – March 23, 2018) – B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) (“B2Gold” or the “Company”) has filed with the U.S. Securities and Exchange Commission (the “SEC”) its SEC Annual Report on Form 40-F for the year ended December 31, 2017. The Form 40-F was filed on Friday, March 23, 2018. This includes the Company’s Annual Information Form, audited Financial Statements and Management’s Discussion & Analysis for the year ended December 31, 2017.

B2Gold shareholders may receive a hard copy of the Company’s complete audited financial statements for the year ended December 31, 2017, free of charge, upon request. For further information please visit the Company website at

About B2Gold

Headquartered in Vancouver, Canada, B2Gold Corp. is the world’s new senior gold producer. Founded in 2007, today, B2Gold has five operating gold mines and numerous exploration and development projects in various countries including Nicaragua, the Philippines, Namibia, Mali, Burkina Faso, Colombia and Finland.

B2Gold is well positioned in achieving transformational growth in 2018. With the planned first full year of production from the large, low-cost Fekola Mine in southwest Mali, consolidated gold production is forecast to be between 910,000 and 950,000 ounces. This represents an increase in annual consolidated gold production of approximately 300,000 ounces in 2018 versus 2017. B2Gold’s forecast consolidated cash operating costs are expected to remain low in 2018 (between $505 and $550 per ounce) and all-in sustaining costs are expected to decrease by approximately 6% versus 2017 (between $780 and $830 per ounce).

“Clive T. Johnson”
President and Chief Executive Officer

For more information on B2Gold please visit the Company website at or contact:

Ian MacLean
Vice President, Investor Relations

Katie Bromley
Manager, Investor Relations & Public Relations

This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation, including statements regarding the Company’s growth; future gold production, cash operating costs and all-in sustaining costs. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold’s control, including risks associated with the volatility of metal prices and our common shares; risks and dangers inherent in exploration, development and mining activities; uncertainty of reserve and resource estimates; risk of not achieving production, cost or other estimates; risk that actual production, development plans and costs differ materially from the estimates in our feasibility studies; risks related to hedging activities and ore purchase commitments; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; uncertainty about the outcome of negotiations with the Government of Mali; risks related to environmental regulations or hazards and compliance with complex regulations associated with mining activities; the ability to replace mineral reserves and identify acquisition opportunities; unknown liabilities of companies acquired by B2Gold; ability to successfully integrate new acquisitions; fluctuations in exchange rates; availability of financing and financing risks; risks related to operations in foreign countries and compliance with foreign laws; risks related to remote operations and the availability adequate infrastructure, fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks; risks related to reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; dependence on key personnel and ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; changes in tax laws; community support for our operations including risks related to strikes and the halting of such operations from time to time; risks related to failures of information systems or information security threats; the audit by the DENR in relation to our Masbate project and the final outcome thereof; ability to maintain adequate internal control over financial reporting as required by law; as well as other factors identified and as described in more detail under the heading “Risk Factors” in B2Gold’s most recent Annual Information Form and B2Gold’s other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the “SEC”), including the Form 40-F, which may be viewed at and, respectively. The list is not exhaustive of the factors that may affect the Company’s forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. The Company’s forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

Non-IFRS Measures

This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”), including “cash operating costs” and “all-in sustaining costs” (or “AISC”). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold’s consolidated financial statements. Readers should refer to B2Gold’s management discussion and analysis, available on the Websites, under the heading “Non-IFRS Measures” for a more detailed discussion of how B2Gold calculates such measures and reconciliation of certain measures to IFRS terms.

CORRECTION FROM SOURCE: GoviEx Uranium, Nuclear: The Only Clean Energy to Beat CO2, CEO Clip Video

Vancouver, British Columbia–(Newsfile Corp. – March 23, 2018) – This document provides an updated video YouTube link.

Daniel Major, CEO of GoviEx Uranium speaks about the company’s two uranium projects in Africa.

If you cannot view the video above, please visit:

GoviEx Uranium is being featured on CBC’s Documentary Channel Monday through Friday, throughout the day and evenings.

GoviEx Uranium (TSXV: GXU):

GoviEx is a mineral resource company focused on the exploration and development of its African uranium properties. GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its Falea Project in Mali.

About CEO Clips:

CEO Clips is the largest library of publicly traded company CEO videos in the US and Canada. These 90 second video profiles broadcast on national TV and are distributed online on top financial portals including: Thomson Reuters,, and They are also disseminated via a video news release to several financial portals including Globe Investor, OTC Markets, TMX Money, and The National Post.

BTV — Business Television/CEO Clip Contact: Trina Schlingmann (604) 664-7401 x 5

I-Minerals Inc. Negotiates Further Extension to Loan Agreement

Vancouver, British Columbia–(Newsfile Corp. – March 23, 2018) – I-Minerals Inc. (TSXV: IMA) (OTCQB: IMAHF) (the “Company”) announces that it has negotiated an extension agreement to its existing loan agreement (the “Loan Agreement”) with a company controlled by a director of the Company Allan Ball (the “Lender”), pursuant to which the schedule of the $3,845,000 U.S. to be advanced by the Lender pursuant to the Loan Agreement has been extended through June 2018.

About I-Minerals Inc.

I-Minerals is developing multiple deposits of high purity, high value halloysite, quartz, potassium feldspar and kaolin at its strategically located Helmer-Bovill property in north central Idaho. A 2016 Feasibility Study on the Bovill Kaolin Deposit led by GBM Engineers LLC, who were responsible for overall project management and the process plant and infrastructure design, including OPEX and CAPEX estimated an After Tax NPV of US$249.8 million with a 25.8% After Tax IRR. Initial CAPEX was estimated at $108.3 million with a 3.7 year After Tax payback. Other engineering services were provided by HDR Engineering, Inc. (all environmental components; hydrology / hydrogeology; road design); Tetra Tech, Inc. (tailings storage facility design); Mine Development Associates (mine modelling; ore scheduling; mineral reserve estimation); and SRK Consulting (U.S.) Inc. (mineral resource estimation). The Project has received mine and water permits from the State of Idaho.

I-Minerals Inc.

per: “John Theobald

John Theobald,
President & CEO


Barry Girling
877-303-6573 or 604-303-6573 ext. 102
Or visit our website at

Paul J. Searle, Investor Relations
877-303-6573 or 604-303-6573 ext. 113


This News Release includes certain “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: changes in the world wide price of mineral market conditions, risks inherent in mineral exploration, risk associated with development, construction and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital.

Manganese X is Completing Due Diligence in Preparation for Final Agreement

To Acquire 15% Stake in Mountain Springs Oil and Gas Ltd

Montreal, Quebec–(Newsfile Corp. – March 23, 2018) – Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2)(OTC Pink: SNCGF) ( “Manganese X” ) is pleased to announce that it is in the process of completing its due diligence investigation and is progressing to acquire a 15 % equity interest in Calgary based Mountain Springs Oil and Gas Ltd. (“Mountain Springs”). The purchase price will be $500,000 cash and 2,500,000 Manganese X Energy Corp. common Shares.

Mountain Springs has a contract with Schlumberger Limited, an oil and gas services company (SLB on the NYSE, market cap US $89.7 billion), to utilize Schlumberger’s fully developed breakthrough technology that has been shown to significantly increase oil and gas yields. Mountain Springs will utilize this breakthrough technology on their existing prime Western Canadian oil and gas properties as well as any other property acquisitions which are approved by Schlumberger, the world’s leading provider of technology for reservoir characterization. Schlumberger will provide their expertise as well as finance the implementation of these projects to completion. Schlumberger will receive 30% of the profits from the increased production. The investment in Mountain Springs is expected to generate quarterly dividends to Manganese X which would finance the exploration and development of the Battery Hill project and reduce further dilution to Manganese X shareholders.

Mountain Springs will be the operator and responsible for all ongoing costs and management.

Both parties are enthusiastic with the terms and conditions of Manganese X’s 15% equity interest in Mountain Springs Oil and Gas Ltd; the expected signing date of the binding letter of intent agreement is scheduled to be completed by early April 2018 in accordance with Manganese X board of directors approval.

About Manganese X Energy

Manganese X Energy’s mission is to acquire and advance high potential manganese prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries as well as the steel industry. In addition, our company is striving to achieve new methodologies emanating with environmentally friendly green/zero emissions processes and producing manganese at a lower competitive cost.

For more information, visit the website at


Martin Kepman
CEO and Director

Cautionary Note Regarding Forward-Looking Statements:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking information” including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company’s filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information

SEC Stops Ponzi-Schemer Targeting Retail Investors and Obtains Preliminary Injunction and Asset Freeze

Washington, D.C.–(Newsfile Corp. – March 23, 2018) – The Securities and Exchange Commission today announced charges and a preliminary injunction and asset freeze against Niket Shah, a New Jersey resident who stole more than $250,000 in a Ponzi scheme in which his friends and coworkers invested.

Based on investor complaints, the SEC moved quickly to investigate and charge Shah. According to the SEC’s complaint, unsealed on March 22, 2018, in federal court in Brooklyn, New York, Shah used Spark Trading Group, LLC to defraud more than 15 investors into contributing hundreds of thousands of dollars to two funds that Shah marketed. Shah obtained investments for the funds by lying about his success as a trader, Spark Trading’s returns, and how he intended to use investors’ money, including altering financial statements to make the funds appear profitable when they were actually losing money. For instance the complaint alleges that Shah promised investors he would pay them monthly returns and guaranteed against losses. According to the complaint, Shah misused investor money for his own benefit and suffered substantial losses on the amounts actually invested. When investors sought their money back, he lied and said the money had been frozen by government agencies, including the Commission.

“Fraudsters who swindle their friends and colleagues using doctored financial statements and outright lies should expect the Commission and its staff to act swiftly and decisively, as we have here today,” said Melissa Hodgman, Associate Director of the SEC’s Enforcement Division.

The SEC’s Complaint charges Spark Trading and Shah with violations of the antifraud provisions of the federal securities laws. The SEC is seeking return of allegedly ill-gotten gains with interest and civil money penalties.

A court hearing was held on March 23, 2018, on the SEC’s complaint and requested relief at which the Honorable Brian M. Cogan granted the SEC’s request for a preliminary injunction, asset freeze, order against the destruction of documents, and an accounting. The court had previously issued a March 12, 2018, temporary asset freeze against Spark Trading and Shah, and ordered them to provide an accounting of all money received from investors.

The SEC’s investigation, which is continuing, has been conducted by W. Bradley Ney, D. Ashley Dolan, and J. Ashley Ebersole in the SEC’s Washington, D.C. office and supervised by Melissa Robertson. The litigation will be led by Kenneth J. Guido, W. Bradley Ney, and J. Ashley Ebersole, under the supervision of Fred Block. The SEC would like to thank the Nadex Exchange for its substantial assistance in connection with this investigation.